Document:

Second Amended and Restated Shareholders Agreement

 Exhibit 10.1 
 Execution Version 
 ASIAN COAST DEVELOPMENT (CANADA) LTD. 

SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 
 Dated as of December 6, 2012 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1 SCOPE AND EFFECT OF AGREEMENT
	  	 	2	  
		
	 Section 1.1 Support of Terms
	  	 	2	  
		
	 Section 1.2 Terms to Prevail over Constating Documents
	  	 	2	  
		
	 Section 1.3 Amended and Restated Agreement
	  	 	3	  
		
	 ARTICLE 2 GOVERNANCE AND MANAGEMENT OF THE COMPANY
	  	 	3	  
		
	 Section 2.1 Board Rights
	  	 	3	  
		
	 Section 2.2 Pinnacle Advisor
	  	 	11	  
		
	 Section 2.3 Access to Information
	  	 	11	  
		
	 ARTICLE 3 TRANSFERS AND RELATED COVENANTS
	  	 	14	  
		
	 Section 3.1 Transfer Restrictions
	  	 	14	  
		
	 Section 3.2 Tag-Along Right
	  	 	22	  
		
	 Section 3.3 Drag-Along Right
	  	 	27	  
		
	 Section 3.4 Minority Investor Exit Sale Right
	  	 	30	  
		
	 Section 3.5 Right of First Negotiation
	  	 	30	  
		
	 Section 3.6 Disposition of Securities
	  	 	31	  
		
	 Section 3.7 Recognition of Transfers and Endorsement on Certificates
	  	 	32	  
		
	 Section 3.8 Waiver of Rights
	  	 	32	  
		
	 ARTICLE 4 PREEMPTIVE RIGHTS
	  	 	32	  
		
	 Section 4.1 Preemptive Rights
	  	 	32	  
		
	 Section 4.2 Waiver of Rights
	  	 	35	  
		
	 ARTICLE 5 REGISTRATION RIGHTS
	  	 	35	  
		
	 Section 5.1 Registration Rights
	  	 	35	  
		
	 ARTICLE 6 CONSENT RIGHTS AND ADDITIONAL COVENANTS
	  	 	35	  
		
	 Section 6.1 Majority Vote Consent Rights
	  	 	35	  
		
	 Section 6.2 Minority Consent Rights
	  	 	40	  
		
	 Section 6.3 Covenants of the Company
	  	 	46	  
		
	 Section 6.4 Additional Covenants and Representations of the Parties
	  	 	50	  
		
	 Section 6.5 Backstop Look Back Protection
	  	 	53	  

  
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 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Section 6.6 Anti-Dilution Protection
	  	 	59	  
		
	 Section 6.7 Management Top-Up
	  	 	62	  
		
	 ARTICLE 7 DEFINITIONS AND INTERPRETATION
	  	 	62	  
		
	 Section 7.1 Certain Definitions
	  	 	62	  
		
	 Section 7.2 Headings
	  	 	79	  
		
	 Section 7.3 Extended Meanings
	  	 	80	  
		
	 Section 7.4 Currency
	  	 	80	  
		
	 ARTICLE 8 CONFIDENTIALITY
	  	 	80	  
		
	 Section 8.1 Confidentiality Covenant
	  	 	80	  
		
	 Section 8.2 Other Permitted Disclosure
	  	 	80	  
		
	 Section 8.3 Remedies
	  	 	81	  
		
	 ARTICLE 9 [INTENTIONALLY OMITTED]
	  	 	81	  
		
	 ARTICLE 10 MISCELLANEOUS
	  	 	81	  
		
	 Section 10.1 Termination
	  	 	81	  
		
	 Section 10.2 Amendments
	  	 	82	  
		
	 Section 10.3 Waiver
	  	 	82	  
		
	 Section 10.4 Assignment
	  	 	82	  
		
	 Section 10.5 Enforcement
	  	 	83	  
		
	 Section 10.6 Notices
	  	 	83	  
		
	 Section 10.7 Further Assurances
	  	 	85	  
		
	 Section 10.8 Binding Effect
	  	 	86	  
		
	 Section 10.9 No Third Party Beneficiaries
	  	 	86	  
		
	 Section 10.10 Severability
	  	 	86	  
		
	 Section 10.11 Entire Agreement
	  	 	86	  
		
	 Section 10.12 Governing Law
	  	 	86	  
		
	 Section 10.13 Independent Legal Advice
	  	 	86	  
		
	 Section 10.14 Expenses
	  	 	87	  
		
	 Section 10.15 Counterparts
	  	 	87	  
		
	 Section 10.16 English Language
	  	 	87	  

  
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 SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

This SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT (this “Agreement”), dated as of
December 6, 2012, is by and among (i) Asian Coast Development (Canada) Ltd., a Canadian corporation (the “Company”), (ii) Harbinger II S.à r.l., Blue Line ACDL, Inc., Breakaway ACDL, Inc., Credit
Distressed Blue Line Master Fund, Ltd., Global Opportunities Breakaway Ltd., and Harbinger China Dragon Intermediate Fund, L.P. (collectively, “Harbinger”), (iii) PNK Development 18, LLC, a Delaware limited liability
company and a subsidiary of Pinnacle Entertainment, Inc., a Delaware corporation (such subsidiary, “Pinnacle”) and (iv) PNK Development 31, LLC, a Delaware limited liability company and a subsidiary of Pinnacle
Entertainment, Inc. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings set forth in Section 7.1. 
 RECITALS 
 WHEREAS, the Company, Harbinger and Pinnacle entered into the
Shareholders Agreement, dated as of August 8, 2011(the “Original Shareholders Agreement”), when Pinnacle made its initial investment in the Company pursuant to the Pinnacle Subscription Agreement; 

WHEREAS, the Company, Harbinger and Pinnacle entered into an Amended and Restated Shareholders Agreement, dated as of August 29,
2012, in connection with, inter alia, the 2012 Subscription Agreement as amended by the First Amendment to the Amended and Restated Shareholders Agreement dated as of September 28, 2012 (as amended, the “First Amended
Shareholders Agreement”); 
 WHEREAS, Harbinger and Pinnacle are shareholders of the Company; 

WHEREAS, pursuant to the terms of that certain 2012 Subscription Agreement, dated as of August 28, 2012, by and among the
Company, Harbinger II S.à r.l., Credit Distressed Blue Line Master Fund, Ltd., Harbinger China Dragon Intermediate Fund, L.P., Global Opportunities Breakaway Ltd. and Pinnacle, (a) Harbinger has committed to invest a total of
US$44,400,000 in the Company to purchase up to 444,000 Class VI Shares and (b) Pinnacle has committed to invest a total of US$15,600,000 in the Company to purchase up to 156,000 Class VI Shares; and 

WHEREAS, the Company, Harbinger and Pinnacle desire to grant to Harbinger and Pinnacle, as the case may be, certain rights with respect
to their respective investments according to the following terms and conditions. 

  
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 NOW, THEREFORE, in consideration of the mutual premises and covenants set forth herein, the
parties hereto agree as follows: 
 ARTICLE 1 
 SCOPE AND EFFECT OF AGREEMENT 
 Section 1.1 Support of Terms.

 (a) Each of Harbinger and Pinnacle agrees with the other that it shall vote its respective Equity Securities (or, if more
convenient, execute written shareholders’ consent resolutions) and in all other respects use its reasonable best efforts and take all such steps as may reasonably be within its powers so as to cause the Company or any Company Party to comply
with and act in the manner contemplated by the provisions hereof, and so as to implement to their full extent the provisions of this Agreement and, to the extent, if any, permitted by Applicable Law, shall each use reasonable best efforts and take
all such steps as may reasonably be within its powers so as to cause its respective nominee(s) as director so to act. For purposes of this Section 1.1(a), the terms “Harbinger” and “Pinnacle” shall include their
respective Entity Affiliates that own Equity Securities. 
 (b) The Company shall (i) comply with its obligations under this
Agreement, and (ii) use reasonable best efforts and take all such steps as may reasonably be within its powers to otherwise implement to their full extent the provisions of this Agreement. 

The parties hereto agree that their intent is to grant to each of Harbinger and Pinnacle (and their respective Entity Affiliates) certain rights with
respect to its investment as more particularly set forth in this Agreement, and in accordance with the terms and conditions hereof, and that notwithstanding anything to the contrary set out in the Existing Shareholders Agreement or the Supplemental
Agreement, the respective rights and obligations of the Company and Harbinger (including its Entity Affiliates) vis-à-vis each other under the Existing Shareholders Agreement and Supplemental Agreement shall, except as otherwise
expressly provided herein, be subject and subordinate to the further agreements of the Company, Harbinger and Pinnacle set forth in this Agreement. Harbinger further acknowledges that it shall irrevocably terminate and waive in favor of the Company
and Pinnacle certain of its governance consent rights and covenants, including without limitation certain rights of first refusal and preemptive rights, in each case as more particularly set out in the Termination and Waiver dated as of
August 29, 2012 granted by Harbinger in favor of the Company and Pinnacle. Without limiting the foregoing, until the termination of this Agreement in accordance with its terms, Harbinger acknowledges that, notwithstanding Section 6.6 of
the Existing Shareholders Agreement, it and its Entity Affiliates shall only be permitted to transfer Securities in accordance with the terms of this Agreement. 
 Section 1.2 Terms to Prevail over Constating Documents. If any of the provisions of this Agreement conflict with the Constating Documents, the provisions of this Agreement shall prevail to the
extent of each such conflict, and each of the Company, Harbinger and Pinnacle shall, if reasonably possible, cause the Constating Documents to be amended so as to eliminate such conflict. 

  
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 Section 1.3 Amended and Restated Agreement. This Agreement is intended to
represent a continuation of the First Amended Shareholders Agreement, as amended and restated upon the terms and conditions set out herein, and from and after the date hereof supersedes and replaces the First Amended Shareholders Agreement (which in
turn superseded and replaced the Original Shareholders Agreement) in its entirety. 
 ARTICLE 2 

GOVERNANCE AND MANAGEMENT OF THE COMPANY 
 Section 2.1 Board Rights. 
 (a) Non-Voting Period. At any time
other than during a Voting Period, the following provisions shall apply: 
 (i) Size and Composition.

 (A) At any time during which Harbinger is the Majority Party: 

(1) Subject to Section 2.1(a)(i)(A)(2), Harbinger and Pinnacle shall vote their respective Equity Securities
so that the Board shall be composed of at least seven (7) but no more than twelve (12) directors, of which Pinnacle shall nominate a number of individuals from the number of directors to be elected that represents Pinnacle’s then
ownership percentage of the Equity Voting Power, rounded up or down to the nearest whole number, but not less than two (2) directors (any director nominated by Pinnacle, a “Pinnacle Director”), with the remaining directors
being nominated by Harbinger (any director nominated by Harbinger, a “Harbinger Director”), and Harbinger and Pinnacle shall vote their respective Equity Securities to elect such Pinnacle Directors and Harbinger Directors (including
without limitation, the appointment of additional Harbinger Directors or Pinnacle Directors, if any and as applicable, immediately following the end of the Voting Period); provided, however, that (x) in no event shall Harbinger
vote its Equity Securities in a manner that would cause the number of Pinnacle Directors serving on the Board at any time to be less than two (2) directors, (y) Harbinger shall take all necessary action as promptly as practicable,
including without limitation effecting an increase in the size of the Board or removal of some of the Harbinger Directors and causing the appointment of Pinnacle Directors, such that the number of Pinnacle Directors reflects the foregoing provision,
and (z) any such appointment in furtherance of this Section 2.1(a)(i)(A)(1) shall only be permitted in accordance with the terms of the Constating Documents. 

  
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 (2) Harbinger, as the Majority Party, shall have the sole right to
recommend in writing any increase or decrease in the size of the Board between seven (7) and twelve (12) directors, and Pinnacle shall vote its Equity Securities so that the Board shall be comprised of such number of directors as
recommended by Harbinger. In the event that the size of the Board is so increased or decreased, Harbinger shall vote its Equity Securities so that the number of Pinnacle Directors on the Board shall be in proportion to Pinnacle’s then ownership
percentage of the Equity Voting Power, rounded up or down to the nearest whole number; provided, however, that in no event shall Harbinger vote its Equity Securities in a manner that would cause the number of Pinnacle Directors serving
on the Board at any time to be less than two (2) directors. In the event that the number of Pinnacle Directors on the Board at any time is less than its proportionate share based on Pinnacle’s then ownership percentage of the Equity Voting
Power, rounded up or down to the nearest whole number, then Pinnacle shall have the right to require (exercisable by written notice to Harbinger) that Harbinger, as the Majority Party, take, and Harbinger shall take, all necessary action, including
without limitation effectuating an increase in the size of the Board or removal of some of the Harbinger Directors and causing the appointment of additional Pinnacle Directors and voting its Equity Securities thereafter, such that the number of
Pinnacle Directors reflects Pinnacle’s proportionate share of such voting power; provided, however, that in no event shall Harbinger vote its Equity Securities in a manner that would cause the number of Pinnacle Directors serving
on the Board at any time to be less than two (2) directors. 
 (B) At any time during which Harbinger is the
Minority Party: 
 (1) Harbinger and Pinnacle shall vote their respective Equity Securities so that (x) the
Board shall be composed of at least seven (7) but no more than twelve (12) directors, and (y) the number of directors nominated by each of Pinnacle and Harbinger shall be proportionate to their then-respective ownership percentages of
the Equity Voting Power, rounded up or down to the nearest whole number. 
 (2) Pinnacle, as the Majority Party,
shall have the sole right to recommend in writing any increase or decrease in the size of the Board between seven (7) and twelve (12) directors, and Harbinger, as the Minority Party, shall vote its Equity Securities so that the Board shall
be comprised of such number of directors as recommended by Pinnacle. In the event that the size of the Board is so increased or decreased, Pinnacle shall vote its Equity Securities so that the number of Harbinger Directors on the Board shall be in
proportion to Harbinger’s then ownership percentage of the Equity Voting Power, rounded up or down to the nearest whole number; provided, however, that in no event shall Pinnacle vote its Equity Securities in a manner that would
cause the number of Harbinger Directors serving on the Board at any time to be less than two (2) directors. In the event that the number of Harbinger Directors on the Board at any time is less than its proportionate share based on
Harbinger’s then ownership percentage of the Equity Voting Power, rounded up or down to the nearest whole number, then Harbinger shall have the right to require (exercisable by written notice to Pinnacle) that Pinnacle, as the Majority Party,
take, and Pinnacle shall take, all necessary action, including without limitation effectuating an increase in the size of the Board or removal of some of the Pinnacle Directors and causing the appointment of additional Harbinger Directors and voting
its Equity Securities thereafter, such that the number of Harbinger Directors reflects Harbinger’s proportionate share of such voting power; provided, however, that in no event shall Pinnacle vote its Equity Securities in a manner
that would cause the number of Harbinger Directors serving on the Board at any time to be less than two (2) directors. 

  
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 (C) Independent Director. Subject to Section 2.1(d)(xii),
at any time other than during a Voting Period (whether Harbinger is the Majority Party or otherwise), Harbinger shall be required to include an Independent Director as one of its nominees for election as a director pursuant to
Section 2.1(a); provided, that during the period ending on or before the twelve (12) month anniversary of the Class VI Closing Date, Harbinger shall be required to propose the Chairman Nominee as its Independent Director
nominee pursuant hereto for any election; provided further, however, that in the event the Chairman Nominee is unable or unwilling to serve or ceases to be an Independent Director, Harbinger shall be required to propose an
Independent Director to serve on the Board. In all such events, Harbinger and Pinnacle shall vote their respective Equity Securities such that the Independent Director nominee proposed by Harbinger would be elected as a director to the Board. For
the avoidance of doubt, as soon as practicable following the termination of a Voting Period and solely to the extent Pinnacle has nominated, and such director is at such time serving as, an Independent Director, (1) the Independent Director
(including the Chairman Nominee if the Chairman Nominee is the Chairman of the Board) shall remain on the Board, but shall be designated to be a Harbinger Director without derogating from any of the rights set forth in
Section 2.1(a)(i)(A) and (2) Pinnacle shall be entitled to appoint a replacement Pinnacle Director and Harbinger agrees to cause its appointed directors to act so as to effectuate Pinnacle’s right to appoint such Pinnacle
Director in accordance with the foregoing, including by causing its directors to increase the size of the Board and fill a vacancy on the Board with such replacement Pinnacle Director. 

(ii) For the avoidance of doubt, neither Harbinger nor Pinnacle shall be required to vote their respective Equity
Securities in the manner set forth in Section 2.1(a)(i) at any time during a Voting Period. 
 (iii)
Subject to Applicable Law, the parties shall cause their nominees to the Board to call and hold a special meeting of the shareholders of the Company if necessary to effectuate the provisions of this Section 2.1(a). 

(b) Voting Period. At any time during the duration of any Voting Period, the following provisions shall apply: 

(i) Size and Composition. Harbinger and Pinnacle shall vote their respective Equity Securities so that the Board
shall be composed of (A) such number of directors as is set forth in Section 4.1(c) of the Existing Shareholders Agreement, of which six (6) directors shall be nominated by Harbinger and shall vote their respective Equity
Securities to elect such six (6) nominees and (B) no more than ten (10) directors. From and after the date of this Agreement, Harbinger agrees to (A) nominate, as part of its slate of six nominees for the election as directors,
the number of individuals proposed by Pinnacle in writing that, in respect of such slate of six (6) director nominees, represents Pinnacle’s then ownership percentage of the Equity Voting Power, rounded up or down to the nearest whole
number; provided that Harbinger shall be required to nominate at least two nominees proposed by Pinnacle; and (B) vote its Equity Securities to elect such Pinnacle nominees. With respect to any remaining directors that may be nominated
for election as a director of the Company by the Principal Shareholders in accordance with the terms and conditions of Section 4.1(c) of the Existing Shareholders Agreement, Harbinger shall not (and shall not permit its Subsidiaries to),
without first obtaining Pinnacle’s written consent (which consent shall not be unreasonably withheld or delayed), make any affirmative decision as to the eligibility or qualifications of any such nominees that may be proposed by the Principal
Shareholders, provided that rejection of nominees proposed by the Principal Shareholders shall not require Pinnacle’s written consent. 

  
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 (ii) Board Observer. In addition to any right to nominate a director
in accordance with this Agreement, the Company shall invite and permit at least one representative designated by the Majority Party, at least one representative designated by the Minority Party and any other individuals in the Board’s
discretion to attend all duly called meetings of the Board and any committee thereof (whether in person, telephonically or otherwise) solely in a nonvoting observer capacity (each, a “Board Observer”) and, in this respect,
shall give the Board Observer copies of all notices, minutes, consents and other materials that the Company provides to its directors in connection with such meeting, subject to the limitations set forth below in Section 2.3 and
provided that the Board Observer shall enter into an agreement with the Company providing that the Board Observer shall hold in confidence and trust all information provided to him or her or learned by him or her in connection with the
observer rights described herein, except to the extent otherwise required by Applicable Law and any other regulatory process to which such party is subject. For the avoidance of doubt, (1) the Board Observer designated by Pinnacle may share all
such information with PEI and its Entity Affiliates and (2) the Board Observer designated by Harbinger may share all such information with Harbinger and its Entity Affiliates. 

(iii) Independent Directors. Subject to Section 2.1(d)(xii), at any time during which Pinnacle is the
Minority Party, Pinnacle may, but is not required to, propose an Independent Director as one of its nominees for election as a director pursuant to Section 2.1(b)(i), and Harbinger and Pinnacle shall vote their respective Equity
Securities such that the Independent Director nominee proposed by Pinnacle would be elected as a director to the Board. Notwithstanding the foregoing, during the period ending on the later of the twelve (12) month anniversary of the Class VI
Closing Date and the end of the Voting Period, Pinnacle shall propose the Chairman Nominee as nominee for election as an Independent Director pursuant to Section 2.1(b)(i); provided, however, that in the event the Chairman
Nominee is unable or unwilling to serve or ceases to be an Independent Director, Harbinger and Pinnacle shall use their reasonable best efforts to cause such person to resign from the Board, Pinnacle shall be entitled to propose an Independent
Director to serve on the Board, and Harbinger and Pinnacle shall use their best efforts to cause their respective directors to fill the vacancy such that the Independent Director nominee proposed by Pinnacle would be elected as a director to the
Board and, if necessary, to otherwise vote their respective Equity Securities such that such Independent Director is elected as a director to the Board. 

  
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 (c) For purposes of this Section 2.1, the terms “Harbinger” and
“Pinnacle” shall include their respective Entity Affiliates that own Equity Securities. 
 (d) In General. At
all times during the term of this Agreement (whether during a Voting Period or otherwise), the following provisions shall apply: 
 (i) Committees. Each of Harbinger and Pinnacle shall have the right to appoint at least one director to each of the Audit Committee, the Compensation Committee, the Nominating Committee, the
Corporate Governance Committee, the Investment Committee, and the Compliance Committee, and any other committees of the Board formed after the date of this Agreement (including, but not limited to, any executive committee, special committee, and the
Operating Committee). Each of Harbinger and Pinnacle shall, to the extent permitted by Applicable Law, use its reasonable best efforts and take all such steps as may reasonably be within its powers so as to cause its respective appointed directors
to act so as to effectuate each party’s right to appoint at least one committee member in accordance with the foregoing sentence; provided, however, that the majority of committee members on any such committee (other than the
Executive Committee and the Operating Committee) shall consist of directors appointed by the Majority Party. 

(ii) Executive Committee. Each of Harbinger and Pinnacle shall, to the extent permitted by Applicable Law, use its
reasonable best efforts and take all such steps as may reasonably be within its powers so as to cause its respective appointed directors to (A) appoint an Executive Committee of the Board with the greatest director powers an executive committee
of a board of directors may possess under Applicable Law (the “Executive Committee”), and (B)(1) designate the following Persons to constitute the Executive Committee: two directors designated by the Majority Party and one
director designated by the Minority Party, who shall be the voting members of such Committee, and the Chief Executive Officer of the Company and the Pinnacle Advisor, (2) not revoke or alter the authority given to the Executive Committee,
(3) not override any decision made by the Executive Committee, (4) not terminate the appointment of, or change the membership of, the Executive Committee, and (5) not fill vacancies in the Executive Committee, except in the case of
each of the foregoing clauses (1) - (5), as provided herein or as otherwise may be agreed to in writing by Harbinger and Pinnacle. Each of Harbinger and Pinnacle shall take all actions, and shall to the extent permitted by Applicable Law,
cause its respective appointed directors to take all actions, necessary or appropriate to effectuate the delegation of authority to the Executive Committee for the matters set forth in this Section 2.1(d)(ii), including the adoption of
resolutions of the Board in accordance with Applicable Law. 

  
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 (iii) Operating Committee. Each of Harbinger and Pinnacle shall, to
the extent permitted by Applicable Law, use its reasonable best efforts and take all such steps as may reasonably be within its powers so as to cause its respective appointed directors to (A) appoint an Operating Committee of the Board with
such director powers as to be set forth in a charter document mutually agreed upon by Harbinger and Pinnacle (the “Operating Committee”), and (B)(1) designate the following Persons to constitute the Operating Committee: one
director designated by the Majority Party, one director designated by the Minority Party, who shall be the voting members of such Committee, and the Chief Executive Officer of the Company and the Pinnacle Advisor, (2) not revoke or alter the
authority given to the Operating Committee, (3) not override any decision made by the Operating Committee, (4) not terminate the appointment of, or change the membership of, the Operating Committee, and (5) not fill vacancies in the
Operating Committee, except in the case of each of clauses (1) - (5), as provided herein or as otherwise may be agreed to in writing by Harbinger and Pinnacle. Each of Harbinger and Pinnacle shall take all actions, and shall to the extent
permitted by Applicable Law, cause its respective appointed directors to take all actions, necessary or appropriate to effectuate the delegation of authority to the Operating Committee for the matters set forth in this
Section 2.1(d)(iii), including the adoption of resolutions of the Board in accordance with Applicable Law. 
 (iv) Future Funding Committee. Each of Harbinger and Pinnacle shall, to the extent permitted by Applicable Law, use its reasonable best efforts and take all such steps as may reasonably be within
its powers so as to cause its respective appointed directors to (A) appoint a Future Funding Committee of the Board (the “Future Funding Committee”) to make recommendations to the Board from time to time apprising the Board of
the Future Funding Committee’s beliefs as to the Company’s need for additional financing, including the amount of financing being recommended by the Future Funding Committee for the Company and an approximate timetable for such recommended
financing (the “Financing Need Recommendation”), and (B)(1) designate the following Persons to constitute the Future Funding Committee: one director designated by Harbinger, one director designated by Pinnacle, the Independent
Director(s) of the Company and any Board Observer of the Company that would be an Independent Director if such individual were appointed to the Board, (2) not revoke or alter the authority given to the Future Funding Committee, (3) not
terminate the appointment of, or change the membership of, the Future Funding Committee, and (4) not fill vacancies in the Future Funding Committee, except in the case of each of clauses (1) - (4), as provided herein or as otherwise
may be agreed to in writing by Harbinger and Pinnacle. Upon receipt of a Financing Need Recommendation from the Future Funding Committee, each of Pinnacle and Harbinger shall, to the extent permitted by Applicable Law, use its reasonable best
efforts and take all such steps as may reasonably be within its powers so as to cause its respective appointed directors to call a meeting of the Board in order for the Board to make a determination as to whether the Financing Need Recommendation is
in the best interest of the Company in accordance with their fiduciary duties under Applicable Law. Each of Pinnacle and Harbinger shall, to the extent permitted by Applicable Law, use its reasonable best efforts and take all such steps as may
reasonably be within its powers so as to cause its respective appointed directors to approve or reject the Financing Need Recommendation. Each of Harbinger and Pinnacle shall take all actions, and shall to the extent permitted by Applicable Law,
cause its respective appointed directors to take all actions, necessary or appropriate to effectuate the delegation of authority to the Future Funding Committee for the matters set forth in this Section 2.1(d)(iv), including the adoption
of resolutions of the Board in accordance with Applicable Law. For the avoidance of doubt and subject to the authority delegated to the Independent Committee in Section 2.1(d)(v), the Board shall maintain sole and absolute authority, in
its sole discretion, to determine (A) the Company’s need for additional financing, including the amount of any financing or the approximate timetable related thereto, and (B) any and all matters being considered and recommended by the
Future Funding Committee. 

  
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 (v) Independent Committee. In connection with the Administrative
Services Agreement and certain actions as set forth in Section 6.1(b) and Section 6.2(a), each of Harbinger and Pinnacle shall, to the extent permitted by Applicable Law, use its respective reasonable best efforts and take
all such steps as may reasonably be within its respective powers so as to cause its respective appointed directors to appoint an Independent Committee of the Board consisting solely of Independent Directors (the “Independent
Committee”). The Independent Committee shall have the full power and authority of the Board with respect to the review of any action to be taken by the Company in connection with (A) the Administrative Services Agreement to the extent
and in accordance with the provisions therein, (B) the approval of any Replacement Funding on such terms as the Independent Committee may determine, which approval must occur within ninety (90) days of the date that the Company and
Pinnacle become aware of the breach by Harbinger (or its Affiliates) of an obligation to fund a commitment under the Backstop Loan Agreement and (C) the approval of any Future Funding in accordance with Section 6.1(b)(i)(C) and
Section 6.2(a). Each of Harbinger and Pinnacle shall, to the extent permitted by Applicable Law, use its reasonable best efforts to, and take all such steps as may reasonably be within its powers as to cause its respective directors to,
(1) designate only Independent Directors to the Independent Committee, (2) not revoke or alter the authority given to the Independent Committee, (3) not override any decision made by the Independent Committee, (4) not terminate
the appointment of, or change the membership of, the Independent Committee, and (5) not fill vacancies in the Independent Committee, except in the case of each of clauses (1) - (5), as provided herein or as otherwise may be agreed to
in writing by the Company, Harbinger and Pinnacle. Without derogating from the power and authority granted hereby or by any resolution of the Board, the scope of any powers and authority of the Independent Committee in addition to those set forth
above shall, subject to the Business Corporations Act (British Columbia) be set forth in a charter document to be mutually agreed upon by Harbinger and Pinnacle. Each of Harbinger and Pinnacle shall take all actions, and shall to the extent
permitted by Applicable Law, cause its respective appointed directors to take all actions, necessary or appropriate to effectuate the delegation of authority to the Independent Committee for the matters set forth in this
Section 2.1(d)(v), including the adoption of resolutions of the Board in accordance with Applicable Law. 
 (vi) Chairman of the Board. Subject to Section 2.1(b)(iii), during the period ending on the twelve (12) month anniversary of the Class VI Closing Date, Harbinger and Pinnacle shall vote
their respective Equity Securities so that the Chairman Nominee shall be nominated as a director and appointed as Chairman of the Board. In the event that the Chairman Nominee is no longer serving as a director of the Company during such twelve
(12) month period or, following such twelve (12) month period, the Board determines to appoint a different Chairman of the Board, then the Board shall take such action as determined by the Board to be in the best interests of the Company
and its shareholders to select a new Chairman of the Board, and each of the Majority Party and the Minority Party agrees with the other that it shall to the extent, if any, permitted by Applicable Law, use its reasonable best efforts and take all
such steps as may reasonably be within its powers so as to cause its respective nominee(s) as director to vote to elect the nominee selected by the Board to be appointed as Chairman of the Board. 

  
 -9-

 (vii) Removal and Replacement of Directors. Any director may be
removed from the Board or from any committee at any time, with or without cause, only at the direction of the shareholder that designated such director. If a vacancy is created on the Board or a committee as a result of the death, disability,
retirement, resignation, or removal of any director, then the shareholder that designated such director shall have the right to designate such director’s replacement. 

(viii) Voting at Meetings. Each of Harbinger and Pinnacle shall vote their Equity Securities at any meeting of
shareholders called to elect directors in favor of electing individual nominees to the Board in accordance with the provisions of this Section 2.1. 
 (ix) Timing. To the extent permitted, the election or designation of Harbinger’s and Pinnacle’s nominees as set forth above in this Section 2.1 will be effected as soon as
practicable following designation of such nominees. 
 (x) Termination of Board Rights. Notwithstanding
the foregoing provisions of this Section 2.1, if, at any time, the Minority Party (together with its Entity Affiliates) shall cease to own at least seven and one half percent (7.5%) of the Equity Voting Power (other than as a result
of falling below such threshold immediately following a Drag-Along Transaction under Section 3.3 herein, as applicable), then (A) such Minority Party shall cease to have the right to designate any director(s) or Board Observer
pursuant to Section 2.1 and the Majority Party shall no longer have any obligation with respect to voting its Equity Securities accordingly, (B) the Minority Party shall cause any and all of its directors to resign from the Board
and any committees (or such director(s) shall be removed from the Board and any committees), as applicable, as soon as practicable and, in any case, prior to the date of the next Board or committee meeting or action by written consent and
(C) the Company shall no longer be obligated to invite or permit Board Observers designated by the Minority Party to attend meetings or have access to information regarding the Company. 

(xi) Subsidiary Boards. If, and solely to the extent that, the Majority Party determines to exercise any right to
designate a member to any board of directors or similar governing body of any Subsidiary of the Company, then the Majority Party and the Minority Party shall each vote their respective Equity Securities so that the number of directors nominated by
each of the Majority Party and the Minority Party to such board or governing body is in proportion to their then respective ownership percentages of the Equity Voting Power, rounded up or down to the nearest whole number. 

(xii) Continued Appointment of Independent Director. Each of Harbinger and Pinnacle shall use its best efforts to
cause their respective directors to, and if necessary to otherwise vote their respective Equity Securities to, ensure that there is at all times at least one Independent Director on the Board and, if at any time, any Independent Director ceases to
be an Independent Director or ceases to be on the Board, the party that nominated such Independent Director shall act promptly to (including causing their respective directors to, and if necessary to otherwise vote their respective Equity
Securities to) appoint a replacement Independent Director in the most expedient manner permitted by Applicable Law and all parties shall take such other action as is necessary to cause the election of the replacement Independent Director.

  
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 Section 2.2 Pinnacle Advisor. In addition to Pinnacle’s right to appoint
the Pinnacle Director(s) and a Board Observer, Pinnacle shall also have the right to appoint, at Pinnacle’s sole cost and expense, an employee of Pinnacle to serve in a senior advisory capacity at the Company, subject to any additional
limitations that may be set forth in any management agreement related to the Ho Tram Project (the “Pinnacle Advisor”). For the avoidance of doubt, (a) the Pinnacle Advisor shall not be deemed to be an employee of the
Company, (b) the Pinnacle Advisor shall not have the right to attend or observe any meetings of the Board or its committees unless and until requested by the Board (unless the Person serving as the Pinnacle Advisor is also a Pinnacle Director
or Pinnacle Board Observer), except for the Operating Committee and the Executive Committee as respectively set forth in Section 2.1(d)(ii)(B) and Section 2.1(d)(iii)(B), and (c) no action taken by the Pinnacle Advisor
shall constitute the act of or otherwise serve to bind the Company. The Company shall give the Pinnacle Advisor copies of all notices, minutes, consents, and other materials that the Company provides to its directors in connection with any Board
meeting, subject to the limitations set forth below in Section 2.3 and provided that the Pinnacle Advisor shall enter into an agreement with the Company providing that he or she shall hold in confidence and trust all information
provided to the Pinnacle Advisor or learned by the Pinnacle Advisor in connection with the rights described herein, except to the extent otherwise required by Applicable Law or any other regulatory process to which Pinnacle, PEI or the Pinnacle
Advisor is subject or except as otherwise permitted under this Agreement. The Pinnacle Advisor may, as it deems necessary or desirable, share all such information with PEI and its Entity Affiliates, and their respective officers, directors,
employees and agents. For the avoidance of doubt, Pinnacle acknowledges that the costs and expenses incurred by the Pinnacle Advisor in connection with their actions undertaken pursuant to this Section 2.2 shall not constitute
reimbursable expenses of the consultant under the Administrative Services Agreement. 
 Section 2.3 Access to
Information. 
  

	 	(a)	Books and Records. 

 (i) All books and records, including all records relating to or reflecting the operations of the Ho Tram Project or any other Company project, shall be (a) maintained at the principal executive
offices of the Company, and (b) made available to Harbinger and Pinnacle, the Harbinger Director(s), the Pinnacle Director(s), the Pinnacle Board Observer and the Pinnacle Advisor for examination, audit, inspection, and copying at any time;
provided, however, that the Board, following deliberations without any of the Pinnacle Director, Pinnacle Board Observer or Pinnacle Advisor in attendance, reserves the right to withhold any information and to exclude each Pinnacle
Director, Pinnacle Board Observer or Pinnacle Advisor, as the case may be, from any meeting or portion thereof if access to such information or attendance at such meeting is presently or in the future restricted or prohibited by the terms and
conditions of any management or other agreement relating to the Ho Tram Project or any other Company project (including, as of the date hereof, the MGM Management Agreement); provided, however, that the Board (excluding any Pinnacle
Director, Pinnacle Board Observer or Pinnacle Advisor) shall instruct management to use its reasonable best efforts to identify and redact any prohibited or restricted information from any such agreement in an effort to make the remainder of such
agreement available to Pinnacle, the Pinnacle Director(s), the Pinnacle Board Observer and the Pinnacle Advisor, and the Board (excluding any Pinnacle Director, Pinnacle Board Observer or Pinnacle Advisor) shall request that the other party to such
management or other agreement agree to minimize or eliminate such restrictions and prohibitions. Upon termination of this Agreement or, if earlier, at such time as either Harbinger or Pinnacle (together with its respective Entity Affiliates) no
longer owns at least seven and one half percent (7.5%) of the Equity Voting Power, all such books and records shall be turned over to the Company immediately and shall remain the property of the Company, subject to access by such party upon
reasonable notice for examination, audit, inspection, and copying solely for purposes of such party’s accounting and tax requirements or the calculation and verification of amounts remaining due between the Company and such party following such
termination. For the avoidance of doubt, nothing contained in this Agreement other than this Section 2.3(a) shall affect or limit the rights to access or inspect Company information and books and records that either Harbinger or Pinnacle
and its respective Director(s) may have under the applicable corporate laws of the Company’s jurisdiction of incorporation or organization. 

  
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 (ii) [Intentionally omitted] 

(iii) Tax Reporting. In addition, the Company shall keep adequate books and records and shall provide Harbinger and
Pinnacle on a timely basis with access to such books and records and with such other information that either reasonably request to enable it to satisfy all its tax reporting obligations arising from its ownership of an interest in the Company and to
make such tax elections as it deems appropriate. Without limiting the generality of the foregoing, such information shall include (A) records of all distributions and other transactions of the Company or any of its subsidiaries,
(B) computations of income, earnings and profits, ordinary earnings, net capital gains, tax basis and foreign taxes, (C) PFIC Annual Information Statements as described in Section 1.1295-1(g) of the Treasury Regulations (or any
successor Treasury Regulations) and any other information reasonably requested to enable Harbinger and/or Pinnacle and their respective Entity Affiliates to elect to treat the Company or any of its subsidiaries as a “QEF” under
Section 1295 of the Code, to continue such qualification as a QEF and to satisfy the Harbinger’s and/or Pinnacle’s and their respective Entity Affiliates’ attendant reporting obligations, and (D) if the Company is or becomes
a “controlled foreign corporation” within the meaning of Section 957 of the Code, such information as the Harbinger and/or Pinnacle and their respective Entity Affiliates reasonably request to satisfy their tax reporting obligations.
The Company shall engage U.S. tax advisors mutually acceptable to Harbinger and Pinnacle, and provide such assistance and cooperation as is reasonably necessary for such U.S. tax advisors to determine the tax basis, allocable share of income,
earnings and profits, ordinary earnings, net capital gains, tax basis and foreign taxes and other tax attributes of the Company relevant to Harbinger’s and Pinnacle’s interest in the Company. 

  
 -12-

 (b) Financial Reporting Requirements. 

(i) Without limiting Section 2.3(a), subject to Applicable Law and compliance with Article 8, the
Company will, and will cause its Subsidiaries to furnish promptly to Harbinger and Pinnacle all information concerning the business and properties of the Company and its Subsidiaries, including financial information, as Harbinger or Pinnacle may
reasonably request, to the extent that Harbinger or Pinnacle reasonably concludes that such information is necessary to permit it to comply with any applicable securities laws (including, without limitation, any such reporting obligations under
Sections 13(a) and 15(d) of the Exchange Act or, in the case of Pinnacle, in connection with an offering or sale of debt or equity securities of PEI (or its Affiliates) (as applicable) in an offering registered under the Securities Act or exempt
from such registration, in such form as reasonably requested by Harbinger or Pinnacle, as the case may be, to comply with its respective Exchange Act or Securities Act reporting obligations, which will mean, at a minimum, that the financial
information will either be presented in accordance with U.S. GAAP or in a manner which will permit Harbinger or Pinnacle, as the case may be, to convert such information into financial statements in accordance with U.S. GAAP without incurring
material cost or delay. In addition, the Company shall cause its officers, employees, counsel and public accountants to cooperate with Harbinger and Pinnacle, as the case may be, in connection with their respective compliance with applicable
securities laws or, in the case of Pinnacle, with any offering of PEI’s (or its Affiliate’s) securities (as applicable), including customary assistance in connection with underwritten offerings. 

(ii) In particular, but without limiting the generality of paragraph (b)(i) above, and subject to
Section 2.3(a), the Company will make the following financial information available to Harbinger and Pinnacle and each of their outside independent auditors on a recurrent basis (without need of specific request by Harbinger or Pinnacle)
for examination, audit, inspection, and copying: 
 (A) Monthly unaudited management reports of the Company and
its Subsidiaries, within thirty (30) days after the end of each month; 
 (B) Quarterly unaudited
consolidated financial statements of the Company, within forty (40) days after the end of each fiscal quarter (and with respect to the quarterly unaudited consolidated financial statements and audit report of the Company for the fiscal quarter
ended March 31, 2012 and June 30, 2012, such information will be provided by August 31, 2012, and if not made available by such date, the Company shall provide access to the auditor’s work papers and any and all proposed,
recorded and past audit adjustments on a timely basis); 
 (C) Annual consolidated financial statements of the
Company accompanied by the audit report of the auditor, within ninety (90) days after the end of each fiscal year (and with respect to the annual consolidated financial statements and audit report of the Company for the year ended
December 31, 2011, such information will be provided by August 31, 2012, and if not made available by such date, the Company shall provide access to the auditor’s work papers and any and all proposed, recorded and past audit
adjustments on a timely basis); and 
 (D) Such non-consolidated financial statements and reports as may be
requested by Harbinger or Pinnacle, acting reasonably; 

  
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 provided, however, that in the event that Harbinger or Pinnacle reports
financial results and financial position of the Company as a consolidated subsidiary, then the Company will use commercially reasonable efforts to provide the foregoing financial information and access to Harbinger’s and Pinnacle’s
independent outside auditors on such shorter time frames as Harbinger and Pinnacle may reasonably specify taking into account their applicable periodic reporting obligations under the Exchange Act. 

ARTICLE 3 

TRANSFERS AND RELATED COVENANTS 
 Section 3.1 Transfer Restrictions. 
 (a) Harbinger and Pinnacle
Restrictions. Transfers of Securities held by either Harbinger or Pinnacle shall be subject to the following provisions: 
 (i) Each of Harbinger and Pinnacle may Transfer its Securities (x) as permitted under and in accordance with the terms and conditions of Section 3.2 and (y) pursuant to a pro rata
optional redemption by the Company of any Securities that, by their terms, may be redeemed by the Company at its option. 
 (ii) Each of Harbinger and Pinnacle shall be permitted to Transfer Securities to a parent, subsidiary, Affiliate or other legal entity, in each case, that directly or indirectly “controls”, is
controlled by or is under common control with, Harbinger or Pinnacle, as applicable (such an entity or person, an “Entity Affiliate”) without restriction (including, without limitation, any of the Transfer restrictions contained in
this Article 3). For purposes of this provision, the holding of at least fifty-one percent (51%) of the equity or voting interest of an entity, or the direct or indirect ability to direct or cause the direction of the management of
the business and affairs of an entity, shall be deemed to constitute “control”. 
 (iii)
Unsuitability. 
 (A) If, at any time any Gaming Problem in Vietnam exists for the Company as a result of
issues relating to the Majority Party, the following provisions shall apply: 
 (1) For as long a period as the
Vietnam Gaming Authority will permit (the “Majority Party Cure Period”), the Majority Party must use commercially reasonable efforts to cure all regulatory concerns giving rise to the Gaming Problem. During such period, the
Minority Party shall not partake in any discussions or negotiations with the regulator in question without the Majority Party’s consent, except as may be required by Applicable Law or such regulator (and in the event that the Minority Party is
so required to partake in discussions or negotiations with such regulator, the Minority Party shall give the Majority Party such advance notice of such discussions or negotiations as is reasonably practicable and use commercially reasonable efforts
to seek permission from the applicable regulator in question for the Majority Party to jointly participate in such discussions or negotiations). 

  
 -14-

 (2) During the Majority Party Cure Period, and for as long a period as the
Vietnam Gaming Authority will permit (not to exceed six (6) months after the expiration of the Majority Party Cure Period, unless the Majority Party and the Minority Party mutually agree on a longer period) (the “Majority Party
Sale Period”), the Majority Party shall be permitted to sell to an unaffiliated third party its Securities (including in a sale to a third party of all of the outstanding Equity Securities in the Company), in each case subject to the
Minority Party’s right of first negotiation under Section 3.5 and such six (6) month period after the expiration of the Majority Party Cure Period shall not commence until the Minority Party’s right of first negotiation
shall have expired. 
 (3) During the Majority Party Cure Period and the Majority Party Sale Period, the
Majority Party will use its commercially reasonable efforts to take such action as is reasonably necessary and permitted by the Vietnam Gaming Authority in order to seek to preserve the value of the Company, including, as determined in the Majority
Party’s sole discretion and to the extent not otherwise required by the Vietnam Gaming Authority, Transferring its Securities to a Divestiture Trust. Following one hundred and eighty (180) days after the termination of the Majority Party
Cure Period, the Minority Party or the Company may direct the Majority Party to transfer its Securities to a Divestiture Trust. 
 (4) Following the expiration of the Majority Party Sale Period, the Minority Party shall be provided with as long a period as the Vietnam Gaming Authority will permit (not to exceed six (6) months
after the expiration of the Majority Party Sale Period, unless the Majority Party and the Minority Party mutually agree on a longer period) (the “Minority Party Sale Period”) in which to sell to an unaffiliated third party its
Securities, subject to the Majority Party’s right of first negotiation under Section 3.5 and such six (6) month period after the expiration of the Majority Party Sale Period shall not commence until the Majority Party’s
right of first negotiation under Section 3.5 shall have expired. 

  
 -15-

 (5) Following the expiration of the Minority Party Sale Period, if a sale
of the Minority Party’s Securities has not been effected (or a definitive agreement with respect thereto has not been executed), or at such earlier time if the Vietnam Gaming Authority so requires, the Minority Party shall have the right,
exercisable over a period of ninety (90) days following the expiration of the Minority Party Sale Period (which ninety (90) day period shall commence on the earlier of (x) the next Business Day following a period of six
(6) months from the commencement of the Minority Party Sale Period, or (y) the date on which written notice from the Company or HTPCL, as applicable, to the Minority Party is received to the effect that the Vietnam Gaming Authority has not
permitted the Minority Party Sale Period to run a full six (6) months or the Vietnam Gaming Authority requires the period for the Minority Party’s right to require the Company to purchase its Securities to commence earlier), to require the
Company to purchase all, but not less than all, of its Securities, unless prior to the expiration of such ninety (90) day period the Majority Party transfers its Securities to such a Divestiture Trust, in which case (I) such ninety
(90) day period shall be tolled, and (II) the Minority Party shall not have a right to require the Company to purchase all of the Minority Party’s Securities, in each such case of clauses (I) and (II), so long as the Majority
Party’s Securities are held by such a Divestiture Trust and the Vietnam Gaming Authority permits the continuation of such holding by the Divestiture Trust. If the Minority Party exercises such right, the Company shall repurchase such Securities
at an aggregate purchase price equal to the amount initially allocated thereto as of the date of the Minority Party’s purchase of such Securities (the “Purchase Price”). The form of consideration to be paid by the Company
may, in the Company’s sole discretion, be either cash or one or more promissory notes issued to the Minority Party by the Company (A) in an aggregate principal amount equal to the Purchase Price, (B) bearing no interest,
(C) having a term of thirty-six (36) months, and (D) which, subject to receipt of any approval required under any Gaming Laws, shall be secured by a first priority security interest, in form and substance reasonably satisfactory to
the Minority Party, in such Securities. 
 (B) If, at any time any Gaming Problem in the United States of America
exists for the Majority Party or the Minority Party, as applicable (such party with such Gaming Problem, the “Affected Party”, and the other party which is not the Affected Party, the “Non-Affected Party”) as a
result of issues relating to the Company, the following provisions shall apply: 
 (1) For as long a period as
the relevant U.S. Gaming Authority will permit (the “Affected Party U.S. Cure Period”), the Company must use reasonable best efforts to cure all regulatory concerns giving rise to the Gaming Problem. During such period, the
Company shall not partake in any discussions or negotiations with the applicable regulator in question without the Affected Party’s consent, except as may be required by Applicable Law or such regulator (and in the event that the Company is so
required to partake in discussions or negotiations with such regulator, the Company shall give the Affected Party such advance notice of such discussions or negotiations as is reasonably practicable and use commercially reasonable efforts to seek
permission from the regulator in question for the Affected Party to jointly participate in such discussions or negotiations). 
 (2) During the Affected Party U.S. Cure Period, and for as long a period as the relevant U.S. Gaming Authority will permit, the Affected Party shall be permitted to sell to an unaffiliated third party its
Securities, subject to the Non-Affected Party’s right of first negotiation under Section 3.5. 

  
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 (C) If, at any time any Gaming Problem in the United States of America
exists for the Affected Party as a result of issues relating to the Non-Affected Party, the following provisions shall apply: 
 (1) For as long a period as the relevant U.S. Gaming Authority will permit (the “Non-Affected Party U.S. Cure Period”), such Non-Affected Party must use commercially reasonable
efforts to cure all regulatory concerns giving rise to such Gaming Problem, including, without limitation, cooperating with the Affected Party to provide such U.S. Gaming Authority such information about the Non-Affected Party as the Affected Party
may reasonably request and to partake in discussions with such U.S. Gaming Authority to the extent requested by the Affected Party. During such period, the Non-Affected Party shall not partake in any discussions or negotiations with such U.S. Gaming
Authority without the Affected Party’s consent, except as may be required by Applicable Law or such regulator (and in the event that the Non-Affected Party is so required to partake in discussions or negotiations with such regulator, the
Non-Affected Party shall give the Affected Party such advance notice of such discussions or negotiations as is reasonably practicable and use commercially reasonable efforts to seek permission from the regulator in question for the Affected Party to
jointly participate in such discussions or negotiations). 
 (2) During the Non-Affected Party U.S. Cure Period,
and for as long a period as the relevant U.S. Gaming Authority will permit (the “Affected Party U.S. Sale Period”), the Affected Party shall be permitted to (a) sell its Securities to an unaffiliated third party, subject
to the Non-Affected Party’s right of first negotiation under Section 3.5, and/or (b) transfer its Securities to a Divestiture Trust (and may continue any efforts to attempt to sell its Securities while such Securities remain in
such Divestiture Trust). 
 (3) In addition, at any time following the Non-Affected Party U.S. Cure Period, the
Affected Party shall have the right to require the Company to purchase all, but not less than all, of its Securities. If the Affected Party exercises such right, the Company shall repurchase such Securities at the Purchase Price within thirty
(30) days of the exercise of such right. The form of consideration to be paid by the Company shall be cash; provided, however, the Company may, in its sole discretion, pay the consideration for such purchase by issuing one or more
promissory notes to the Affected Party (a) in an aggregate principal amount equal to the Purchase Price, (b) bearing no interest, (c) with the term (with payment in full being due on the last day of the term) being a period of time
equal to five (5) years; provided, however, that such five (5) year term shall be reduced by that number of days that is equal to the number of days after the expiration of the Non-Affected Party U.S. Cure Period;
provided, further, that in no event shall the period of such term be less than three (3) years, and (d) which, subject to receipt of any approval required under any Gaming Laws, shall be secured by a first priority security
interest, in form and substance reasonably satisfactory to the Affected Party, in such Securities. 

  
 -17-

 (D) If, at any time any Gaming Problem in Vietnam exists for the Company as
a result of issues relating to the Minority Party, the following provisions shall apply: 
 (1) For as long a
period as the Vietnam Gaming Authority will permit (the “Minority Party Cure Period”), the Minority Party must use commercially reasonable efforts to cure all regulatory concerns giving rise to such Gaming Problem. During such
period, the Majority Party shall not partake in any discussions or negotiations with the applicable regulator in question without the Minority Party’s consent, except as may be required by Applicable Law or such regulator (and in the event that
the Majority Party is so required to partake in discussions or negotiations with such regulator, the Majority Party shall give the Minority Party such advance notice of such discussions or negotiations as is reasonably practicable and use
commercially reasonable efforts to seek permission from the regulator in question for the Minority Party to jointly participate in such discussions or negotiations). 

(2) Following the expiration of the Minority Party Cure Period, and for as long a period as the Vietnam Gaming Authority
will permit (the “Minority Party Vietnam Sale Period”), the Minority Party shall be required to use commercially reasonable efforts to attempt to sell its Securities to an unaffiliated third party, subject to the Majority
Party’s right of first negotiation under Section 3.5. 
 (3) During the Minority Party Cure
Period and at any time thereafter, the Minority Party may transfer its Securities to a Divestiture Trust. The Minority Party’s Securities may remain in such a Divestiture Trust while the Minority Party continues any efforts to attempt to sell
its Securities during the Minority Party Vietnam Sale Period. 
 (4) Following the expiration of the Minority
Party Vietnam Sale Period, if a sale of the Minority Party’s Securities has not been effected (or a definitive agreement with respect thereto has not been executed) and if the Minority Party’s Securities are not then currently held by a
Divestiture Trust, the Majority Party shall have the right, exercisable over a period of ninety (90) days (which ninety (90) day period shall commence on that date written notice from the Company or HTPCL, as applicable, to the Minority
Party is received to the effect that the Vietnam Gaming Authority has not permitted the Minority Party Sale Period to continue) to purchase all, but not less than all, of the Minority Party’s Securities immediately following the expiration of
such ninety (90) day period, unless prior to the expiration of such ninety (90) day period the Minority Party transfers its Securities to such a Divestiture Trust, in which case (a) such ninety (90) day period shall be tolled,
and (b) the Majority Party shall not have a right to purchase all of the Minority Party’s Securities, in each such case of clauses (a) and (b), so long as such Securities are held by such a Divestiture Trust and the Vietnam Gaming
Authority permits the continuation of such holding by the Divestiture Trust. In the exercise of any such purchase right, the purchase price for such Securities by the Majority Party shall be the Purchase Price for such Securities. The form of
consideration to be paid by the Majority Shareholder shall be cash; provided, however, that the Majority Party may, in its sole discretion, pay the consideration for such purchase by issuing one or more promissory notes to the Minority
Party (a) in an aggregate principal amount equal to the Purchase Price, (b) bearing no interest, (c) with the term (with payment in full being due on the last day of the term) being a period of time equal to five (5) years;
provided, however, that such five (5) year term shall be reduced by that number of days that is equal to the number of days after the expiration of the Minority Party Cure Period; provided, further, that in no event
shall the period of such term be less than three (3) years, and (d) which, subject to receipt of any approval required under any Gaming Laws, shall be secured by a first priority security interest, in form and substance reasonably
satisfactory to the Minority Party, in such Securities. 

  
 -18-

 (5) Following the expiration of the ninety (90) day period set forth
in Section 3.1(a)(iii)(D)(4) above, the Majority Party or the Company may direct the Minority Party to transfer its Securities to a Divestiture Trust. 

(E) Notwithstanding anything to the contrary set forth in this Section 3.1(a)(iii), immediately upon such time
that the Company, the Majority Party or Minority Party, as applicable, has taken any action which the applicable regulator in question confirms has fully and finally remediated the Gaming Problem or otherwise causes such regulator to withdraw or
discontinue its investigation or pursuit of any action with respect to such Gaming Problem, the rights and obligations of the Company, the Majority Party and/or Minority Party, as applicable, with respect to the Transfer of Securities pursuant to
clauses (A) through (D) above, and arising as a result of such Gaming Problem, shall immediately terminate, it being acknowledged and agreed that all of such rights and obligations shall remain fully applicable to any other Gaming Problem
that may have arisen or may thereafter arise. 
 (F) In furtherance of the foregoing and in connection with a
Transfer of Securities pursuant to this Section 3.1(a)(iii), the Company shall provide, and shall cause its Subsidiaries, and shall use its reasonable best efforts to cause each of its and their respective representatives, including
legal, tax, regulatory and accounting, to provide, all cooperation reasonably requested by the Majority Party or the Minority Party, as applicable, in their capacity as a Transferring party in accordance with the terms of this
Section 3.1(a)(iii), which cooperation shall include (1) providing, as promptly as practicable, to the Transferring party all financial and other information regarding the Company and its Subsidiaries (including information
regarding the business, operations, financial projections and prospects of the Company) as may be reasonably requested by the Transferring party to assist in preparation of customary materials to be used for the completion of the Transfer, except as
may be limited by Section 2.3, (2) affording prospective purchasers access to the Company’s senior management, including due diligence sessions (including accounting due diligence sessions), (3) executing and delivering
(or using reasonable best efforts to obtain from its advisors), and causing its Subsidiaries to execute and deliver (or use reasonable best efforts to obtain from the advisors of such Subsidiaries), customary certificates as to valid existence,
incumbency and due authorization, or other documents and instruments related to such Transfer as may be reasonably requested by the Transferring party as necessary and customary in connection with such a Transfer, and (4) using its reasonable
best efforts, to have its independent accountants provide their reasonable cooperation in connection with such Transfer. 
 (iv) Constating Documents. 
 (A) To the extent any Transfer
is permitted pursuant to the terms of this Agreement, the Company shall use reasonable best efforts, including without limitation taking all such steps as may reasonably be within its powers, to permit such Transfer to be effected in compliance with
the terms of this Agreement and the Constating Documents. 

  
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 (B) The Company, Harbinger and Pinnacle shall each use their respective
reasonable best efforts, including without limitation taking all such steps as may reasonably be within their respective powers (including, with respect to each of Harbinger and Pinnacle, voting its respective Equity Securities (or, if more
convenient, executing written shareholders’ consent resolutions), so as to cause any Transfer permitted under this Agreement to be deemed a permissible Transfer under Section 2.11 of the Articles of the Company. 

(C) The Company represents and warrants to Harbinger and Pinnacle that the Board has resolved, by all required corporate
action, that any Transfer permitted under this Agreement shall be deemed a permissible Transfer under Section 2.11 of the Articles of the Company and that such Board approval shall satisfy the requirement to obtain the approval of the Board for
purposes of Section 2.11 of the Articles of the Company. In addition, the parties hereto agree, in their capacity as holders of a majority of the Common Shares, that any Transfer permitted under this Agreement is hereby approved by them and
shall therefore be a permissible Transfer under Section 2.11 of the Articles. 
 (b) Additional Harbinger Transfer
Provisions. In addition to Section 3.1(a) and Section 6.4, Transfers of Securities held by Harbinger shall also be subject to the following provisions: 

(i) Subject to Pinnacle’s right to Transfer its Securities pursuant to Section 3.2, or to acquire
Harbinger’s Securities pursuant to Section 3.5, Harbinger shall be entitled to Transfer and assign in whole or in part to an unaffiliated third party any or all of its Securities, and any or all of its right, title and interest in
and to, and all of its obligations under or in respect of, this Agreement and any such Securities or other agreement or instrument, without restriction and without the consent of the Company or any other Person. 

(c) Additional Pinnacle Transfer Provisions. In addition to Section 3.1(a), Transfers of Securities held by Pinnacle
shall also be subject to the following provisions: 
 (i) For as long as Pinnacle is the Minority Party and
except as otherwise permitted pursuant to this Article 3, Pinnacle shall not Transfer Securities unless such Transfer is specifically approved by the Board and Harbinger, each in their sole discretion. 

(ii) Following the earlier of (A) the first anniversary of the Opening Date of the First Gaming Resort and
(B) August 8, 2015, subject to Harbinger’s right to Transfer its Securities pursuant to Section 3.2, Pinnacle shall be entitled to Transfer and assign in whole or in part to an unaffiliated third party any or all of its
Securities, and any or all of its right, title and interest in and to, and all of its obligations under or in respect of, this Agreement and any such Securities or other agreement or instrument, without restriction and without the consent of the
Company or any other Person. 

  
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 (iii) Pinnacle shall be required to Transfer its Equity Securities under and
in accordance with the terms and conditions of Section 3.3. 
 (iv) Pinnacle may, in its sole
discretion, elect to Transfer its remaining Securities under and in accordance with the terms and conditions of Section 3.4. 
 (v) Pinnacle may, in its sole discretion, elect to Transfer its remaining Securities under and in accordance with the terms and conditions of Section 6.1(c). 

(vi) Pinnacle and its Entity Affiliates may, in their sole discretion, elect to Transfer Securities or transfer interests
in Pinnacle to PEI’s stockholders or to conduct an initial public offering of interests of Pinnacle, in each case to the extent that such action (A) is previously consented to in writing by the Board (which consent shall not be
unreasonably withheld), (B) occurs from and after such time as any class of the Equity Securities is traded on an established trading market (including, without limitation, the Hong Stock Exchange, Singapore Stock Exchange or Toronto Stock
Exchange), and (C) is not effected until following the earlier of (1) the first anniversary of the Opening Date of the First Gaming Resort, and (2) August 8, 2015. 

(d) Related Provisions. 
 (i) Notwithstanding anything to the contrary in this Agreement, no Transfers shall be permitted by either Harbinger or Pinnacle (A) if such Transfer would violate any Applicable Law or involve a
Transfer to a Non-Qualified Person, (B) without the prior written consent of the Board and the Majority Party, if such Transfer would impair a material license or regulatory approval of the Company (or any of its Subsidiaries) or cause a change
of control of any such license without the Company having received all required approvals of Governmental Authorities and other required approvals, or (C) without the prior written consent of the Board (which shall not be unreasonably withheld)
if such Transfer would cause the Company or its Subsidiaries to be subject to the reporting requirements of the Exchange Act. 
 (ii) Any transferee or Entity Affiliate of Harbinger or Pinnacle, as applicable, that after the date of this Agreement acquires any Securities in a Transfer or other acquisition in accordance with the
terms and conditions of this Agreement shall, as a condition precedent to effectiveness of the Transfer or other acquisition of such Securities, (A) become a party to this Agreement by completing and executing a counterpart signature page or
joinder to this Agreement in a form reasonably satisfactory to the Company and the Majority Party, (B) assume the rights and obligations under this Agreement of the transferor of such Securities as they relate to such transferred Securities
(including without limitation the transfer restrictions set forth in Article 3 and the preemptive rights set forth in Article 4), (C) execute all such other agreements or documents as may reasonably be requested by the Company and
the Majority Party, (D) obtain all regulatory approvals needed in connection with such Transfer or acquisition, (E) deliver such signature page and, if applicable, other agreements and documents to the Company, and (F) to the extent
the Transfer and/or other acquisition of Securities by such transferee or Entity Affiliate results in such transferee or Entity Affiliate, together with its Entity Affiliates, owning at least fifty percent (50%) of the Equity Voting Power,
reaffirm in writing the effectiveness of the Pinnacle Management Agreement in accordance with its terms. Such Person shall, upon satisfaction of such conditions and its acquisition of such Securities in compliance with this Agreement, be a party to
this Agreement for all purposes hereunder. 

  
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 (iii) Any Transfer constituting a pledge of Securities or other grant of a
lien or security interest therein, directly or indirectly, for any debt or other obligation must be made pursuant to a bona fide credit agreement, loan agreement, indenture or other agreement pursuant to which credit is extended or made
available by an unaffiliated third party to the party making such pledge or granting such lien or security interest. For purposes of clarity, the Parties acknowledge that the Securities may not be pledged in violation of the foregoing sentence.

 (iv) In the event of a Transfer constituting a pledge of Securities or other grant of a lien or security
interest therein, directly or indirectly, the beneficiary of such pledge, lien or security interest, in lieu of executing a joinder to become a party hereto, shall execute and deliver a joinder agreeing to be bound by all of the provisions of this
Agreement with respect to the Securities so pledged or subjected to such lien or security interest, except as otherwise provided in Section 3.2(f)(ii), Section 3.3(f) and Section 3.5(a). 

(v) Any Transfer or attempted Transfer of Securities in violation of any provision of this Agreement shall be null and
void. 
 Section 3.2 Tag-Along Right. 
 If either the Majority Party (to the extent the Majority Party does not elect to exercise its Drag-Along rights in full under Section 3.3) or the Minority Party or their respective Entity
Affiliates (as the case may be, such party, together with its Entity Affiliates, is referred to as the “Transferring Seller”) proposes to Transfer any particular series or class of a Security (such specific series or class of
Security, a “Tag-Along Security”) that it holds directly or indirectly to any Person other than an Entity Affiliate of Harbinger or Pinnacle, as the case may be (the “Third-Party Offeror”), in a bona fide
transaction (the “Tag-Along Sale”), then the other party that is not the Transferring Seller, together with its Entity Affiliates (such other party, together with its Entity Affiliates, the “Tag-Along
Party”), shall have the right to participate in all Transfers of Tag-Along Securities by the Transferring Seller to the Third-Party Offeror on the following terms and conditions: 

(a) Mechanics. 
 (i) If the Transferring Seller has received an offer (including a preliminary indication of interest) relating to potential Tag-Along Sale, the Transferring Seller shall promptly, but no later than two
(2) Business Days following receipt of such offer (including a preliminary indication of interest) by the Third Party Offeror, notify the Tag-Along Party in writing (A) specifying (to the extent such information is known to the
Transferring Seller) (i) the name and address of the Third-Party Offeror intending to purchase the Tag-Along Securities, (ii) the amount of Tag-Along Securities proposed to be purchased and the purchase price the Third-Party Offeror is
willing to pay for such Tag-Along Securities to be purchased and the other material terms and conditions of the Tag-Along Sale, and (iii) that the Tag-Along Party has the rights provided under this Section 3.2 in respect of the
proposed Tag-Along Sale and (B) attaching copies of any written documentation embodying or relating to such offer (the “Preliminary Tag-Along Notice”). 

  
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 (ii) If such offer has developed into a reasonably definitive proposal for a
Tag-Along Sale and the Transferring Seller intends to proceed with the Tag-Along Sale, the Transferring Seller shall promptly, but no later than two (2) Business Days following receipt or conveyance of such reasonably definitive proposal,
notify the Tag-Along Party in writing (A) specifying (i) the name and address of the Third-Party Offeror intending to purchase the Tag-Along Securities, (ii) the amount of Tag-Along Securities proposed to be purchased and the purchase
price the Third-Party Offeror is willing to pay for such Tag-Along Securities to be purchased and the other material terms and conditions of the Tag-Along Sale, and (iii) that the Tag-Along Party has the rights provided under this
Section 3.2 in respect of the proposed Tag-Along Sale and (B) attaching copies of all written documentation relating to such proposed Tag-Along Sale (the “Tag-Along Notice”). 

(iii) The right of a Tag-Along Party to participate in a Tag-Along Sale may be exercised by delivery of a written notice
to the Transferring Seller (the “Tag-Along Acceptance Notice”) within twenty (20) Business Days following receipt of the Tag-Along Notice or, if later and if applicable, within twenty-five (25) Business Days of
receipt of the Majority Party’s written notice to the Minority Party under Section 6.2(b)(ii)(B)(7)(b) of the Majority Party’s or its Entity Affiliates’ proposed sale, Transfer or other disposition of Financing Securities.
The Tag-Along Acceptance Notice shall state the number or amount of Tag-Along Securities that such Tag-Along Party wishes to include in such Tag-Along Sale to the Third-Party Offeror (which shall not be in excess of the applicable Pro Rata Tag-Along
Portion). Upon the giving of a Tag-Along Acceptance Notice, such Tag-Along Party shall be entitled and obligated to sell the Tag-Along Securities set forth in the Tag-Along Acceptance Notice to the Third-Party Offeror on the terms set forth in the
Tag-Along Notice, and the Transferring Seller shall not consummate the sale of any Tag-Along Securities to the Third Party Offeror if the Third Party Offeror does not purchase all Tag-Along Securities which each Tag-Along Party desires to sell
(which shall not be in excess of the applicable Pro Rata Tag-Along Portion or the Adjusted Majority Party Pro Rata Tag Along Portion) pursuant to this Section 3.2. 

  
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 (b) Amount to be Sold. The Tag-Along Party shall be entitled to sell to the
Third-Party Offeror, in conjunction with the closing of the Third-Party Offeror’s purchase of Tag-Along Securities from the Transferring Seller, up to that portion of its Tag-Along Securities determined by: 

(i) with respect to Tag-Along Securities other than Company Debt, multiplying (A) the number of Tag-Along Securities
that are held by the Tag-Along Party by (B) the quotient obtained by dividing (1) the number of Tag-Along Securities to be sold to the Third-Party Offeror by the Transferring Seller by (2) the total number of Tag-Along Securities then
held by the Transferring Seller; provided, however, that in the event that the Minority Party and/or one or more of its Entity Affiliates is the Transferring Seller and immediately prior to the consummation of any such Tag Along Sale
the Minority Party and its Entity Affiliates collectively own thirty-three percent (33%) or less of the voting power of the voting capital stock of the Company at such time of determination, the Majority Party and its Entity Affiliates shall
only be permitted to Transfer fifty percent (50%) of the total number of Tag-Along Securities to be sold to the Third-Party Offeror that the Majority Party and its Entity Affiliates would otherwise have been permitted to Transfer in such
Tag-Along Sale under the formula described in this sentence excluding this proviso (the “Adjusted Majority Party Pro Rata Tag Along Portion”); 

(ii) with respect to Company Debt, multiplying (A) the principal amount of outstanding Company Debt held by and
accrued and unpaid interest owed to the Tag-Along Party by (B) the quotient obtained by dividing (1) the principal amount of outstanding Company Debt to be sold to the Third-Party Offeror by the Transferring Seller by (2) the
aggregate principal amount of outstanding Company Debt held by and accrued and unpaid interest owed to the Transferring Seller; and 
 (iii) the Transferring Seller shall use its commercially reasonable efforts to include in the proposed Tag-Along Sale to the Third-Party Offeror all of the Tag-Along Securities that the Tag-Along Party
has requested to have included pursuant to the applicable Tag-Along Acceptance Notice, it being understood that the Third-Party Offeror shall not be required to purchase Tag-Along Securities in excess of the number set forth in the Tag-Along Notice.
In the event the Third-Party Offeror elects to purchase less than all of the Tag-Along Securities sought to be sold by the Transferring Seller and the Tag-Along Party, the number of Tag-Along Securities to be Transferred to the Third-Party Offeror
by the Transferring Seller and the Tag-Along Party shall be reduced so that each such shareholder is entitled to sell its Pro Rata Tag-Along Portion of the number of Tag-Along Securities the Third-Party Offeror elects to purchase (which in no event
may be less than the number of Securities set forth in the Tag-Along Notice). For purposes of this Section 3.2, the “Pro Rata Tag-Along Portion” shall mean: 

(A) Tag Along Securities other than Company Debt: with respect to the number of Tag-Along Securities other than
Company Debt to be sold by each shareholder (whether the Transferring Seller or the Tag-Along Party, as the case may be), the number of Tag-Along Securities other than Company Debt equal to the product of (1) the total number of Tag-Along
Securities that the Third-Party Offeror proposes to purchase and (2) a fraction (x) the numerator of which is equal to the number of Tag-Along Securities then held by such shareholder and (y) the denominator of which is equal to the
number of Tag-Along Securities then held collectively by the Transferring Seller and the Tag-Along Party; provided, however, that in the event that the Minority Party and/or one or more of its Entity Affiliates is the Transferring
Seller and immediately prior to the consummation of any such Tag Along Sale the Minority Party and its Entity Affiliates collectively own thirty-three percent (33%) or less of the voting power of the voting capital stock of the Company at such
time of determination, the Majority Party and its Entity Affiliates shall only be permitted to Transfer the Adjusted Majority Party Pro Rata Tag Along Portion (but for purposes of applying that definition in this section, using the formula described
in this sentence excluding this proviso); and 

  
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 (B) Company Debt: with respect to the amount of Company Debt to be
sold by each shareholder (whether the Transferring Seller or the Tag-Along Party, as the case may be), the amount of Company Debt equal to the product of (1) the total amount of outstanding Company Debt that the Third-Party Offeror proposes to
purchase and (2) a fraction (x) the numerator of which is equal to the principal amount of outstanding Company Debt held by and accrued and unpaid interest owed to such shareholder and (y) the denominator of which is equal to the
principal amount of outstanding Company Debt held by and accrued and unpaid interest owed collectively to the Transferring Seller and the Tag-Along Party. 
 (c) Consideration to be Received. The consideration to be received by the Tag-Along Party shall be the same form and amount of consideration per Tag-Along Security to be received by the
Transferring Seller, and the terms and conditions of the Tag-Along Sale shall be the same as those upon which the Transferring Seller sells its Tag-Along Securities. 
 (d) Related Documentation. 
 (i) In connection with the
transaction contemplated by Section 3.2, each Tag-Along Party will agree to make substantially the same customary representations, covenants, indemnities and agreements as the Transferring Seller so long as they are made severally and
not jointly and the liabilities thereunder are borne on a pro rata basis based on the consideration to be received by the Transferring Seller; provided that (A) any general indemnity given by the Transferring Seller, applicable to
liabilities not specifically related to the Transferring Seller or its ownership of the respective Tag-Along Securities to be Transferred by it, to the Third-Party Offeror in connection with the Tag-Along Sale shall be apportioned with the Tag-Along
Party according to the consideration received by each of the Transferring Seller and the Tag-Along Party, (B) the aggregate liability of any such Transferring Seller or the Tag-Along Party in connection with such representations, covenants,
indemnities and agreements shall not exceed such party’s net proceeds from the Tag-Along Sale, and (C) any representation and indemnification obligation relating specifically to a Transferring Seller or the Tag-Along Party, its respective
Tag-Along Securities and/or its respective authorization, execution and delivery of agreements and instruments in connection with the Tag-Along Sale to the Third-Party Offeror shall be made and borne only by such party. 

(ii) Each Tag-Along Party shall execute and deliver all agreements and other documents as the Transferring Seller executes
and delivers in connection with the Tag-Along Sale if so required by the Transferring Seller. 
 (e) Fees and Expenses.
Harbinger and Pinnacle shall each pay its own fees and expenses incurred in connection with a Tag-Along Sale under this Section 3.2, to the extent not paid or reimbursed by the Company or the Third-Party Offeror. 

  
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 (f) Application of Tag-Along. 

(i) This Section 3.2 shall not apply to any Transfer of Equity Securities in a Drag-Along Transaction for
which the Transferring Seller shall have elected to exercise its rights under Section 3.3 or an Exit Sale for which Pinnacle shall have elected to exercise its rights under Section 3.4 (except to the extent expressly provided
otherwise in Section 3.4) or to a Transfer described in Section 3.1(a) hereof or in Section 3.1(c)(vi) hereof. 
 (ii) Notwithstanding anything to the contrary in this Section 3.2, in the event that (A) any party hereto enters into or executes a Transfer constituting a pledge of Securities or other
grant of a lien or security interest therein, directly or indirectly, or (B) there is a further Transfer of the Securities so pledged or subjected to such lien or security interest pursuant to a foreclosure on such pledge, lien or security
interest, or a Transfer in lieu of foreclosure (any such further Transfer pursuant to a pledge, lien or security interest, a “Subsequent Transfer”), this Section 3.2 (other than Section 3.2(f)(ii)) shall not
apply to any such Transfer or Subsequent Transfer. For purposes of clarity, the transferee in any Subsequent Transfer shall comply with Section 3.1(d)(ii) and be and become bound by the provisions of this Agreement, including without
limitation this Section 3.2. 
 (iii) With respect to warrants, options, stock appreciation rights or
similar rights with an exercise privilege or a settlement payment or mechanism at a price related to any class or series of Securities or with a value derived in whole or in part from the value of any series or class of Securities, which warrants,
options, stock appreciation rights or similar rights do not contain any preferences, rights or obligations, other than the right to acquire, settle at a price related to or with a value derived in whole or in part from the value of, such underlying
Securities (a “Derivative Instrument”), such Derivative Instruments shall be included within the definition of Tag-Along Securities for purposes of this Section 3.2. As a result of the foregoing sentence, in the event
that the Transferring Seller seeks to Transfer Derivative Instruments pursuant to this Section 3.2, the Tag Along Party shall have the right to participate in such Transfer of Derivative Instruments by Transferring to the Third Party
Offeror the number or amount of Derivative Instruments and/or Securities underlying such Derivative Instruments as calculated under Section 3.2(b)(i) or 3.2(b)(iii), as applicable; provided, that for purposes of that
calculation, Securities underlying such Derivative Instruments and such Derivative Instruments shall be treated as equivalent Tag Along Securities. The consideration to be received by the Tag Along Party in this context shall be the same form and
amount of consideration (as adjusted, as necessary, to account for the lack of an exercise price associated with the Securities underlying such Derivative Instruments being Transferred and to account for the value per unit of the Securities
underlying such Derivative Instrument where such Derivative Instrument is exercisable for or relates to more than one unit of the Securities underlying such Derivative Instrument) per Tag Along Security to be received by the Transferring Seller, and
the terms and conditions of the Tag Along Sale shall be the same as those upon which the Transferring Seller sells its Tag-Along Securities. 

  
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 Section 3.3 Drag-Along Right. 

(a) General. 
 (i) If (A) Harbinger by itself or together with any other holder(s) of Equity Securities proposes to Transfer Equity Securities which collectively represent more than fifty percent (50%) of the
Equity Voting Power in a single or series of substantially related transactions to an unaffiliated third party (a transaction in which this Section 3.3(a)(i) is applicable, a “Drag-Along Transaction”) and (B), then if
requested by Harbinger, Pinnacle (unless it then owns Equity Securities representing thirty-three percent (33%) or more of the Equity Voting Power) shall be required to sell its Pro Rata Drag-Along Portion of its Equity Securities in the
Drag-Along Transaction pursuant to this Section 3.3. For purposes hereof, the “Pro Rata Drag-Along Portion” means that portion of Securities determined by multiplying (A) the number of Common Shares on a Fully
Diluted Basis that are held by Pinnacle by (B) the quotient obtained by dividing (1) the number of Common Shares on a Fully Diluted Basis to be sold to the purchaser by Harbinger (and such other holders, as applicable) by (2) the
total number of Common Shares on a Fully Diluted Basis then held by Harbinger (and such other holders, as applicable). 
 (ii) Without limiting the foregoing, (A) if the proposed Drag-Along Transaction is structured as a sale of assets or a merger, amalgamation, consolidation, liquidation, dissolution, winding-up,
recapitalization or similar corporate transaction or otherwise requires approval of Company shareholders, Pinnacle will vote or cause to be voted all Securities that it holds or with respect to which Pinnacle has the power to direct the voting and
which are entitled to vote on such transaction in favor of such transaction and will waive any appraisal, dissenters’ or similar rights which Pinnacle may have in connection therewith, (B) if the proposed Drag-Along Transaction is
structured as or involves a sale, redemption, reorganization or recapitalization of Equity Securities, Pinnacle agrees to sell its Pro Rata Drag-Along Portion of the Equity Securities being sold in such Drag-Along Transaction on the terms and
conditions approved by Harbinger, and (C) if directed by Harbinger, Pinnacle will exercise or convert, as applicable, all options, warrants or other rights to purchase or subscribe for Equity Securities or into Equity Securities held by
Pinnacle. 
 (b) Closing. Harbinger shall provide written notice (the “Drag-Along Notice”) to
Pinnacle not later than the date of acceptance of the Drag-Along Transaction by Harbinger and in any event not later than fifteen (15) Business Days prior to the closing date of the Drag-Along Transaction. The Drag-Along Notice shall set forth
the consideration to be paid by the purchaser for the Equity Securities, the identity of the purchaser, and the material terms of the Drag-Along Transaction. 
 (c) Consideration to be Received. 
 (i) In the event that
immediately prior to the consummation of any Drag-Along Transaction, Pinnacle (together with its Entity Affiliates) owns ten percent (10%) or less of the Equity Voting Power, then the consideration to be received by Pinnacle pursuant to such
Drag-Along Transaction shall be solely in the form of cash, regardless of the form of consideration per Equity Security to be received by Harbinger based on the transaction value per Equity Security designated in the applicable Drag-Along
Transaction. 

  
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 (ii) In the event that immediately prior to the consummation of a Drag-Along
Transaction in which some or all of the consideration to be received by Harbinger and Pinnacle is non-cash consideration, Pinnacle (together with its Entity Affiliates) owns in excess of ten percent (10%) of the Equity Voting Power, then the
consideration to be received by Pinnacle shall be the same form and amount of consideration per Equity Security to be received by Harbinger, and the terms and conditions of such sale shall be the same as those upon which Harbinger sells its Equity
Securities. 
 (A) Notwithstanding the foregoing in Section 3.3(c)(ii), Pinnacle shall have the
right, with respect to one-half of the aggregate non-cash consideration that Pinnacle is compelled to receive pursuant to such Drag-Along Transaction, to require Harbinger to purchase in cash from Pinnacle up to US$75,000,000 of the non-cash
consideration received by Pinnacle based on the transaction value per Equity Security designated in the applicable Drag-Along Transaction. In order to exercise this right, Pinnacle must provide Harbinger with written notice within ten
(10) Business Days following the date the Drag-Along Notice is received by Pinnacle pursuant to Section 3.3(b), or otherwise Pinnacle shall be deemed to have forfeited any rights to require such purchase. In lieu of making any cash
payment otherwise required to be made by Harbinger to Pinnacle pursuant to the first sentence of this clause (A), Harbinger shall have the right, but not the obligation, to deliver one or more promissory notes to Pinnacle issued by Harbinger
(1) having an aggregate principal amount equal to the amount of such cash payment otherwise so required, (2) bearing a rate of interest equal to two percent (2%) per annum, (3) having a term of no later than one hundred and
twenty (120) days from the closing date of the Drag-Along Transaction, (4) containing such terms and conditions (in addition to the aforementioned principal amount, interest rate and term) as Harbinger determines is or could be reasonably
imposed by a financial institution lending to Harbinger on an unrelated basis, and (5) which shall be secured by a first priority security interest, in form and substance reasonably satisfactory to Pinnacle, in the non-cash consideration
purchased by Harbinger from Pinnacle. 
 (d) Related Documentation. In connection with a Drag-Along Transaction, Pinnacle
will agree to make substantially the same customary representations, covenants, indemnities and agreements as Harbinger so long as they are made severally and not jointly and the liabilities thereunder are borne on a pro rata basis based on
the consideration to be received by Harbinger; provided, that: 
 (i) any general indemnity given by
Harbinger and such other holders (as applicable), applicable to liabilities not specifically related to Harbinger or such other holders (as applicable) or their ownership of the respective Equity Securities to be Transferred by Harbinger and such
other holders (as applicable), to the purchaser in connection with such Drag-Along Transaction shall be apportioned among Harbinger, such other holders (as applicable) and Pinnacle according to the consideration received by each such party;

  
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 (ii) the aggregate liability of Pinnacle in connection with such
representations, covenants, indemnities and agreements shall not exceed Pinnacle’s net proceeds from the Drag-Along Transaction; 
 (iii) any representation and indemnification obligation relating specifically to a selling holder, its Equity Securities and/or its authorization, execution and delivery of agreements and instruments in
connection with the Drag-Along Transaction shall be made and borne only by such selling holder; and 
 (iv)
Pinnacle shall not be required if requested by the purchaser in the Drag-Along Transaction to enter into any non-compete agreements with respect to the conduct of its and its Entity Affiliate’s businesses in connection with the Drag-Along
Transaction unless such non-compete restrictions: 
 (A) are limited to (1) any area
within a three hundred (300) kilometer radius of either the Ho Tram Project if Pinnacle or any of its Entity Affiliates is the operator of any hotel or casino therein or any other then-existing Company project at which Pinnacle or any of its
Entity Affiliates is the operator of any hotel or casino, and (2) the city of Da Nang and all areas of Vietnam south of the sixteenth (16th) parallel; and 
 (B) do not limit (1) Pinnacle’s or its Entity Affiliate’s rights under the Pinnacle Management Agreement, (2) Pinnacle’s or its Entity Affiliate’s ability to operate any of
its or its Entity Affiliates’ then-existing sites, or (3) Pinnacle’s or its Entity Affiliates’ ability to develop, construct or acquire any site with a hotel, casino, racetrack, sports, or entertainment venue or related or
ancillary businesses that is prior to the date of the Drag-Along Notice subject to an executed term sheet (which may be non-binding) or definitive agreement with an unaffiliated third party regarding the development, construction or acquisition of
such a facility, or located or to be located on a parcel of land purchased, leased or otherwise controlled by Pinnacle or any of its Entity Affiliates (including, without limitation, pursuant to an option to purchase or lease such land) for the
purpose of developing or constructing such a facility. 
 (e) Fees and Expenses. Harbinger and Pinnacle shall each pay its
own fees and expenses incurred in connection with a Drag-Along Transaction, to the extent not paid or reimbursed by the Company or the purchaser. 
 (f) Non-Applicability of Drag-Along Right. Notwithstanding anything to the contrary in this Section 3.3, in the event that (A) any party hereto enters into or executes a Transfer
constituting a pledge of Securities or other grant of a lien or security interest therein, directly or indirectly, or (B) there is a Subsequent Transfer, parts (a) through (e) of this Section 3.3 shall not apply to any
such Transfer or Subsequent Transfer. For purposes of clarity, the transferee in any Subsequent Transfer shall comply with Section 3.1(d)(ii) and be and become bound by the provisions of this Agreement, including without limitation this
Section 3.3. 

  
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 Section 3.4 Minority Investor Exit Sale Right. 

(a) Following such time that (i) the Minority Party (together with its Entity Affiliates) ceases to hold at least seven and one half
percent (7.5%) of the Equity Voting Power, or (ii) solely in Pinnacle’s or its Entity Affiliates’ case, a Competitor becomes the holder of Equity Securities in an amount equal to or more than (A) ten percent (10%) of
the outstanding Equity Securities on a Fully Diluted Basis, or (B) ten percent (10%) of the Equity Voting Power, the Minority Party and its Entity Affiliates shall have the right to elect at any time following the consummation of an
occurrence described in clause (i), or solely in Pinnacle’s or its Entity Affiliates’ case, clause (ii), to Transfer all or a portion of their then remaining Securities in a single transaction to an unaffiliated third party (such
unaffiliated third party, an “Exit Sale Purchaser”, and such transaction, an “Exit Sale”), subject to the Majority Party’s rights of first negotiation set forth in Section 3.5. 

(b) In the event that, pursuant to paragraph (a) of this Section 3.4, the Minority Party (together with any of its Entity
Affiliates) consummates an Exit Sale to an unaffiliated third party, then the Majority Party shall retain its right to elect to be a Tag-Along Party in such Exit Sale so long as the Minority Party (together with its Entity Affiliates) is selling
less than one hundred percent (100%) of its Securities in such Exit Sale; provided, however, that the Majority Party shall be entitled to sell to the Exit Sale Purchaser up to that portion of its Securities equal to the Adjusted
Majority Party Pro Rata Tag-Along Portion, as applicable. 
 Section 3.5 Right of First Negotiation. 

(a) In the event that either Harbinger or Pinnacle or any of their respective Entity Affiliates proposes to Transfer any Securities (other
than Transfers permitted by Sections 3.1(a)(ii), and, solely in Pinnacle’s case, also Section 3.1(c)(vi)) (such Transferring party, together with its Entity Affiliates, the “ROFN Seller”), the ROFN
Seller shall provide the other party, together with its Entity Affiliates (such other party, together with its Entity Affiliates, the “ROFN Buyer”), with written notice of its intent to Transfer such Securities, which notice
shall set forth the number of Securities proposed to be Transferred (the “ROFN Notice”). For a period of twenty (20) Business Days following receipt of the ROFN Notice (the “ROFN Period”), if and
solely to the extent initiated by the ROFN Buyer during the ROFN Period, the ROFN Buyer and the ROFN Seller shall, on an exclusive basis, negotiate in good faith with one another regarding a transaction pursuant to which the ROFN Buyer would acquire
all, but not less than all, of the Securities to be Transferred by the ROFN Seller as set forth in the ROFN Notice (the “ROFN Transaction”). Unless and until definitive documentation providing for the terms and conditions of a
ROFN Transaction is executed and delivered by all parties thereto, (i) the ROFN Seller, except with respect to its obligation to negotiate in good faith on an exclusive basis as set forth above, shall have no obligation or liability whatsoever
to the ROFN Buyer with respect to any ROFN Transaction, including any obligation to enter into either a non-binding term sheet or letter of intent, or definitive documentation, providing for the terms and conditions of the ROFN Transaction, and
(ii) the ROFN Buyer shall not have any claim of any nature whatsoever (including any claim for breach of contract or detrimental reliance) in connection therewith. Notwithstanding the foregoing, and for the avoidance of doubt, (x) the
provisions of this Section 3.5 shall not apply to entering into or executing a Transfer constituting a pledge of Securities or other grant of a lien or security interest therein, directly or indirectly, and (y) the provisions of
this Section 3.5 shall apply to Subsequent Transfers, except that the ROFN Period with respect to such Subsequent Transfers shall be fifteen (15) Business Days instead of twenty (20) Business Days. 

  
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 (b) If at the expiration of the ROFN Period, the ROFN Seller and ROFN Buyer have not entered
into a non-binding term sheet or non-binding letter of intent with respect to a ROFN Transaction, the ROFN Seller may, prior to the six (6) month anniversary of the last day of the ROFN Period, seek to Transfer all or a portion of its
Securities covered by the ROFN Notice to an unaffiliated third party subject to Section 3.2. 
 (c) If prior to the
expiration of the ROFN Period, the ROFN Seller and the ROFN Buyer have entered into a non-binding term sheet or non-binding letter of intent with respect to a ROFN Transaction, then for a period of forty (40) Business Days following the
execution of such non-binding term sheet or non-binding letter of intent (the “ROFN Definitive Documentation Period”), the ROFN Buyer and the ROFN Seller shall, on an exclusive basis, negotiate in good faith with one another
regarding definitive documentation providing for the terms and conditions of the ROFN Transaction. Unless and until definitive documentation providing for the terms and conditions of the ROFN Transaction is executed and delivered by all parties
thereto, (i) the ROFN Seller, except with respect to its obligation to negotiate in good faith on an exclusive basis as set forth above, shall have no obligation or liability whatsoever to the ROFN Buyer with respect to any ROFN Transaction,
including any obligation to enter into definitive documentation providing for the terms and conditions of the ROFN Transaction, and (ii) the ROFN Buyer shall not have any claim of any nature whatsoever (including any claim for breach of
contract or detrimental reliance) in connection therewith. 
 (d) If at the expiration of the ROFN Definitive Documentation
Period, the ROFN Seller and ROFN Buyer have not entered into definitive documentation to consummate a ROFN Transaction, the ROFN Seller may, prior to the six (6) month anniversary of the last day of the ROFN Definitive Documentation Period,
seek to Transfer all or a portion of its Securities covered by the ROFN Notice to an unaffiliated third party subject to Section 3.2. 
 (e) If the ROFN Seller does not consummate a sale of its Securities covered by the ROFN Notice to an unaffiliated third party (or enter into definitive documentation with respect thereto) prior to the six
(6) month anniversary of the last day of the ROFN Definitive Documentation Period, if applicable (or if the ROFN Definitive Documentation Period is not applicable, the ROFN Period), for any reason whatsoever, the ROFN Seller shall forfeit any
and all rights to consummate such a Transfer, and the ROFN Buyer’s right of first negotiation under this Section 3.5 shall again be in full force and effect should the ROFN Seller seek to Transfer such Securities again. 

Section 3.6 Disposition of Securities. In connection with any disposition of Securities by Harbinger or Pinnacle, to the
extent still required by Applicable Law or to the extent requested by Harbinger or Pinnacle, as the case may be, the Company shall provide required information and reasonable assistance to Harbinger or Pinnacle, as the case may be, in connection
with any application that may be made by such party for a certificate to be issued pursuant to Section 116 of the Income Tax Act (Canada) (a “Section 116 Certificate”) or related provisions, or any notification
pursuant to Section 116 of the Income Tax Act (Canada) or related provisions. 

  
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 Section 3.7 Recognition of Transfers and Endorsement on Certificates. The
Company shall not recognize any Transfers of Securities made in violation of this Agreement. Any and all certificates representing Securities now or hereafter owned by either Harbinger or Pinnacle or their respective Entity Affiliates during the
term of this Agreement (whether such Securities are issued initially or with respect to Transfer or otherwise) shall have endorsed thereon in bold type the following legend: 
 “The securities represented by this certificate are subject to the provisions of a Second Amended and Restated Shareholders Agreement dated December 6, 2012, as amended from time to
time, and such securities are not transferable on the books of the Company except in accordance and compliance with the terms and conditions of such Agreement.” 

Section 3.8 Waiver of Rights. Notwithstanding any other provision of this Article 3, either Harbinger or Pinnacle
may waive its rights with respect to any particular offer or right given under this Article 3 by notice in writing to the Company and the other party to this Agreement. 
 ARTICLE 4 
 PREEMPTIVE RIGHTS 

Section 4.1 Preemptive Rights. 
 (a) The Company grants to each of Harbinger and Pinnacle (together with their respective Entity Affiliates) separately the right to purchase up to its Pro Rata Preemptive Portion of all or any part of
Preemptive Securities that the Company from time to time after the date hereof proposes to issue, or to grant an option or other right for the purchase or subscription for; provided, however, that at the relevant time, such shareholder
(i) solely with respect to the issuance by the Company of Equity Securities (and, for the avoidance of doubt, this clause (i) of this proviso shall not apply to the extent that an issuance by the Company of Securities consists of Debt of
the Company, or other interest or participation in Debt of the Company, or any combination of any of the foregoing), continues to hold together with its Entity Affiliates at least that number of Equity Securities as is equal to the lesser of
(A) fifty percent (50%) of the Equity Securities that are owned by such shareholder and its Entity Affiliates immediately following the consummation of the transactions contemplated by the Pinnacle Subscription Agreement, and
(B) seven and one half percent (7.5%) of the total amount of Equity Securities outstanding on a Fully Diluted Basis on such date immediately prior to such issuance, and (ii) is an “accredited investor” (as defined in
Rule 501 of Regulation D promulgated under the Securities Act) (each such shareholder, together with its Entity Affiliates, a “Preemptive Person”). 

  
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 (i) For purposes of this Article 4, “Pro Rata Preemptive
Portion” means, with respect to any Preemptive Person, on any issuance date for Preemptive Securities, the amount of Preemptive Securities equal to the product of: 

(A) New Class or Series of Preemptive Securities: With respect to the issuance of a new class or series of
Preemptive Securities not previously issued by the Company (a “New Class of Securities”), the product of (x) the total number or amount of such Preemptive Securities to be issued by the Company on such date,
multiplied by (y) a fraction (1) the numerator of which is equal to the total number of Common Shares on a Fully Diluted Basis then held by such Preemptive Person immediately prior to such issuance of Preemptive Securities
and (2) the denominator of which is equal to the total number of Common Shares held by Harbinger and Pinnacle (together with their respective Entity Affiliates) outstanding on such date immediately prior to such issuance on a Fully Diluted
Basis. 
 (B) “Add-On” Securities: With respect to the issuance of Preemptive Securities that
are of a class or series previously issued by the Company prior to the issuance of such Preemptive Securities (excluding the Common Shares, the calculation for which is set forth below in Section 4.1(a)(i)(C)) (“Add-On
Securities”), the product of (x) the total number or amount of such Preemptive Securities to be issued by the Company on such date, multiplied by (y) a fraction (1) the numerator of which is equal to the total
number of such Preemptive Securities of such class or series, if any, then held by such Preemptive Person immediately prior to such issuance of such Preemptive Securities, and (2) the denominator of which is equal to the total number of all
such Preemptive Securities of such class or series outstanding on such date immediately prior to such issuance on a Fully Diluted Basis; provided, however, that Add-On Securities that are convertible into Common Shares shall be treated
as Securities of such previously issued class or series rather than as the Common Shares into which such Add-On Securities are convertible. 
 (C) Common Shares: With respect to the issuance of additional Common Shares, the product of (x) the total number or amount of such Preemptive Securities to be issued by the Company on such
date, multiplied by (y) a fraction (1) the numerator of which is equal to the total number of Common Shares on a Fully Diluted Basis then held by such Preemptive Person immediately prior to such issuance of Preemptive
Securities and (2) the denominator of which is equal to the total number of Common Shares held by Harbinger and Pinnacle (together with their respective Entity Affiliates) outstanding on such date immediately prior to such issuance on a Fully
Diluted Basis. 
 (b) The number or amount of Preemptive Securities that the Preemptive Persons may purchase pursuant to this
Section 4.1 shall be referred to as the “Preemptive Security Purchase Securities”. The purchase right provided in this Section 4.1 shall apply at the time of issuance of any right, warrant, or option or
convertible or exchangeable security and not to the conversion, exchange or exercise thereof. Except as expressly provided in this Article 4 or Section 6.2(b)(ii)(B), Pinnacle shall not assert any preemptive rights pursuant to any
other agreements in existence as of the date hereof. 

  
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 (c) The Company shall give written notice of a proposed issuance or sale described in
Section 4.1(a) to the Preemptive Persons within five (5) Business Days after any such issuance or sale is duly approved by the Board and at least twenty-five (25) Business Days prior to the proposed issuance or sale. Such
notice (the “Issuance Notice”) shall set forth the material terms and conditions of such proposed transaction, including the proposed manner of disposition, the number or amount and description of the Preemptive Securities
proposed to be issued, the proposed issuance date, and the proposed purchase price per security, as applicable. Such notice shall also be accompanied by any written offer from a prospective purchaser to purchase such Preemptive Securities.

 (d) At any time during the twenty-five (25) Business Day period following the receipt of an Issuance Notice, each
Preemptive Person shall have the right to elect irrevocably (except as provided in the proviso to this sentence) to purchase its Pro Rata Preemptive Portion of the number of Preemptive Security Purchase Securities, at the purchase price set forth in
the Issuance Notice and upon the other terms and conditions specified in the Issuance Notice by delivering a written notice to the Company, provided that if there is a material change in the terms of the Preemptive Securities, the Company
shall give written notice of such change as promptly as practicable to the Preemptive Persons, in which case any Preemptive Person may revoke any such election made by such Preemptive Person by delivering a written notice to the Company. Except as
provided in Section 4.1(c), such purchase shall be consummated concurrently with the consummation of the issuance or sale described in the Issuance Notice. 
 (e) If any Preemptive Person fails to exercise fully its right to purchase its Pro Rata Preemptive Portion of all or any part of Preemptive Securities within the periods described above, the Company shall
be free to complete the proposed issuance or sale of the Preemptive Securities described in the Issuance Notice (including by selling such Preemptive Securities to Harbinger or Pinnacle) with respect to which the Preemptive Persons failed to
exercise the right set forth in this Section 4.1 on terms no less favorable to the Company than those set forth in the Issuance Notice (except that the number of securities to be issued or sold may be reduced); provided that
(i) such issuance or sale is closed within ninety (90) days after the date the related Issuance Notice was given, and (ii) the price and other material terms at which the Preemptive Securities are issued or sold must be equal to or
higher than the purchase price and on terms no less favorable than the material terms described in the Issuance Notice. In the event that the Company has not sold such Preemptive Securities within such ninety (90) day period, the Company shall
not thereafter issue or sell any Preemptive Securities, without first again offering such securities to Harbinger and Pinnacle in the manner provided in this Section 4.1. 

(f) For the avoidance of doubt, any exercise of the Majority Party’s preemptive rights may be subject to the Minority Party’s
consent rights as and solely to the extent applicable under Section 6.2. 

  
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 (g) In addition to the preemptive rights set forth in this Article 4, the
Company agrees to negotiate in good faith with Harbinger and Pinnacle to grant Harbinger and Pinnacle (together with their respective Entity Affiliates) separately the right to purchase up to its Pro Rata Preemptive Portion (to the extent permitted
by Applicable Law) of all or any part of an issuance of securities of a Subsidiary that is not, or would not be immediately following the proposed issuance, wholly owned (directly or indirectly) by the Company that such non-wholly owned Subsidiary
from time to time after the date hereof proposes to issue, or to grant an option or other right for the purchase or subscription therefor. For the avoidance of doubt, there shall not be any preemptive rights granted to Harbinger and/or Pinnacle (or
their respective Entity Affiliates) with respect to any securities issued at any time by a direct or indirect wholly-owned Subsidiary of the Company, except for issuances of securities as a result of which such Subsidiary would cease to be so
wholly-owned. 
 Section 4.2 Waiver of Rights. Notwithstanding any other provision of this Article 4,
either Harbinger or Pinnacle may waive its rights with respect to any particular offer or right given under this Article 4 by notice in writing to the Company and the other party to this Agreement. 

ARTICLE 5 

REGISTRATION RIGHTS 
 Section 5.1 Registration Rights. The Company shall not confer upon any Person (whether pursuant to a shareholders agreement or otherwise) any registration rights or similar benefits with
respect to Common Shares being registered under the Exchange Act or Common Shares becoming listed or traded on a stock exchange or stock market unless the Company delivers to Harbinger and Pinnacle notice thereof and concurrently provides Harbinger
and Pinnacle with equal or more favorable registration rights and benefits (such rights and benefits to be granted to Harbinger and Pinnacle in proportion to their then relative ownership of Securities). 

ARTICLE 6 

CONSENT RIGHTS AND ADDITIONAL COVENANTS 
 Section 6.1 Majority Vote Consent Rights. 
 (a) The Company (which for
purposes of this Section 6.1 shall include the Company and its Subsidiaries) shall not, without first obtaining the affirmative vote or written consent of the Majority Party, which affirmative vote or consent shall be given or withheld
in the Majority Party’s sole discretion following consultation with the Minority Party, take any of the following actions (which actions may also be subject to the Minority Party’s written consent if and solely to the extent applicable
under Section 6.2): 
 (i) enter into a merger, amalgamation, consolidation, disposal of all or
substantially all of the Company’s and its subsidiaries’ assets, restructuring, reorganization or similar corporate transaction involving the Company or any of its Securities; 

(ii) dissolve, liquidate, voluntarily commence bankruptcy proceedings or wind-up the operations of the Company or any
subsidiary. 
 (iii) establish or discontinue any significant line of business not expressly permitted by the
terms of the Company’s investment certificate; 

  
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 (iv) change the legal form or jurisdiction of incorporation of the Company,
or make any amendment to the Articles of the Company; 
 (v) except as set forth in
Section 3.1(a)(iii) or as contemplated by the terms of the Series V Special Shares or the Class VI Shares, declare, set aside or pay any dividend or other distribution (whether in cash, stock or property) in respect of the Company’s
capital stock, or pay or otherwise distribute any cash or property to any of its security holders in their capacity as such; 
 (vi) issue or sell any capital stock of any class or series or any other securities of the Company, or issue or grant any warrants, rights or options, or securities that are exchangeable for, or
convertible into, shares of the Company’s capital stock, except for security issuances resulting from rights granted as of the date hereof or contemplated herein (including without limitation, the grant or exercise of the Pinnacle Option, the
grant or exercise of the Backstop Warrants, the grant or exercise of the Pinnacle Warrants, top-up issuances pursuant to the 2011 Harbinger Subscription Agreement or the Pinnacle Subscription Agreement, the issuance, sale, grant, exercise,
conversion or exchange of securities pursuant to any Future Funding or Replacement Funding, the exercise of options or warrants or the conversion of convertible securities outstanding as of the date hereof); 

(vii) split, combine, reclassify or redeem (except as set forth in Section 3.1(a)(iii), as expressly permitted
by the terms of the Series V Shares or the Class VI Shares) or materially modify any of the rights, preferences, restrictions or conditions of any shares of capital stock of the Company, effect a recapitalization or similar event or issue or
authorize or propose the issuance of any other securities in respect of, in lieu of, or in substitution for, shares of capital stock of the Company, or accelerate the vesting of any options, restricted stock, stock appreciation rights or similar
rights other than as currently contemplated by any current Company option or Company plan; or 
 (viii) except as
set forth in Section 3.1(a)(iii), as expressly permitted by the terms of the Series V Shares or the Class VI Shares, redeem, repurchase or otherwise acquire or offer to acquire any outstanding warrants, rights, or options to acquire
shares of capital stock of the Company; 
 (ix) except as set forth in Section 3.1(a)(iii) or
pursuant to a Permitted Encumbrance, the BIDV Facility or the BIDV Working Capital Facility, incur or modify any Indebtedness for borrowed money in excess of US$5,000,000 in the aggregate or guarantee any Indebtedness of another Person or guarantee
any debt securities of another Person; 

  
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 (x) except and solely to the extent any of the following are specifically
set forth in the MGM Management Agreement, the Pinnacle Management Agreement, the Administrative Services Agreement or any other management or administrative agreement to be entered into by the Company with respect to the Ho Tram Project as matters
requiring the sole consent of the operator thereunder: 
 (A) make any loans or advances to any other third
Person (including any advance of salary to employees), make any investments in or capital contributions to any third Person or forgive or discharge in whole or in part any outstanding loans or advances other than advances to employees for travel and
business expenses or in connection with intra-company loans or advances made in the ordinary course of business and consistent with past practice; 
 (B) place or allow the creation of any Encumbrance on any of the assets or properties of the Company, other than Permitted Encumbrances, the Capital Mortgage Agreement and encumbrances pursuant to the
BIDV Facility, the Backstop Loan Agreement or the BIDV Working Capital Facility; 
 (C) enter into, assume, amend
or modify any of the following contracts of the Company: 
 (1) any Contract or series or group of related
Contracts that the Company reasonably anticipates will, in accordance with its terms, involve aggregate payments by the Company or any of its subsidiaries of more than US$5,000,000 over the life of such Contract; 

(2) any Contract or series or group of related Contracts that the Company reasonably anticipates will, in accordance with
its terms, involve aggregate payments to the Company or any of its subsidiaries of more than US$5,000,000 over the life of such Contract; 
 (3) any material joint venture or partnership contract, limited liability company agreement or other contract involving the sharing of profits or losses by the Company or any of its subsidiaries with any
other Person; or 
 (4) any agreement relating to employment or severance or similar arrangement that
(a) the Company reasonably anticipates will, in accordance with its terms, involve aggregate payments of more than US$300,000 within any twelve (12) month period or, solely with respect to severance Contracts, US$750,000 over the life of
such severance Contract, (b) involves any change in compensation of any Key Employee, or a change in any of the material terms of any employment, compensation or severance agreement with any Key Employee, or an approval of any discretionary or
bonus payment to any Key Employee (other than annual bonus payments pursuant to employment contracts), or (c) involves the creation or establishment of any cash or equity-based incentive compensation plan or contract or amendment thereto;

 (xi) approve or modify, in any material respect, the Annual Budget of the Ho Tram Project, the First Gaming
Resort or the Second Gaming Resort, as applicable; 
 (xii) make, or commit to make after the date of this
Agreement, any individual or a series of related capital expenditures in excess of US$5,000,000 in the aggregate, in each case other than capital expenditures made in accordance with the approved Construction Budget for the First Gaming Resort or
the Second Gaming Resort or the Annual Budget; 

  
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 (xiii) sell, dispose of, transfer, lease, sell and lease back or license any
material property, tangible asset or interest therein of the Company, except in the ordinary course of business consistent with past practice; 
 (xiv) make any acquisition or disposition of assets in any single transaction or series of related transactions, other than in the ordinary course of business in accordance with the Annual Budget, for
consideration in excess of US$5,000,000 in the aggregate; 
 (xv) hire or terminate the Company’s Chief
Executive Officer, the Chief Operating Officer, the Chief Financial Officer, any General Director, any General Manager, the General Counsel, the Chief Marketing Officer, the Chief Development Officer, the Chief Administrative Officer, any President
(or, with respect to the foregoing, any other Person serving in a similar capacity) or any other officer or employee with aggregate annual compensation in excess of US$450,000 (such an employee, a “Key Employee”); or

 (xvi) affect in a material adverse manner the tax position of the Securities with respect to the amount of
income, deduction, tax credit or other tax attributes referable to the Company by making, revoking or changing any tax election (other than as otherwise required by changes in Applicable Law or any Vietnam VAT), or taking any other discretionary
action with respect to a taxing authority; 
 provided, however, that the Majority Party consent rights under this
Section 6.1(a) shall terminate from and after such time another shareholder (together with its Entity Affiliates) of the Company owns Equity Securities with voting power greater than the voting power possessed by the Securities then
owned collectively by Harbinger and Pinnacle and their Entity Affiliates. 
 (b) Notwithstanding anything in
Section 6.1(a) to the contrary, the consent of the Majority Party or its Entity Affiliates shall not be required in the event that: 
 (i) (A) the Board approves a Financing Need Recommendation, (B) either or both of Harbinger and Pinnacle or their respective Entity Affiliates are the only parties proposing terms for such financing,
which terms shall be substantially identical, or more favorable, to the Company than the terms of the Class VI Shares (“Future Funding”), (C) in connection with such Future Funding with Harbinger and/or Pinnacle or their
respective Entity Affiliates, the Independent Committee (or, to the extent that no Independent Committee has been established or there are no then current members, the Independent Director(s)) shall have the full authority of the Board and the
Company to approve the Future Funding with Harbinger and/or Pinnacle or their respective Entity Affiliates on such terms as the Independent Committee (or, to the extent that no Independent Committee has been established or there are no then current
members, the Independent Director(s)) may determine without the consent of either Harbinger or Pinnacle or their respective Entity Affiliates; provided, that any such Future Funding shall only be exempt from such consent if Harbinger and/or
Pinnacle are the only parties participating in the Future Funding, and (D) each of Harbinger and Pinnacle and its respective Entity Affiliates shall have the right to participate in such Future Funding in accordance with the terms and
conditions of the preemptive rights set forth in Article IV. For the purposes of the terms of the Series V Special Shares or Class VI Shares (as applicable), this provision shall be deemed to constitute a consent to such Future Funding by an
instrument in writing signed by Harbinger or Pinnacle, as the case may be, and its respective Entity Affiliates and delivered to the Company at its head office; or 

  
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 (ii) Harbinger (or any of its Affiliates) breaches an obligation to fund a
commitment under the Backstop Loan Agreement and the Independent Committee (or, to the extent that no Independent Committee has been established or there are no then current members, the Independent Director(s)), approves replacement funding for any
or all of the then unfunded commitments under the Backstop Loan Agreement on such terms as the Independent Committee (or, to the extent that no Independent Committee has been established or there are no then current members, the Independent
Director(s)), may determine in their sole discretion (the “Replacement Funding”). The term “Replacement Funding” shall also include any replacement funding described in Section 4.4(b)(iii) of the 2012
Subscription Agreement in respect of any breach of an obligation of Pinnacle or Harbinger (or any of their respective Entity Affiliates) to purchase Class VI Shares pursuant to the 2012 Subscription Agreement. Harbinger, on behalf of itself and its
Affiliates, hereby irrevocably waive all of their respective preemptive rights, rights of first refusal, anti-dilution adjustments, zero consideration adjustments, share preservation rights or rights that would entitle such party or its Affiliates
to receive securities or adjust convertible or exercisable securities (regardless of the source of such right) in respect of and as a result of the consummation of such Replacement Funding. 

(c) Consent Sale. In the event (i) the requisite affirmative vote or written consent of the Majority Party is obtained with
respect to a transaction or transactions described in Sections 6.1(a)(i) (merger, etc.), (ii) (dissolution, etc.), (iii) (significant line of business), (vi) (issue capital stock or other
securities, etc.), (vii) (reclassify capital stock, etc.), (ix) (incur Indebtedness, etc.) or (xi) (Encumbrances), and (ii) the transaction(s) subject to such affirmative vote or consent of the Majority Party
is consummated, the Minority Party (together its Entity Affiliates) shall be entitled, subject to the Majority Party’s right to Transfer its Securities pursuant to Article 3 as a Tag-Along Party as well as the Majority Party’s
right of first negotiation pursuant to Section 3.5, to Transfer and assign in whole or in part to an unaffiliated third party any or all of its Securities, and any or all of its right, title and interest in and to, and all of its
obligations under or in respect of, this Agreement and any such Securities or other agreement or instrument, without restriction and without the consent of the Company or any other Person (such a Transfer or assignment, “Consent
Sale”). The Minority Party shall be required to provide the Company with written notice of its intent to explore a Consent Sale within forty (40) Business Days following consummation of the transaction subject to the Majority
Party’s consent (which forty (40) Business Day period shall run concurrently with the periods set forth in Section 3.5). Within seven (7) months (or such longer period as may be reasonably required in order to obtain any
necessary regulatory approvals as long as the Minority Party and the prospective transferee are using commercially reasonable efforts to obtain such approvals) following the latest to occur of (i) the expiration of such forty (40) Business
Day period, (ii) the expiration of the ROFN Period prior to entering into a non-binding term sheet or non-binding letter of intent with respect to a ROFN Transaction, or (iii) the expiration of the ROFN Definitive Documentation Period, if
applicable, prior to the execution of definitive documentation with respect to a ROFN Transaction, the Minority Party will be required to consummate such Consent Sale if it is to be consummated at all. In addition, any such Consent Sale shall also
comply with the notice, timing and other applicable Transfer requirements and obligations set forth in Article 3 as relates to the Consent Sale (including, but not limited to, the Majority Party’s rights under Sections 3.2);
provided, however that in no event shall the provisions of Article 3 operate to shorten the time periods expressed in the preceding sentence of this Section with respect to the Minority Party’s ability to pursue and
subsequently consummate a Consent Sale. 

  
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 Section 6.2 Minority Consent Rights. 

(a) Notwithstanding anything in this Agreement to the contrary, the Company shall not (and shall not permit its Subsidiaries to), without
first obtaining the Minority Party’s written consent, which consent shall not be unreasonably withheld: 

(i) amend, alter or repeal (including by means of a merger, consolidation or otherwise) any provision of the Articles of
Incorporation of the Company (including, without limitation, the Notice of Articles) or Bylaws of the Company in a manner that adversely affects the Minority Party; provided, however, any amendment or modification that is ministerial
in nature that does not affect the Minority Party adversely shall not be taken into account for purposes of this Section, and as a result, not require the Minority Party’s separate consent pursuant hereto; 

(ii) split, combine, reclassify, redeem (except as expressly permitted by the terms of the Series V Shares or the Class VI
Shares) or modify in a manner that adversely affects the Minority Party (A) any Securities that the Minority Party owns, or (B) any of the rights, preferences, restrictions, conditions or privileges of any Securities that the Minority
Party owns; 
 (iii) amend or modify the Existing Shareholders Agreement, other than to terminate it in its
entirety; 
 (iv) materially reduce (A) any element or amenity of the Scope (including, without limitation,
any of those elements or amenities identified in clauses (i) – (xi) of the definition of Scope) of the First Gaming Resort, or (B) the Standard of any Scope element or amenity of the First Gaming Resort; 

(v) solely to the extent Pinnacle is the Minority Party, modify the Construction Budget of the First Gaming Resort based
solely on a Company Decision so as to (A) increase the Scope or the Standard of the First Gaming Resort, or (B) alter the construction timetable of the First Gaming Resort, in each case to an extent that the expenditures directly related
to the First Gaming Resort exceed three percent (3%) of the amount of (I) in the case of Zone A-1 of the First Gaming Resort, those items identified as “Items Subject to three percent (3%) Variance” (the dollar amounts of
such items are included in the Ho-Tram Resort Zone A-1 Cost Plan #14B) set forth on Schedule 6.2(a)(v) in the aggregate or (II) in the case of Zone A-2 of the First Gaming Resort, the aggregate Construction Budget first established for
Zone A-2; provided, however, that Pinnacle’s consent shall not be required if the amount of any such expenditure exceeds the amount of such items (or of such first Construction Budget, in the case of Zone A-2) by more than three
percent (3%) but less than seven and one half percent (7.5%) in the aggregate and an unaffiliated third party is willing to fund such excess expenditure amount. For purposes of this subsection (v), a “Company Decision”
means a decision of the Company with respect to the Construction Budget, Scope or the Standard of the First Gaming Resort that is within the sole discretion and control of the Company and which is not based on factors or elements (including, without
limitation, Force Majeure events or increases resulting from direct purchases of commodities) which are outside of the control of the Company; 

  
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 (vi) solely to the extent Pinnacle is the Minority Party, make any
modification other than of an immaterial nature to (A) the Construction Budget of the Second Gaming Resort, (B) any element or amenity of the Scope (including, without limitation, any of those elements or amenities identified in clauses
(i) – (xi) of the definition of Scope) of the Second Gaming Resort, or (C) the Standard of any Scope element or amenity of the Second Gaming Resort; provided, however, that any increase in expenditures to the extent
resulting from increases from direct purchases of commodities or a Force Majeure event shall not be taken into account for purposes of this Section, and as a result, not require Pinnacle’s separate consent pursuant hereto; or 

(vii) make expenditures in excess of US$1,000,000 per Company project, in the aggregate, at any time prior to but not
including the Opening Date of the Second Gaming Resort; provided, however, that for the avoidance of doubt, expenditures related to (A) the Ho Tram Project, (B) amenities, facilities and services made available for the use
and enjoyment of the prospective occupants of the Ho Tram Project, or (C) any land or improvements not within or located upon the site of the Ho Tram Project but which provide shared benefits to the Ho Tram Project, shall each not be included
within this limitation, and as a result, not require the Minority Party’s separate consent pursuant hereto; 

notwithstanding anything in this Section 6.2(a) to the contrary, the consent of the Minority Party or its Entity Affiliates
shall not be required in the event that: 
 (A) (1) the Board approves a Financing Need Recommendation, (2) either or
both of Harbinger and Pinnacle or their respective Entity Affiliates are the only parties proposing terms for a Future Funding, (3) in connection with such Future Funding with Harbinger and/or Pinnacle or their respective Entity Affiliates, the
Independent Committee (or, to the extent that no Independent Committee has been established or there are no then current members, the Independent Director(s)) shall have the full authority of the Board and the Company to approve the Future Funding
with Harbinger and/or Pinnacle or their respective Entity Affiliates on such terms as the Independent Committee (or, to the extent that no Independent Committee has been established or there are no then current members, the Independent Director(s))
may determine without the consent of either Harbinger or Pinnacle or their respective Entity Affiliates; provided, that any such Future Funding shall only be exempt from such consent if Harbinger and/or Pinnacle or their respective Entity
Affiliates are the only parties participating in the Future Funding, and (4) each of Harbinger and Pinnacle and its respective Entity Affiliates shall have the right to participate in such Future Funding in accordance with the terms and
conditions of the preemptive rights set forth in Article IV. For the purposes of the terms of the Series V Special Shares or Class VI Shares (as applicable), this provision shall be deemed to constitute a consent to such Future Funding by an
instrument in writing signed by Pinnacle or Harbinger, as the case may be, and delivered to the Company at its head office; or 

  
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 (B) Harbinger is the Minority Party and Harbinger (or any of its Affiliates) breaches an
obligation to fund a commitment under the Backstop Loan Agreement and the Independent Committee (or, to the extent that no Independent Committee has been established or there are no then current members, the Independent Director(s)), approves the
Replacement Funding. Harbinger, on behalf of itself and its Affiliates, hereby irrevocably waive all of their respective preemptive rights, rights of first refusal, anti-dilution adjustments, zero consideration adjustments, share preservation rights
or rights that would entitle such party or its Affiliates to receive securities or adjust convertible or exercisable securities (regardless of the source of such right) in respect of and as a result of the consummation of such Replacement Funding.

 (b) Notwithstanding anything in this Agreement to the contrary, the Company shall not (and shall not permit its
Subsidiaries), without first obtaining the Minority Party’s express written consent determined in the Minority Party’s sole discretion, enter into or make or amend any transaction, contract, agreement, understanding or arrangement
(including the terms of any Securities or any debt or equity interests in a Company Subsidiary that are owned by a Related Party) between the Company or any of its subsidiaries, on one hand, and a Related Party or any of its Entity Affiliates, on
the other hand (such transactions, contracts, agreements, understandings or arrangements to include without limitation (i) the making of any payment to such Related Party or any of its Entity Affiliates, (ii) any purchase, sale, lease or
exchange of property or securities, the rendering of any service or the payment of any management, advisory or similar fees, (iii) the making of any guarantee, support agreement or similar arrangement for the benefit of such Related Party or
any of its Entity Affiliates, or (iv) the issuance of any Securities (including, without limitation, issuances of Securities pursuant to the preemptive right under Article 4 hereof or issuances to fund any increase the Construction
Budget, Scope or the Standard of the First Gaming Resort or the Second Gaming Resort even if, as it relates to the First Gaming Resort, the Minority Party does not otherwise have a consent right with respect to such increase) or amendment of the
terms of any Securities or any debt or equity interests in a Company Subsidiary); provided, however, that the following agreements or transactions shall not be included within this provision, and as a result, not require the Minority
Party’s separate consent pursuant hereto: 
 (i) transactions pursuant to existing agreements or instruments
that were entered into on or prior to the date of this Agreement (other than amendments thereto from and after the date of this Agreement), which are set forth on Schedule 6.2(b)(i); and 

(ii) the issuance or sale by the Company of any Securities to an unaffiliated third party (or parties) in which each of
Harbinger and Pinnacle had an opportunity to acquire such Securities pursuant to and in accordance with Article 4 (the “Financing Securities”); provided, however, that in the event Harbinger and/or its
Entity Affiliates propose to acquire in excess of either twenty percent (20%) or US $50,000,000 in aggregate value of such issuance or sale of new Financing Securities: 

(A) such acquisition of Financing Securities by Harbinger and/or its Entity Affiliates (only if such acquisition is in
excess of twenty percent (20%) of such issuance or sale of new Financing Securities, and without regard to the aggregate value of such Financing Securities acquired) shall require the prior approval of a majority of the Independent Directors.
For the avoidance of doubt, at any such Board meeting, the excluded Harbinger Directors and Pinnacle Directors may participate in any such meeting even though such excluded directors’ votes will not be counted on such matter; and 

  
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 (B) Subject to Section 6.2(b)(ii)(B)(4), for a period of three
(3) years following each issuance or sale of Financing Securities by the Company contemplated by this Section 6.2(b)(ii) (each such issuance, a “Corresponding Issuance”), Pinnacle (together with its Entity
Affiliates) shall have the right to acquire from Harbinger and its Entity Affiliates up to the Look Back Portion of the Financing Securities acquired by Harbinger and its Entity Affiliates in the Corresponding Issuance as calculated below (and for
illustrative purposes only, as set forth on Schedule 6.2(b)(ii)(B)): 
 (1) Up to but not including
the first anniversary of the completion of the Corresponding Issuance (the “First Anniversary”), Pinnacle (together with its Entity Affiliates) shall have the right, by delivering written notice to Harbinger, to purchase from
Harbinger and its Entity Affiliates up to such amount of Financing Securities equal to the Look Back Portion at the price per Financing Security paid by Harbinger and/or its Entity Affiliates in the Corresponding Issuance. 

(2) From the First Anniversary up to and including the third anniversary of the completion of the Corresponding Issuance
(the “Third Anniversary”), Pinnacle (together with its Entity Affiliates) shall have the right, by delivering written notice to Harbinger, to purchase from Harbinger and its Entity Affiliates up to such amount of Financing
Securities equal to the Sliding Look Back Portion at the price per Financing Security paid by Harbinger and/or its Entity Affiliates in the Corresponding Issuance. For purposes of this subsection, the “Sliding Look Back Portion”
means a number of Financing Securities determined by multiplying (a) the Look Back Portion by (b) the quotient obtained by dividing (1) the total number of days between (and including) (x) the date of exercise of Pinnacle’s
right to purchase the Sliding Look Back Portion and (y) the Third Anniversary, by (2) seven hundred and thirty (730). Such adjustment to Pinnacle’s Look Back Portion in arriving at the Sliding Look Back Portion of Securities shall be
referred to as the “Sliding Look Back Adjustment”. 
 (3) Solely for purposes of this
Section 6.2(b)(ii)(B): 
 a) each Corresponding Issuance shall be treated as a separate and
independent issuance or sale of a New Class of Securities for purposes of this Section 6.2(b)(ii)(B), and the right of Pinnacle and its Entity Affiliates to acquire from Harbinger and its Entity Affiliates the corresponding Look Back
Portion (as may be subject to a Sliding Look Back Adjustment) shall be subject to a separate Look Back Portion determination and a separate Sliding Look Back Adjustment determination. 

  
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 b) the “Look Back Portion” applicable to an acquisition by
Pinnacle and its Entity Affiliates pursuant to this Section 6.2(b)(ii)(B) of Financing Securities initially acquired by Harbinger or its Entity Affiliates from the Company as part of the Corresponding Issuance shall equal: 

i) the product of: 
 A) a fraction, the numerator of which shall equal the total number of Common Shares on a Fully Diluted Basis then held by Pinnacle and its Entity Affiliates immediately prior to such Corresponding
Issuance, and the denominator of which is equal to the total number of Common Shares held by Harbinger and Pinnacle (together with their respective Entity Affiliates) outstanding on such date immediately prior to such Corresponding Issuance on a
Fully Diluted Basis, expressed as a percentage; multiplied by: 
 B) the number of Financing
Securities initially acquired by Harbinger or its Entity Affiliates from the Company as part of the Corresponding Issuance;  
 minus 
 ii) the number of Financing Securities
initially acquired by Pinnacle or its Entity Affiliates from the Company as part of the Corresponding Issuance;  
 multiplied by 
 iii) the Sliding Look Back Portion,
if and as applicable. 
 (4) Notwithstanding the foregoing, Pinnacle’s (together with its Entity
Affiliates’) ability to exercise its rights under this Section 6.2(b)(ii)(B) shall: 
 a)
terminate, with respect to any Financing Securities, upon a bona fide sale by Harbinger to an unaffiliated third party of such Financing Securities not in contravention of the terms and conditions of this Agreement. 

b) terminate at the earlier of such time when (I) Pinnacle owns, together with its Entity Affiliates, forty percent
(40%) or more of the voting power of the capital stock of the Company collectively held by Harbinger and Pinnacle (together with their respective Entity Affiliates) at any such time of determination, or (II) Harbinger, together with its
Entity Affiliates, no longer (x) has the right, either individually or collectively with Pinnacle in accordance with the terms of Article 2, to appoint at least half of the directors to the Board (and does not have nominees then
serving on the Board that represent at least fifty percent (50%) of all directors then serving on the Board), and (y) owns at least fifty percent (50%) of the voting power of the voting capital stock of the Company. 

(5) The parties shall consummate such purchase by Pinnacle and sale by Harbinger, and shall cause their respective Entity
Affiliates to consummate such purchase and sale if applicable, within fifteen (15) Business Days of the giving of such written notice of exercise by Pinnacle to Harbinger. 

  
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 (6) The right of Pinnacle (together with its Entity Affiliates) to purchase
Financing Securities pursuant to this Section 6.2(b)(ii)(B) shall include the right of Pinnacle to acquire from Harbinger and its Entity Affiliates, at the time of its purchase of Financing Securities in the Corresponding Issuance, at a
purchase price and on the timing set forth below, all Securities received by Harbinger and its Affiliates in respect thereof or accrued in respect of such Financing Securities as dividends (including without limitation accrued but undeclared
dividends), interest or other payments or distributions since the time Harbinger and/or its Entity Affiliates acquired such Financing Securities in the Corresponding Issuance (“PIK Securities”). 

(7) Pinnacle shall pay the consideration for PIK Securities by issuing one or more promissory notes to Harbinger:

 a) with an aggregate principal amount equal to the value of the PIK Securities; 

b) bearing no interest; 
 c) with the term (with payment in full being due on the last day of the term) being a period of time equal to the earliest to occur of (I) five (5) years, (II) a bona fide sale by Pinnacle
of such PIK Securities to an unaffiliated third party, or any other liquidity event involving such PIK Securities in which cash is received in full satisfaction of such PIK Securities (including, but not limited to, a redemption in full for cash of
such PIK Securities by the Company), or (III) a bona fide sale by Harbinger of all, but not less than all, of the Financing Securities related to the PIK Securities by Harbinger to an unaffiliated third party, or any other liquidity event
involving such Financing Securities in which cash is received in full satisfaction of such PIK Securities (including, but not limited to, a redemption in full for cash of such Financing Securities by the Company); and 

d) which shall be secured by a first priority security interest, in form and substance reasonably satisfactory to
Harbinger, in the PIK Securities. 
 (8) Related Notice Provisions. 

a) In case the Company shall propose (I) to pay any dividend, make any interest payment or other payment or
distribution in respect of Financing Securities, in cash or in any form other than additional Securities, (II) any repurchase, retirement, redemption, refinancing, exchange, convert or other similar action with respect to Financing Securities,
(III) to effect any capital reorganization, (IV) to effect any consolidation, merger or sale, organic change, transfer or other disposition of all or substantially all of its property, assets or business, or (V) to effect the
liquidation, dissolution or winding up of the Company, then in each such case, at least twenty (20) Business Days before such action, the Company shall deliver to Pinnacle a written notice of such proposed action, which shall specify the date
on which a record is to be taken for the purposes of such dividend, interest or other payment or distribution or rights, or the date on which such repurchase, retirement, redemption, exchange or other similar action, refinancing, reclassification,
reorganization, consolidation, merger, sale, organic change, transfer, disposition, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of Financing Securities, if any such date is to be
fixed, and shall also set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such action on the Financing Securities. 

  
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 b) In case Harbinger or its Entity Affiliates shall propose to sell,
Transfer or otherwise dispose of all or a portion of its Financing Securities, then in each such case, at least twenty-five (25) Business Days before such action, Harbinger shall deliver to Pinnacle a written notice of such proposed action.
This twenty-five (25) Business Day notice period shall run concurrently with the time periods set forth in the various Transfer related provisions set forth in Article 3. 

(9) Harbinger and its Entity Affiliates each agree that, upon any exercise by Pinnacle or its Entity Affiliates of their
right pursuant to this Section 6.2 to acquire any Financing Securities, Harbinger and its Entity Affiliates shall transfer and assign good and marketable title to the relevant Financing Securities to Pinnacle or its Entity Affiliates free and
clear of any pledges, liens, encumbrances, security interests or other charges. 
 Section 6.3 Covenants of the
Company. 
 (a) Compliance Related Covenants 

(i) The Company and each of its Subsidiaries will (A) fully comply at all times with the U.S. Foreign Corrupt
Practices Act, as amended, and the Canadian Corruption of Foreign Public Officials Act, and (B) comply in all material respects with all other applicable domestic and foreign anti-bribery or anti-corruption laws and other Applicable Laws that
prohibit payments to improperly influence foreign or domestic government officials (collectively, the “Anti-Corruption Laws”). 
 (ii) The Company and each of its Subsidiaries will fully comply at all times with (A) all applicable U.S. and foreign government laws and regulations concerning the exportation of any products,
technology, technical data or services, including those administered by, without limitation, the U.S. Department of Commerce, the U.S. Department of State, and the U.S. Department of the Treasury, and (B) U.S. and international economic and
trade sanctions and anti-boycotting laws and regulations, including, but not limited to, those administered by the Office of Foreign Assets Control (“OFAC”), the Internal Revenue Service and other agencies within the U.S. Department
of the Treasury (collectively, the “Export Control and Economic Sanctions Laws”). 

  
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 (iii) The Company and each of its Subsidiaries will fully comply at all
times with all applicable anti-money laundering legal and regulatory requirements to prevent and detect money laundering under U.S. or applicable foreign (collectively, “Anti-Money Laundering Laws”). The Company and its Subsidiaries
shall develop, implement, and maintain anti-money laundering compliance programs that are risk-based and reasonably designed to comply with applicable Anti-Money Laundering Laws and to prevent and detect money laundering (“AML
Programs”). The AML Programs shall include a person or persons with responsibility for overseeing the AML Program; procedures for identifying, verifying the identity of, and conducting due diligence of customers on a risk basis and at
certain monetary thresholds; reasonable procedures and processes for identifying and, where required or permitted by applicable laws and regulations, reporting to competent government authorities suspicious activity; training for all appropriate
personnel; and independent testing to assess compliance with and the effectiveness of the AML Programs. 
 (iv)
Neither the Company nor any of its Subsidiaries will, and the Company and each of its Subsidiaries shall ensure that no director, officer, employee or agent, or distributor, consultant or Affiliate over which the Company exercises control, or other
person acting on behalf of the Company or its Subsidiaries will, take any action, either directly or indirectly, that would reasonably be expected to result in a violation of the Anti-Corruption Laws, the Export Control and Economic Sanctions Laws
or the Anti-Money Laundering Laws, including but not limited to: 
 (A) as applicable, making, offering,
promising or authorizing any payment, contribution, gift, entertainment, bribe, rebate, kickback, or any other thing of value, regardless of form or amount, to any (1) foreign or domestic government official or employee; (2) employee of a
foreign or domestic government-owned or controlled entity; (3) foreign or domestic political party, political official, or candidate for political office; or (4) any officer or employee of a public international organization, to obtain a
competitive advantage, or to receive favorable treatment in obtaining or retaining business; 
 (B) engaging in
any sales, exports, re-exports, imports, transactions, or other activities in, relating to, or involving, directly or indirectly, countries subject to U.S. economic sanctions, or that otherwise would be prohibited if performed by U.S. persons or
entities; or 
 (C) engaging in any transaction, investment, undertaking, or activity in violation of the
criminal provisions against money laundering under U.S. or applicable foreign law. 
 (v) The Company shall
report to Pinnacle and Harbinger any (A) commissions, fees, or political contributions made by the Company or any of its Subsidiaries, or a director, officer, employee, agent, distributor, consultant, affiliate, or other person acting on behalf
of the Company or its Subsidiaries; or (B) any corruption-related concerns or incidents relating to the Company or its Subsidiaries, including but not limited to requests for any thing of value from a government official or employee, or any
political party or candidate for political office, and offers or promises of any thing of value to a government official or employee, or any political party or candidate for political office by a director, officer, employee, agent, distributor,
consultant, affiliate, or other person acting on behalf of the Company or its Subsidiaries. Any such report shall be made promptly in writing and will detail the concern or incident, including by providing the nature, location, and employees or
agents involved in the incident, as well as any remedial measures taken. 

  
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 (vi) Notwithstanding anything to the contrary herein (including the
restrictions applicable to Pinnacle in Section 2.3 of this Agreement), for the purpose of confirming compliance with the covenants in this Section 6.3, the Company and its Subsidiaries shall permit Pinnacle and Harbinger each
of their duly authorized representatives or agents to inspect any of its assets or books and records, visit any of its properties, to conduct appraisals and valuations, to examine and make copies of its books and records, and to discuss its affairs,
finances, and accounts with, and to be advised as to the same by, its officers and employees at such reasonable times and intervals as Pinnacle or Harbinger may designate with reasonable prior notice to the Company and its Subsidiaries. 

(vii) The Company and its Subsidiaries shall comply with the requirements of all Gaming Laws, and the rules, regulations
and decrees, directives and orders of any Gaming Authority that are applicable to the Company or its Subsidiaries. 
 (b)
Additional Covenants. 
 (i) Indemnification Agreements. The Company shall use reasonable best
efforts and take all such steps as may reasonably be within its powers to enter into customary indemnification agreements with each of the Harbinger Directors and the Pinnacle Directors, which indemnification agreements shall be substantially
similar to and on no less favorable terms than the existing indemnification agreements between the Company and each member of the Board as in effect immediately prior to the execution of this Agreement. In addition, the Company shall use reasonable
best efforts and take all such steps as may reasonably be within its powers to enter into customary indemnification agreements with each the Harbinger Board Observer(s), the Pinnacle Board Observer(s) and the Pinnacle Advisor. 

(ii) No Grant of Conflicting Rights. The Company will not grant any rights to any party that would conflict with
this Agreement including without limitation rights of first refusal and consent rights, and will terminate, as soon as reasonably practicable, any agreements granting such rights that are in existence. 

(iii) Each time a Backstop Advance is made and the holders of the Original Backstop Warrants are entitled to exercise
such Original Backstop Warrants as a result of the making of such Backstop Advance, the Company shall grant and issue to Pinnacle a warrant substantially in the form attached hereto as Schedule 6.3(b)(iv) (a “Pinnacle
Warrant”) entitling Pinnacle to purchase, at the same exercise price as is applicable to the Original Backstop Warrants, a portion of sixty-four million, three hundred and fifteen thousand, five hundred and thirty-nine
(64,315,539) Common Shares which shall be determined based on the following formula, with such changes in the number of shares and/or exercise price as would be provided pursuant to Sections 11 and 12 of the form of Pinnacle Warrant as though
the Pinnacle Warrant were outstanding on the date of such event giving rise to such adjustments: 

  
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	 Number of

additional Common

Shares
	  	  
 =
	  	 64,315,539
 (as adjusted,
 per above)
	  	  
 X
	  	 Amount of Backstop
 Advance made pursuant
 to the Backstop Loan

Agreement

	  	  		  	  	$30,000,000

 For the avoidance of doubt, the parties (A) reconfirm that the provisions of this
Section 6.3(b)(iii) shall apply to each and every Backstop Advance and where there are successive or multiple Backstop Advances, a Pinnacle Warrant shall be issued with each such Backstop Advance and (B) agree that if the full
US$30,000,000 of Backstop Advances are made pursuant to the Backstop Loan Agreement, the operation of this Section 6.3(b)(iii) shall result in the issuance to Pinnacle of Pinnacle Warrants to purchase an aggregate of sixty-four million, three
hundred and fifteen thousand, five hundred and thirty-nine (64,315,539) Common Shares, as such number may be adjusted pursuant to Sections 11 and 12 of the form of Pinnacle Warrant as though the Pinnacle Warrant were outstanding on the date of
such event giving rise to such adjustments. 
 (iv) The Company will comply (and will cause any Subsidiary to
comply) with the requirements of all Applicable Laws (including Environmental Laws), rules, regulations and decrees, directives and orders of any Governmental Authority that are applicable to it or to any of its properties or the properties of its
Subsidiaries, except where non-compliance could not reasonably be expected to have a Material Adverse Effect. 

(v) The Company will use its best efforts to comply with the Investment Certificate and where it is unable to do so to
make reasonable efforts to have the Investment Certificate amended, except where non-compliance could not reasonably be expected to have a Material Adverse Effect. 

(vi) The Company will comply with the Lease, except where noncompliance could not reasonably be expected to have a
Material Adverse Effect. 
 (vii) The Company will promptly give notice to Harbinger and Pinnacle upon becoming
aware of (A) any violation of any Environmental Law, (B) any claim, inquiry, proceeding, investigation or other action, including a request for information or a notice of potential liability under any Environmental Law, by or from any
Governmental Authority or any third party claimant, or (C) the discovery of the release of any hazardous material at, on, under or from any of its real or leasehold properties or any facility or equipment thereat in excess of reportable or
allowable standards or levels under any Environmental Law, in each case with respect to the properties and operations of the Company and/or its Subsidiaries, and in each case that could reasonably be expected to have a Material Adverse Effect.

  
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 (viii) Except where failure to comply with this
Section 6.3(viii) could not reasonably be expected to have a Material Adverse Effect, the Company will keep its and its Subsidiaries’ insurable properties adequately insured at all times by financially sound and reputable insurers;
maintain such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is usually maintained in the same general area by companies engaged in the same or similar businesses,
including public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by it or the use of any products sold by it;
and maintain such other insurance as may be required by Applicable Law. 
 (ix) The Company will keep the Policy
in full force and effect and will use reasonable commercial efforts to ensure that the Policy is complied with by the Company and its Subsidiaries in all material respects on an ongoing basis. 

(x) The Company shall provide each of Harbinger and Pinnacle, at the sole expense of the requesting party, with all
information reasonably requested by it to enable it to satisfy their tax reporting obligations arising out of the transactions contemplated by the 2012 Subscription Agreement. 
 Section 6.4 Additional Covenants and Representations of the Parties. Harbinger Compliance with Obligations Under the BIDV Facility. Notwithstanding anything in this Agreement to the
contrary, Harbinger shall, and shall cause each of its Entity Affiliates other than the Company to perform their respective obligations under the BIDV Facility including, without limitation, the Undertaking dated March 22, 2011, and shall
not, or permit any of its Entity Affiliates to, exercise any rights or otherwise take or permit any actions including, without limitation, with respect to their Equity Securities in the Company that could result in a Potential Event of Default or
Event of Default under and as defined in the BIDV Facility, except any Potential Event of Default or Event of Default that may result from a Transfer of Securities that is required by Applicable Law or pursuant to the terms and conditions of
Section 3.1(a)(iii). Harbinger represents and warrants that as of the date of this Agreement, Harbinger and each of its Entity Affiliates are in compliance with their respective obligations under the BIDV Facility and have not taken any
actions that could result in a Potential Event of Default or Event of Default under and as defined in the BIDV Facility. 
 (b)
Back-Stop Loan Agreement. For so long as Pinnacle is not party to the Back-Stop Loan Agreement, Harbinger shall not permit any amendment or modification to the Back-Stop Loan Agreement and the documents evidencing or otherwise securing same
without first obtaining Pinnacle’s express written consent determined in Pinnacle’s sole discretion if such amendment or modification seeks to (i) decrease the amount available for borrowing thereunder, (ii) increase the interest
payable for borrowings thereunder, shorten the term of the loans available thereunder, or (iii) increase the collateral provided as security therefor; otherwise, such consent may not be unreasonably denied or delayed. Any request for
Pinnacle’s consent to an amendment or modification shall, to be effective, be accompanied by a reasonably detailed explanation of the proposed amendment or modification and the underlying reasons therefor or purpose, and provide Pinnacle with
all appropriate documents that may be necessary to properly evaluate the propriety of the proposed amendment, together with a draft effecting same. The forgoing consent provisions shall not apply in respect of prepayments made by the Company.

  
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 (c) Confirmation of Pinnacle’s Rights. Harbinger and Pinnacle (but not the
Company) agree as follows: 
 (i) in the event that (A) an Additional Equity Event has occurred, (B) top-up adjustments
in favour of Harbinger and its Entity Affiliates under Section 3.7 of the 2011 Harbinger Subscription Agreement and in favour of Pinnacle and its Entity Affiliates under Section 3.6 of the Pinnacle Subscription Agreement in respect of such
Additional Equity Event, if any, have been completed (the “Top-Up Adjustments”), (C) after the completion of the Top-Up Adjustments, if any, Pinnacle and its Entity Affiliates do not own a number of Common Shares equal to the
Target Percentage (as defined in the Pinnacle Subscription Agreement on the assumption that Additional Equity Event has the meaning specified in this Agreement and the time for determination of the Target Percentage is immediately prior to the
Additional Equity Event), and (D) Harbinger and its Entity Affiliates have Harbinger Zero Consideration Rights in connection with such Additional Equity Event and such Harbinger Zero Consideration Rights have resulted in an equity issuance or
adjustment in favour of Harbinger and/or its Entity Affiliates (a “Harbinger Equity Adjustment”), then Harbinger, on behalf of itself and its Entity Affiliates, shall take all necessary action to cause Common Shares held by
Harbinger and/or its Entity Affiliates to be transferred promptly to Pinnacle and its Entity Affiliates, such that following the Additional Equity Event, the Harbinger Equity Adjustment and such transfer of Common Shares, Pinnacle and its Entity
Affiliates own a number of Common Shares as is equal to the Target Percentage (defined as indicated above); and 
 (ii) in the
event that (A) no Additional Equity Event has occurred and therefore paragraph (c)(i) above does not apply and (B) Harbinger and its Entity Affiliates have Harbinger Zero Consideration Rights and such Harbinger Zero Consideration Rights
have resulted in an equity issuance or adjustment in favour of Harbinger and/or its Entity Affiliates (a “Non-Claim Adjustment”), then Harbinger, on behalf of itself and its Entity Affiliates, shall take all necessary action to
cause Common Shares held by Harbinger and/or its Entity Affiliates to be transferred promptly to Pinnacle and its Entity Affiliates, such that following the Non-Claim Adjustment and such transfer of Common Shares, Pinnacle and its Entity Affiliates
own a number of Common Shares as is equal to the Target Percentage (as defined in the Pinnacle Subscription Agreement on the assumption that the time for determination of the Target Percentage is immediately prior to the event that gives rise to
such Non-Claim Adjustment). 
 (iii) In the event of the transfer by Harbinger or its Entity Affiliates of all or any portion of
the Harbinger Zero Consideration Rights, the transferee shall as a condition to the completion of such transfer assume the obligations of Harbinger and its Entity Affiliates hereunder related to the Harbinger Zero Consideration Rights so acquired.
Such assumption of such obligations shall be in writing in a form reasonably satisfactory to Pinnacle. For the avoidance of doubt, the obligation of a transferor to ensure that a transferee of Harbinger Zero Consideration Rights assumes the
obligations hereunder related to the Harbinger Zero Consideration Rights so acquired shall apply to successive transfers of Harbinger Zero Consideration Rights and to subsequent transferors and transferees thereof. 

  
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 (d) Confirmation For purposes of clarity, the foregoing provisions of
Section 6.4(c) are not intended to duplicate the rights of Pinnacle under Section 3.6 of the Pinnacle Subscription Agreement, or any other equity adjustment rights in favour of Pinnacle, and the provisions of such section shall be
applied and construed accordingly. The parties acknowledge that nothing contained in Section 6.4(c) shall derogate from or limit the rights of Pinnacle and its Entity Affiliates under Section 3.6 of the Pinnacle Subscription
Agreement, nor shall anything contained in Section 6.4(c) derogate from or limit the rights of Harbinger and its Entity Affiliates under Section 3.7 of the 2011 Harbinger Subscription Agreement. 

(e) Zero Consideration Issuance Protection Rights. Harbinger, on behalf of itself and its Entity Affiliates, agrees that any
Harbinger Zero Consideration Rights shall terminate and be of no further force or effect upon the consummation of a Qualified IPO, unless and to the extent that Harbinger and Pinnacle mutually agree in writing that such rights should not be
terminated upon the consummation thereof. Harbinger, on behalf of itself and its Entity Affiliates, further agrees that (i) neither the issuance nor exercise of the Pinnacle Option, a Pinnacle Warrant, Additional Backstop Warrant or Alternate
Backstop Warrant is a zero consideration issuance and (ii) neither such issuance or such exercise shall give rise to any anti-dilution adjustment, zero consideration adjustment or other similar anti-dilution or zero consideration equity
adjustment or equity issuance rights in favor of Harbinger or any of its Entity Affiliates. 
 (f) Taxes. In the event
that an advance of funds by or on behalf of the Company to HTPCL, including without limitation by way of loan, equity contribution or charter capital contribution, gives rise for Canadian income tax purposes to a deemed dividend in favour of any of
Harbinger, Pinnacle or any Entity Affiliate of such parties (each an “Affected Tax Party”) (as determined by the relevant Affected Tax Party, acting reasonably), whether under existing or draft legislation (but in the case of draft
legislation only where the draft legislation is intended to retroactively apply to the period of time which includes the date of the advance) (the “Tax Legislation”), the Company shall account for and remit to the appropriate tax
authority the entirety of the tax otherwise payable by each Affected Tax Party in respect of such deemed dividend on behalf of the relevant Affected Tax Party. Such remittance shall be made at the date that the investment is made in HTPCL for
purposes of proposed Section 212.3 of the Income Tax Act (Canada) or such other date as required by law, and evidence of payment of such withholding tax shall be provided to the relevant Affected Tax Party. The Company’s obligation to pay
withholding tax pursuant hereto shall not extend to any investment made by the Company in HTPCL from the US $60,000,000 subscription funds paid to the Company for Class VI Shares pursuant to the 2012 Subscription Agreement or any Replacement Funding
which replaces any portion of the said US $60,000,000. Each of the parties hereto shall use reasonable commercial efforts to exclude themselves and their respective Entity Affiliates from the operation of the provisions of the Tax Legislation which
could reasonably impose any such deemed dividend, including by filing elections as required to reduce or avoid the aforementioned deemed dividend; provided, however, and for greater certainty, that such reasonable commercial efforts shall not impose
upon any party or any of its Entity Affiliates (i) any restriction from reorganizing its corporate structure or transferring its securities of the Company, or (ii) any requirement to reorganize its corporate structure or transfer its
securities of the Company. In the event that the remittance is made and ultimately refunded to any Affected Tax Party, in whole or in part, any such refunded amount shall be held in trust by the Affected Tax Party for the benefit of the Company and
returned to the Company forthwith. 

  
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 Section 6.5 Backstop Look Back Protection 

(a) During the Backstop Lookback Period, Pinnacle (together with its Entity Affiliates) shall have the right to require each Backstop
Lender to assign to Pinnacle up to the Backstop Proportionate Amount of each Backstop Advance made by, or for and on behalf of, such Backstop Lender as calculated below: 

(i) up to but not including the First Backstop Anniversary, Pinnacle (together with its Entity Affiliates) shall have
the right, by delivering written notice to the Harbinger Agent, to require each Backstop Lender to assign to Pinnacle up to the Backstop Proportionate Amount of each Backstop Advance made by, or for and on behalf of, such Backstop Lender; and

 (ii) from the First Backstop Anniversary up to and including the Third Backstop Anniversary, Pinnacle
(together with its Entity Affiliates) shall have the right, by delivering written notice to the Harbinger Agent, to require each Backstop Lender to assign to Pinnacle up to the Sliding Proportionate Backstop Amount of each Backstop Advance made by,
or for and on behalf of, such Backstop Lender. For purposes of this subsection, the “Sliding Proportionate Backstop Amount” means an amount determined by multiplying (A) the Backstop Proportionate Amount by (B) the
quotient obtained by dividing (1) the total number of days between (and including) (x) the date of exercise of Pinnacle’s right to purchase the Sliding Proportionate Backstop Amount and (y) the Third Backstop Anniversary, by
(2) seven hundred and thirty (730). Such adjustment to the Backstop Proportionate Amount in arriving at the Sliding Proportionate Backstop Amount shall be referred to as the “Sliding Backstop Adjustment”. 

(b) Solely for purposes of this Section 6.5: 

(i) the “Backstop Proportionality Factor” applicable to an assignment to Pinnacle and its Entity
Affiliates pursuant to this Section 6.5 of a portion of a Backstop Advance shall equal: 
 (A)
twenty-seven percent (27%); multiplied by 
 (B) the Sliding Backstop Adjustment, if and as
applicable. 
 (ii) the “ Backstop Proportionate Amount” applicable to an assignment to Pinnacle
and its Entity Affiliates pursuant to this Section 6.5 of a portion of a Backstop Advance shall equal: 
 (A) the Backstop Proportionality Factor in respect of such Backstop Advance, multiplied by  

  
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 (B) the amount of such Backstop Advance, net of any repayments or
prepayments thereon. 
 (c) In the event of a sale, transfer or other disposition by a Backstop Lender of all or any portion the
Backstop Advances or the Additional Backstop Warrants (the Backstop Advances, the Additional Backstop Warrants and any Backstop PIK Securities are each referred to herein as a “Backstop Asset” and, collectively, as the
“Backstop Assets”) to an unaffiliated third party which would cause such Backstop Lender to hold less than twenty-seven percent (27%) of its original interest in any Backstop Asset (the “Minimum Retained Original
Interest”), such transferee shall, as a condition to the completion of such sale, transfer or other disposition, assume the obligations of such Backstop Lender hereunder, provided, however, only in respect of such portion of the percentage
of the Backstop Asset so acquired by the transferee as relates to the shortfall in such Backstop Lender’s Minimum Retained Original Interest; provided, however that in the event of a sale, transfer or other disposition by a
Backstop Lender of all or any portion a Backstop Asset to Harbinger or any of its Entity Affiliates, such transferee shall, as a condition to the completion of such sale, transfer or other disposition, assume the obligations of a Backstop Lender
hereunder related to the percentage of the Backstop Asset so acquired; provided, further that the required assumption of the obligations of a Backstop Lender under this Section 6.5(c) shall not apply in the case of a sale,
transfer or other disposition by a Backstop Lender to Pinnacle or its Entity Affiliates. An assumption of the obligations by a transferee as set forth in and required by this Section 6.5(c) shall be in writing in a form reasonably
satisfactory to Pinnacle. For the avoidance of doubt, the obligation of a transferor to ensure that a transferee of a Backstop Asset becomes subject to this Section 6.5(c) and assumes the obligations hereunder relating to such Backstop
Asset shall apply to successive sales, transfers and other dispositions of such Backstop Asset and to subsequent transferors and transferees thereof, except in the case of a transfer to Pinnacle or its Entity Affiliates. 

(d) The purchase price payable by Pinnacle (or its Entity Affiliates purchasing a part of a Backstop Advance) to a Backstop Lender for an
assignment of a part of a Backstop Advance under this Section 6.5 shall be an amount equal to one hundred percent (100%) of the original principal amount of the portion of such Backstop Advance being assigned, net of any repayments
or prepayments received by such Backstop Lender as of immediately prior to the effective time of such assignment to Pinnacle or its Entity Affiliates. Such assignment shall exclude any and all accrued but unpaid interest on the original principal
amount of such Backstop Advance so assigned up to (but not including) the date of such assignment, which excluded interest shall continue to be payable by the Company to that Backstop Lender. 

(e) The parties shall consummate such assignment (including the assignments of Additional Backstop Warrants contemplated by
Section 6.5(f) and of Backstop PIK Securities contemplated by Section 6.5(g)) by a Backstop Lender to Pinnacle on a Business Day within fifteen (15) Business Days of the giving of such written notice of exercise by
Pinnacle to the Harbinger Agent. The assigning Backstop Lender or Pinnacle shall deliver to the Company the fully executed document(s) pursuant to which such assignment was effected, together with all information reasonably required by the Company
to determine the appropriate future payments to be made by the Company to the assigning Backstop Lender and Pinnacle in respect of such Backstop Advance. 

  
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 (f) The right of Pinnacle (together with its Entity Affiliates) to require an assignment of
a part of a Backstop Advance pursuant to this Section 6.5 shall include the right of Pinnacle to acquire from the relevant Backstop Lender on the date of such assignment, at no additional cost to Pinnacle, subject to compliance with
Applicable Laws, Additional Backstop Warrants covering the number of Common Shares equal to (A) the number of Common Shares covered by the Additional Backstop Warrants originally issued to such Backstop Lender (as such number of Common Shares
may be adjusted pursuant to the terms of such Additional Backstop Warrants), multiplied by (B) the Backstop Proportionality Factor, multiplied by (C)(1) the amount of the part of the Backstop Advance(s) acquired by
Pinnacle (and/or its Entity Affiliates) from the relevant Backstop Lender, divided by (2) the total amount of the Backstop Advances that Pinnacle (and its Entity Affiliates) are entitled to acquire from such Backstop Lender
pursuant to Section 6.5(a) as of the date of such assignment (and for the avoidance of doubt, Pinnacle and its Entity Affiliates shall remain entitled to acquire such Additional Backstop Warrants covering their full entitlement of Common Shares
notwithstanding any repayment or prepayment of the associated Backstop Advance); provided, however, that, such Additional Backstop Warrants shall be assigned to Pinnacle and/or its Entity Affiliates notwithstanding that such assigned
Additional Backstop Warrants have been exercised in part prior to such assignment, and Pinnacle and/or its Entity Affiliates shall have the benefit of all remaining rights of such assigned Additional Backstop Warrants, including without limitation,
the right to an increase in the Additional Backstop Entitlement pursuant to Section 6.6. 
 For the avoidance of doubt, any sales,
transfers or other dispositions by Harbinger of any Backstop Advances or Additional Backstop Warrants to any Persons other than Pinnacle and its Entity Affiliates shall not reduce the amount of Additional Backstop Warrants that Pinnacle or its
Entity Affiliates are entitled to acquire pursuant to this Section 6.5(f). 
 (g) The right of Pinnacle (together
with its Entity Affiliates) to purchase a part of a Backstop Advance together with a portion of the Additional Backstop Warrants under this Section 6.5 shall include the right of Pinnacle (together with its Entity Affiliates) to acquire
from Harbinger and its Entity Affiliates, at the time of its purchase of a portion of such Backstop Advance and associated Additional Backstop Warrants , at a purchase price and on the timing set forth below, all Securities (other than the
Additional Backstop Warrants themselves, which shall be included in the assignment of such Backstop Advance and other than Common Shares issued upon exercise of the Additional Backstop Warrants not in contravention of the terms of this Agreement)
received by, or accrued in favour of, Harbinger and its Entity Affiliates in respect of such Backstop Advance or Additional Backstop Warrants as dividends (including, without limitation, accrued but undeclared dividends) or other payments or
distributions (excluding interest (whether paid or accrued and unpaid) on such Backstop Advance up to (but not including) the date of such purchase by Pinnacle (or its Entity Affiliates)) since the time Harbinger and/or its Entity Affiliates made
such Backstop Advance (the “Backstop PIK Securities”). For greater certainty, Backstop PIK Securities as defined herein shall exclude Original Backstop Warrants and all Securities and other returns or distributions received by
Harbinger and its Affiliates in respect thereof. 

  
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 (h) Pinnacle shall pay the consideration for Backstop PIK Securities by issuing one or more
promissory notes to Harbinger or its applicable Entity Affiliate: 
 (i) with an aggregate principal amount equal
to the value of the Backstop PIK Securities; 
 (ii) bearing no interest; 

(iii) with the term (with payment in full being due on the last day of the term) being a period of time equal to the
earliest to occur of (A) five (5) years, (B) a bona fide sale by Pinnacle of such Backstop PIK Securities to an unaffiliated third party, or any other liquidity event involving such Backstop PIK Securities in which cash is received in
full satisfaction of such Backstop PIK Securities (including, but not limited to, a redemption in full for cash of such Backstop PIK Securities by the Company), or (C) a bona fide sale by Harbinger or its Entity Affiliates of all, but not less
than all, of the Backstop Advances related to the Backstop PIK Securities by Harbinger or its Entity Affiliates to an unaffiliated third party, or any other liquidity event involving such Backstop Advances in which cash is received in full
satisfaction of such Backstop PIK Securities (including, but not limited to, a repayment in full for cash of such Backstop Advances by the Company and termination of any further obligation to lend with respect thereto); and 

(iv) which shall be secured by a first priority security interest, in form and substance reasonably satisfactory to
Harbinger, in the Backstop PIK Securities. 
 (i) Each Backstop Lender agrees, upon any exercise by Pinnacle or its Entity
Affiliates of their right to acquire any Backstop Assets of such Backstop Lender, to transfer and assign good and marketable title to the relevant Backstop Assets held by such Backstop Lender to Pinnacle or its Entity Affiliates free and clear of
any pledges, liens, encumbrances, security interests or other charges (collectively hereinafter, “Liens”). In the event that upon such exercise, in Pinnacle’s reasonable determination, a Backstop Lender is not able to assign
good and marketable title to any relevant Backstop Asset to Pinnacle or its Entity Affiliates free and clear of Liens (such lender in such case, a “Proposed Transferor Backstop Lender”), then in addition to all other remedies at law
and/or in equity that Pinnacle and/or its Entity Affiliates may have against such Proposed Transferor Backstop Lender, upon Pinnacle’s written notice to the Company (which notice shall state that Pinnacle had attempted to acquire Backstop
Assets from such Proposed Transferor Backstop Lender identified in such notice in accordance with Section 6.5(a) and Section 6.5(f)), the following transactions shall be consummated so as to afford Pinnacle, to the maximum
extent possible, the full benefit of its rights under Section 6.5 and Section 6.6: 
 (i)
Pinnacle and/or its Entity Affiliates shall lend and the Company shall borrow from Pinnacle and/or its Entity Affiliates, on substantially the same terms and conditions as the Backstop Advance (including with respect to maturity, interest rate and
other terms), a principal amount equal to the portion of the Payment Amount (as such term is defined in the Backstop Loan Agreement) of the Backstop Advance that Pinnacle and/or its Entity Affiliates sought to acquire from such Proposed Transferor
Backstop Lender (such loan, an “Alternate Backstop Loan”). In the event that Pinnacle or one of its Entity Affiliates makes an Alternate Backstop Loan, Pinnacle or such Entity Affiliate shall be and become a Backstop Lender for all
purposes of this Agreement as if Pinnacle or such Entity Affiliate had received an assignment of a portion of a Backstop Advance from the Proposed Transferor Backstop Lender as the Backstop Lender under Section 6.5(a). The Company shall
deliver appropriate documentation, in form and substance reasonably satisfactory to Pinnacle, evidencing such Alternate Backstop Loan to Pinnacle and/or its Entity Affiliates (such documentation referred to as the “Alternate Backstop
Note”); 

  
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 (ii) the Company agrees to apply all the cash proceeds of the Alternate
Backstop Loan promptly to prepay to such Proposed Transferor Backstop Lender its respective portion of such Backstop Advance that Pinnacle and/or its Entity Affiliates had intended to acquire from such Proposed Transferor Backstop Lender;

 (iii) the holder of an Alternate Backstop Note shall be entitled to its proportionate interest in all of the
benefits and security afforded to the Backstop Lenders under and pursuant to the Backstop Loan Agreement. The Company, Harbinger and each of Harbinger’s relevant Entity Affiliates agree to execute and deliver all instruments and agreements, and
to consent to such registrations, as may be required in the opinion of Pinnacle, acting reasonably, to properly entitle Pinnacle to all of the rights it would otherwise have been entitled to receive as if the Backstop Assets referable to the
Backstop Advance, as replaced by the Alternate Backstop Loan, were assigned to Pinnacle by such Proposed Transferor Backstop Lender; 
 (iv) the number of Common Shares covered by the Additional Backstop Warrants of such Proposed Transferor Backstop Lender shall be automatically reduced, and without requirement of any action on the part
of such Proposed Transferor Backstop Lender, by the number of Common Shares that would have been covered by an Additional Backstop Warrant (or portion thereof) assigned to Pinnacle and/or its Entity Affiliates pursuant to Section 6.5(f),
and the Company shall notify such Proposed Transferor Backstop Lender of the calculation of such reduction, which calculation shall be conclusive absent manifest error; 

(v) the Company agrees to and shall issue a warrant (an “Alternate Backstop Warrant”) to Pinnacle or its
Entity Affiliates, in form and substance substantially identical to the form of Additional Backstop Warrants issued to such Proposed Transferor Backstop Lender (including an Additional Backstop Entitlement, which is subject to increase pursuant to
Section 6.6, but excluding any of the provisions as shall not be applicable to Pinnacle and its Entity Affiliates including, without limitation, any restriction on exercise and any automatic reduction in the shares covered by such
warrant relating to PNK Prepayments) covering the number of Common Shares covered by Additional Backstop Warrants Pinnacle and/or its Entity Affiliates sought to acquire from such Proposed Transferor Backstop Lender under Section 6.5(f).
An Alternate Backstop Warrant shall be an Additional Backstop Warrant for all purposes of this Agreement as if Pinnacle or such Entity Affiliate had received an assignment of all or a portion of an Additional Backstop Warrant from a Backstop Lender
under Section 6.5(f); 
 (vi) the Additional Backstop Entitlement of such Alternate Backstop Warrant
shall be adjusted pursuant to the anti-dilution adjustments in Section 6.6 in the case of a Qualifying Issuance, whether such Qualifying Issuance occurred prior or subsequently to, or concurrently with, the issuance of such Alternate
Backstop Warrant; and 

  
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 (vii) for greater clarity, the references to “Backstop Lender” and
“Proposed Transferor Backstop Lender” in this Section 6.5(i) shall not include Pinnacle and/or its Entity Affiliates. 
 (j) Each Backstop Lender agrees that, during the Backstop Lookback Period, it shall not exercise any Additional Backstop Warrant it holds with respect to more than seventy-three percent (73%) of
securities comprising the portion of the original Additional Backstop Entitlement (as adjusted pursuant to the terms of such Additional Backstop Warrant) exercisable on a cumulative basis under the terms of such Additional Backstop Warrant. Any
attempted exercise by such Backstop Lender of any portion of such Additional Backstop Warrants as relates to more than such seventy-three percent (73%) of such securities, as aforementioned, shall be null and void, of no force or effect
whatsoever, and shall not be honoured by the Company. 
 (k) Related Notice Provisions. 

(i) In case the Company shall propose (A) to pay any dividend, make any interest payment or other payment or distribution in respect
of any Backstop Advances, Additional Backstop Warrants or Common Shares, in cash or in any form other than additional Securities (excluding interest accruals contemplated by the Backstop Loan Agreement), (B) any repurchase, retirement,
redemption, refinancing, exchange, conversion or other similar action with respect to any Backstop Advances, Additional Backstop Warrants or Common Shares, (C) to effect any capital reorganization, (D) to effect any consolidation, merger
or sale, organic change, transfer or other disposition of all or substantially all of its property, assets or business, or (E) to effect the liquidation, dissolution or winding up of the Company, then in each such case, at least twenty
(20) Business Days before such action, the Company shall deliver to Pinnacle a written notice of such proposed action, which shall specify the date on which a record is to be taken for the purposes of such dividend, interest or other payment or
distribution or rights, or the date on which such repurchase, retirement, redemption, exchange or other similar action, refinancing, reclassification, reorganization, consolidation, merger, sale, organic change, transfer, disposition, liquidation,
dissolution, or winding up is to take place and the date of participation therein by the holders of any Backstop Advances, Additional Backstop Warrants or Common Shares, if any such date is to be fixed, and shall also set forth such facts with
respect thereto as shall be reasonably necessary to indicate the effect of such action on any Backstop Advances, Additional Backstop Warrants or Common Shares. 
 (ii) In case Harbinger or its Entity Affiliates shall propose to sell, transfer or otherwise dispose of all or a portion of its Backstop Advances or Additional Backstop Warrants, then in each such case,
at least twenty-five (25) Business Days before such action, Harbinger shall deliver to Pinnacle a written notice of such proposed action. This twenty-five (25) Business Day notice period shall run concurrently with the time periods set
forth in the various Transfer related provisions set forth in Article 3. 

  
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 (l) The Company shall take all such action as may reasonably be required to give effect to
any assignment undertaken in accordance with this Section 6.5, the Backstop Loan Agreement and the relevant Additional Backstop Warrants. 
 (m) For purposes of clarity, Pinnacle’s right to acquire Backstop Assets from Harbinger and its Entity Affiliates shall be governed by Sections 6.5 and 6.6 and not
Section 6.2 of this Agreement. 
 Section 6.6 Anti-Dilution Protection. 

(a) Subject to Section 6.6(b), in the event that on or before the date that is two (2) months after the date on which
the First Gaming Resort is open to the general public for both overnight accommodation and casino gaming, the Company enters into a binding commitment for Debt Financing and/or Equity Financing, excluding for all purposes: 

(i) all Debt Financings where the applicable principal, interest and/or other amounts to become due and owing are
convertible or exchangeable into Common Shares at a conversion or exchange price per Common Share which is equal to or greater than the Conversion Denominator (as such term is defined in section 24.4 of the Company’s Articles (and any successor
provision thereof)) as shall be determined as of the closing date of the relevant Debt Financing transaction; and 
 (ii) all Equity Financings with third parties pursuant to which Common Shares or other securities convertible or exchangeable into Common Shares are issued, at an issue price per Common Share or at a
conversion or exchange price per Common Share which is equal to or greater than the Conversion Denominator (as such term is defined in section 24.4 of the Company’s Articles (and any successor provision thereof)) as shall be determined as of
the closing date of the relevant Equity Financing; 
 (in each case, a “Qualifying Issuance”) 

then the Additional Backstop Entitlement of each Backstop Lender, subject to allocation in accordance with Section 6.6(e), shall be increased
by: 
 (A) in the case of a Backstop Lender that is not Pinnacle or any of its Entity Affiliates, the lowest
number of Common Shares of the Company that, when added to the number of Common Shares owned by such Backstop Lender, on a Fully Diluted Basis, at the time of the closing of such Qualifying Issuance, would result in such Backstop Lender owning, on a
Fully Diluted Basis, a percentage of the outstanding Common Shares (after giving effect to such Qualifying Issuance and any other adjustment(s) made in respect of any other Backstop Lender(s) pursuant to this Section 6.6), on a Fully
Diluted Basis, equal to the percentage of the outstanding Common Shares, on a Fully Diluted Basis, owned by such Backstop Lender, on a Fully Diluted Basis, immediately prior to the closing of such Qualifying Issuance; and 

  
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 (B) in the case of a Backstop Lender that is Pinnacle or any of its Entity
Affiliates, the lowest number of Common Shares of the Company that, when added to the number of Common Shares owned by Pinnacle and its Entity Affiliates, on a Fully Diluted Basis, at the time of the closing of such Qualifying Issuance, would result
in Pinnacle owning, on a Fully Diluted Basis, a percentage of the outstanding Common Shares (after giving effect to such Qualifying Issuance and any other adjustment(s) made in respect of any other Backstop Lender(s) pursuant to this
Section 6.6), on a Fully Diluted Basis, equal to the percentage (the “Pinnacle Reference Percentage”) of the outstanding Common Shares, on a Fully Diluted Basis, owned by Pinnacle and its Entity Affiliates, on a Fully
Diluted Basis, immediately prior to the closing of such Qualifying Issuance (provided, that if any such increase in the Additional Backstop Entitlement affects more than one holder of an Additional Backstop Warrant that is Pinnacle and its Entity
Affiliates, then such increase in the Additional Backstop Entitlement shall be apportioned among such holders on a pro rata basis in accordance with their holdings of Common Shares on a Fully Diluted Basis). The parties agree that if Pinnacle (or
any of its Entity Affiliates) acquires an Additional Backstop Warrant after a Qualifying Issuance, then (i) the Additional Backstop Entitlement with respect to Pinnacle (or any of its Entity Affiliates) shall be increased in accordance with
this Section 6.6(a)(ii)(B) instead of Section 6.6(a)(ii)(A), as though Pinnacle (or its Entity Affiliates) had acquired such Additional Backstop Warrants on or prior to the date of the closing of such Qualifying Issuance and
(ii) the Pinnacle Reference Percentage shall give effect to the acquisition of such Additional Backstop Warrant as if such acquisition occurred immediately prior to the closing of such Qualifying Issuance; 

provided, however, that for purposes of this Section 6.6, each reference to the number of Common Shares of the Company owned by such
Backstop Lender shall, as applicable, be interpreted to mean and be determined, as follows: 
 (1) in respect of
the Backstop Lender that is Harbinger II S.à r.l.: 
 a) the portion of the aggregate number of Common
Shares held by Harbinger II S.à r.l. that is attributable to Master Fund on the basis of the aggregate convertible preferred equity certificates held by Master Fund in Harbinger II S.à r.l, as shall be determined by Harbinger II
S.à r.l.; and 
 b) the portion of the aggregate number of Common Shares held by Harbinger II S.à
r.l. that is attributable to Harbinger Capital Partners Special Situations Fund, L.P. by its general partner, Special Situations Fund, on the basis of the aggregate convertible preferred equity certificates held by Special Situations Fund in
Harbinger II S.à r.l., as shall be determined by Harbinger II S.à.r.l.; 
 (2) in respect of the
Backstop Lender that is Blue Line ACDL, Inc., the aggregate number of Common Shares held by Blue Line ACDL, Inc. and Credit Distressed Blue Line Master Fund, Ltd., collectively, and 

  
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 (3) in respect of the Backstop Lender that is Breakaway ACDL, Inc., the
aggregate number of Common Shares held by Breakaway ACDL, Inc. and Global Opportunities Breakaway Ltd, collectively. 
 (b) For
each Backstop Lender that is not Pinnacle or any of its Entity Affiliates, the adjustment pursuant to this Section 6.6 shall (i) only be available to such Backstop Lender if such Backstop Lender has made (or in the case of Harbinger
II S.à r.l., if Master Fund and/or Special Situations Fund have made for and on its behalf) the Backstop Advance prescribed for such Backstop Lender (or in the case of Harbinger II S.à r.l., prescribed for Master Fund and Special
Situations Fund) under section 2.1 of the Backstop Loan Agreement and (ii) apply on any one or more occasions on which a Qualifying Issuance occurs, and such adjustment or adjustments shall apply notwithstanding that a Backstop Lender may have
previously purchased some or all of the Common Shares purchasable pursuant to its Additional Backstop Warrant. Notwithstanding the foregoing, and for greater certainty, in respect of Harbinger II S.à r.l., the respective adjustment pursuant
to this Section 6.6 that is severally attributable to Master Fund or Special Situations Fund, as the case may be, shall be available thereto if such Person has advanced, for and on behalf of Harbinger, the entire amount of a Backstop Advance
due by such Person as set out in section 2.1 of the Backstop Loan Agreement regardless of whether the other Person has advanced, for and on behalf of Harbinger II S.à r.l., the entire amount of a Backstop Advance due by such other Person
pursuant to section 2.1 of the Backstop Loan Agreement. 
 (c) In the case of a Backstop Lender that is Pinnacle or any of its
Entity Affiliates, the adjustment pursuant to this Section 6.6 shall (i) only be available to such Backstop Lender if an adjustment has been made pursuant to this Section 6.6 for any Backstop Lender that is not Pinnacle or any of its
Affiliates and (ii) apply on any one or more occasions on which a Qualifying Issuance occurs, and such adjustment or adjustments shall apply notwithstanding that a Backstop Lender may have previously purchased some or all of the Common Shares
purchasable pursuant to its Additional Backstop Warrant. 
 (d) For greater clarity, an Additional Backstop Warrant may be
exercised with respect to an increase in the Additional Backstop Entitlement at any time prior to, concurrently with or following a Qualifying Issuance, in each case in accordance with the terms of the Additional Backstop Warrant. 

(e) In the event of an assignment or transfer of an Additional Backstop Warrant which results in the issuance of a new warrant to an
assignee or transferee, such assignee or transferee shall be entitled to its proportionate share of any adjustment to which the prior holder was entitled, determined by reference to the number of Common Shares which such holder is entitled to
purchase; provided, however, that the adjustment to the Additional Backstop Entitlement of Additional Backstop Warrants held by Pinnacle and/or its Entity Affiliates shall be determined under Section 6.6(a)(ii)(B). 

(f) Notwithstanding the foregoing, any holder of an Additional Backstop Warrant may, in its sole and unfettered discretion, waive all or
any part of the adjustment obligation in its favour as set out in this Section 6.6. 

  
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 (g) The adjustment in this Section 6.6 shall apply in addition to and
notwithstanding the completion of any other adjustment provided for in this Agreement. 
 Section 6.7 Management
Top-Up. 
 The Company acknowledges and agrees that, for the purposes of the exercise of the rights of directors and
management of the Company contained in the letter agreement dated December 23, 2010, between the Company, Harbinger Capital Investments S.a.r.l, Blue Line ACDL, Inc. and Breakaway ACDL, Inc. (the “December 2010 Letter
Agreement”), the term “New Warrants”, as used in the December 2010 Letter Agreement, shall refer only to the Original Backstop Warrants. 
 ARTICLE 7 
 DEFINITIONS AND INTERPRETATION 

Section 7.1 Certain Definitions. 
 “Add-On Securities” has the meaning set forth in Section 4.1(a)(i)(B). 
 “Additional Backstop Entitlement” has the meaning set forth in each Additional Backstop Warrant and each Alternate Backstop Warrant, as applicable. 

“Additional Backstop Warrants” means the Harbinger Additional Backstop Warrants, the Blue Line Additional Backstop
Warrants and the Breakaway Additional Backstop Warrants, and, if issued, the Alternate Backstop Warrants. 
 “Additional
Equity Event” has the meaning set out in Section 3.6 of the Pinnacle Subscription Agreement, on the assumption that the term “Equity Related Claim” as used in Section 3.6 of the Pinnacle Subscription Agreement has
the meaning set out in this Agreement; 
 “Adjusted Majority Party Pro Rata Tag-Along Portion” has the meaning
set forth in Section 3.2(b)(i). 
 “Administrative Services Agreement” means the Administrative
Services Agreement to be negotiated and entered into pursuant to the Term Sheet dated as of August 28, 2012, between the Company and PNK Development 31, LLC, among others. 

“Affected Party” has the meaning set forth in Section 3.1(a)(iii)(B). 

“Affected Party U.S. Cure Period” has the meaning set forth in Section 3.1(a)(iii)(B)(1). 

“Affected Party U.S. Sale Period” has the meaning set forth in Section 3.1(a)(iii)(C)(2). 

“Affected Tax Party” has the meaning set forth in Section 6.4(i). 

  
 -62-

 “Affiliate” means, when used with reference to any Person, any other Person
directly or indirectly controlling, controlled by, or under direct or indirect common control with, the referent Person or such other Person, as the case may be. For the purposes of this definition, the term “control” when used with
respect to any specified Person means the power to direct or cause the direction of management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms
“affiliated,” “controlling,” and “controlled” have meanings correlative of the foregoing. 

“Agreement” has the meaning set forth in the preamble, as this Agreement may be amended or supplement from time to time.

 “Alternate Backstop Loan” has the meaning set forth in Section 6.5(i)(i). 

“Alternate Backstop Note” has the meaning set forth in Section 6.5(i)(i). 

“Alternate Backstop Warrant” has the meaning set forth in Section 6.5(i)(vi). 

“Annual Budget” means the annual budget for the Ho Tram Project, the First Gaming Resort or the Second Gaming Resort, as
the context herein shall so require. 
 “Anti-Corruption Laws” has the meaning set forth in
Section 6.3(a)(i). 
 “Anti-Money Laundering Laws” has the meaning set forth in
Section 6.3(a)(iii). 
 “Applicable Law” means as to any Person, the Constating Documents of such
Person, and all applicable provisions of (a) constitutions, treaties, statutes, laws (including the common law), rules, regulations, ordinances, codes, or orders of any Governmental Authority, (b) any consents or approvals of any
Governmental Authority, and (c) any orders, decisions, injunctions, judgments, awards, decrees of, or agreements with any Governmental Authority. 
 “Applicable Pinnacle Percentage” has the meaning set forth in Section 6.3(b)(iii). 
 “arm’s-length” has the meaning set forth in the Income Tax Act (Canada). 
 “Backstop Advance” means a loan advance completed by a Backstop Lender to the Company pursuant to the terms of the Backstop Loan Agreement. 

“Backstop Asset” has the meaning set forth in Section 6.5(c). 

“Backstop Lender” means (a) each of Harbinger II S.à r.l., Blue Line ACDL, Inc. and Breakaway ACDL, Inc.,
and (b) any Entity Affiliate of Harbinger II S.à r.l., Blue Line ACDL, Inc. and/or Breakaway ACDL, Inc. who becomes a party to the Backstop Loan Agreement in connection with its assumption of a portion of one or more Backstop Advances
and (c) if and when it becomes a party to the Backstop Loan Agreement or makes an Alternate Backstop Loan, Pinnacle and/or its Entity Affiliates. 

  
 -63-

 “Backstop Loan Agreement” means the Amended and Restated Backstop Loan
Agreement dated December 6, 2012, by and among the Company and the Backstop Lenders, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Backstop Lookback Period” means the period commencing as of the date hereof and ending on the third anniversary of the
Final Backstop Advance Date; provided that such period as it applies to each Backstop Lender shall be extended by any Funding Default Period referable to such Backstop Lender. 
 “Backstop Proportionality Factor” has the meaning set forth in Section 6.5(b)(i). 
 “Backstop Proportionate Amount” has the meaning set forth in Section 6.5(b)(ii). 
 “Backstop Warrants” means collectively, the Harbinger Backstop Warrants, the Blue Line Backstop Warrants and the Breakaway Backstop Warrants. 

“BIDV” means Bank for Investment and Development of Vietnam. 

“BIDV Facility” means the binding term loan facility granted by BIDV and HDBank in favor of HTPCL, and all related loan
and security agreements required in connection therewith, whereby BIDV and HDBank have made a binding debt funding commitment in favor of HTPCL in the amount of at least $175 million, together with any Supplemental Agreements (as therein
defined) pursuant to which additional lenders join the binding term loan facility. 
 “BIDV Working Capital
Facility” means the contemplated $35,000,000 working capital facility with BIDV. 
 “Blue Line Additional
Backstop Warrants” means the entitlement of Blue Line ACDL, Inc. under Warrant Certificate CS-13 dated December 6, 2012, to 26,786,784 Common Shares upon exercise of the warrants evidenced thereby. 

“Blue Line Backstop Warrants” means the Blue Line Original Backstop Warrants and the Blue Line Additional Backstop
Warrants. 
 “Blue Line Original Backstop Warrants” means the entitlement of Credit Distressed Blue Line Master
Fund, Ltd. under the Second Amended and Restated Warrant Certificate CS-10 dated December 6, 2012, to 52,226,568 Common Shares upon exercise of the warrants evidenced thereby. 

“Board” means the Board of Directors of the Company as constituted from time to time. 

“Board Observer” has the meaning set forth in Section 2.1(b)(ii). 

“Brand and License Agreement” has the meaning set forth in the Pinnacle Subscription Agreement. 

  
 -64-

 “Breakaway Additional Backstop Warrants” means the entitlement of Breakaway
ACDL, Inc. under Warrant Certificate CS-14 dated December 6, 2012, to 5,357,356 Common Shares upon exercise of the warrants evidenced thereby. 
 “Breakaway Backstop Warrants” means the Breakaway Original Backstop Warrants and the Breakaway Additional Backstop Warrants. 

“Breakaway Original Backstop Warrants” means the entitlement of Global Opportunities Breakaway Ltd. under Amended and
Restated Warrant Certificate CS-11 dated December 6, 2012, to 10,445,313 Common Shares upon exercise of the warrants evidenced thereby. 
 “Business Day” means a day other than a Saturday, Sunday or other day that is a statutory or civic holiday in the Province of Ontario or in the State of New York. 

“Capital Mortgage Agreement” means the capital mortgage to be granted by the Company in favour of Harbinger II
S.à r.l., for the benefit of itself, Blue Line ACDL, Inc. and Breakaway ACDL, Inc., in each case as lenders under the Backstop Loan Agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 “Chairman Nominee” means the individual agreed upon by the Parties hereto. 

“Class VI Closing Date” has the same meaning as “Closing” as defined in the 2012 Subscription Agreement.

 “Class VI Shares” means the Class VI Preferred Shares of the Company. 

“Closing Date” means the closing date of the purchase of the Pinnacle Purchased Shares by Pinnacle pursuant to the
Pinnacle Subscription Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the
rules and regulations promulgated thereunder. 
 “Common Shares” means the common shares in the capital of the
Company. 
 “Company” has the meaning set forth in the preamble. 

“Company Decision” has the meaning set forth in Section 6.2(a)(v). 

“Company Parties” means the affiliates or subsidiaries of the Company, whether currently in existence or created after
or on April 17, 2007. 
 “Competitor” means any Persons or its Affiliates (a) that is or becomes
engaged in the operation or management of casinos and/or hotels as a material component of its business activities, and (b) operates and/or manages 10,000 slot machines (or equivalents, such as video poker terminals) or 250 gaming
tables collectively in the North America, Asia, Australia, and New Zealand regions. 

  
 -65-

 “Confidential Information” means any information relating to the
management, operations, marketing, distribution and financial affairs, whether or not reduced to writing, including but not limited to a formula, pattern, compilation, program, method, technique or process, or information contained or embodied in a
product, device or mechanism and any research, data, know-how, analysis or plan related to the Company’s business or any other business opportunity considered by the Company, which is used, or may be used, in the Company’s trade or
business, including but not limited to the Company’s business, is of value to the Company and is not generally known by competitors or other participants in that trade or business and that Confidential Information does not include information
which a party can demonstrate (a) is in the public domain prior to its disclosure to such party by the Company, (b) becomes part of the public domain after its disclosure to a party without violation of any obligation of confidentiality by
such party, (c) is known by such party prior to disclosure by the Company, (d) is in a recipient’s possession prior to receipt thereof from a party, (e) is disclosed to a recipient by the Company without a similar confidentiality
agreement, (f) is disclosed by a party pursuant to a requirement imposed by a governmental agency or is otherwise required to be disclosed by operation of law, except that prior to such disclosure, such party shall notify the Company and give
the Company the opportunity to object to such disclosure, or (g) is authorized by the Company to be disclosed or is otherwise designated by the Company as no longer subject to the provisions of Article 8. 

“Consent Sale” has the meaning set forth in Section 6.1(c). 

“Constating Documents” means the Notice of Articles and Articles of the Company, together with any amendments thereto or
replacements thereof. 
 “Construction Budget” means the construction budget for the Ho Tram Project, the First
Gaming Resort or the Second Gaming Resort, as the context herein shall so require. 
 “Corresponding Issuance”
has the meaning set forth in Section 6.2(b)(ii)(B). 
 “Debt” means, in respect of any Person
(a) all debts and liabilities of the Person for borrowed money, whether incurred or assumed, (b) all guarantees, sureties and similar obligations granted by the Person, (c) any obligation evidenced by bonds, debentures, notes, or
other similar instruments, (d) capital lease obligations (as determined under GAAP) of such Person, (e) any obligation secured by any lien existing on property owned or acquired by the Person, (f) any debt or liability of the Person
representing the deferred acquisition cost of property or assets created or arising under any conditional sale agreement or other title retention agreement, and (g) any liabilities, contingent, unmatured or other, under indemnities or other
agreements of the Person given in respect of any bankers’ acceptance, letter of credit, or letter of guarantee; provided, however, that “Debt” does not include deferred taxes or obligations to trade creditors (including
employees) incurred in the ordinary course of business. 
 “Debt Financing” means a financing by the Company
with a person other than a party hereto or an Entity Affiliate thereof by way of (a) loan or similar obligation, (b) any obligation evidenced by bonds, debentures, notes, or other similar instruments, (c) capital lease obligations (as
determined under GAAP), (d) bankers’ acceptances, (e) any obligation secured by any lien existing on property owned or acquired by the Company, (f) any debt or liability representing the deferred acquisition cost or purchase
price of property or assets and (g) to the extent not included in subsections (a) to (f) above, any binding commitment to provide funding to the Company which is not incurred or issued in connection with an Equity Financing, which, in
respect of each of subsections (a) to (g) above, by its terms provides that principal, interest and/or other amounts to be become due and owing in connection with such financing is convertible or exchangeable into Common Shares.

  
 -66-

 “December 2010 Letter Agreement” has the meaning set forth in
Section 6.7. 
 “Derivative Instrument” has the meaning set forth in
Section 3.2(f)(ii). 
 “Dispute Period” means the period ending thirty (30) days following
receipt by the Company of either a Claim Notice or an Indemnity Notice. 
 “Divestiture Trust” means a
divestiture trust for the benefit of the party that is Transferring its Securities to such trust as is permitted by the applicable Gaming Authority to remediate any Gaming Problem. 

“Drag-Along Notice” has the meaning set forth in Section 3.3(b). 

“Drag-Along Transaction” has the meaning set forth in Section 3.3(a)(i). 

“Encumbrances” means all mortgages, liens, pledges, security interests, charges, claims, restrictions and encumbrances
of any nature whatsoever, excluding licenses to intellectual property. 
 “Entity Affiliate” has the meaning
set forth in Section 3.1(a)(ii). 
 “Environmental Law” means any and all applicable foreign,
federal, provincial, state and local laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants. 

“Equity Financing” means a financing by the Company by way of the issuance to a Person other than a party hereto or an
Entity Affiliate thereof of (a) any Common Share and/or (b) any other securities of the Company which entitle the holder thereof to purchase or acquire, or is otherwise convertible or exchangeable into, a Common Share; 

“Equity Related Claim” means any potential claims, assertions or alleged violations in respect of contract or law
(whether made as a claim in contract or otherwise) by any person who is or was a securityholder of the Company at any time (or a person claiming to be a securityholder of the Company at any time) in respect of, or related to, or involving acts or
omissions occurring at any time, past present or future, and whether asserted by such securityholder or person or by its Affiliates, successors or assigns. 
 “Equity Securities” means any series or class of shares or equity securities of the Company, including the Common Shares and any series or class of special shares, or any options,
warrants, rights or other instruments or securities that are directly or indirectly (and whether or not on a contingency) convertible into, or exercisable or exchangeable for, any shares or equity securities of the Company, including Common Shares
(whether or not such derivative securities are issued by the Company). 

  
 -67-

 “Equity Voting Power” means the aggregate number of votes represented by
any voting securities of the Company outstanding on the date of any relevant determination of the “Equity Voting Power” (including, but not limited to the Common Shares, the Series V Special Shares and the Class VI Shares), the shares
underlying the vested portion of the Pinnacle Option, but excluding any unvested portion of the Pinnacle Option, and the shares underlying any outstanding warrants (but excluding any Backstop Warrants which are outstanding but not yet exercisable on
the date of any relevant determination of the “Equity Voting Power”). 
 “Exchange Act” means the
United States Securities Exchange Act of 1934, as amended from time to time and the rules and regulations promulgated thereunder. 
 “Executive Committee” has the meaning set forth in Section 2.1(d)(ii). 
 “Existing Shareholders Agreement” means the Amended and Restated Shareholders’ Agreement, dated April 15, 2010 (as amended to date), by and among the other shareholder
signatories thereto. 
 “Exit Notice” has the meaning set forth in Section 3.4(b). 

“Exit Sale” has the meaning set forth in Section 3.4(a). 

“Exit Sale Purchaser” has the meaning set forth in Section 3.4(a). 

“Export Control Laws” has the meaning set forth in Section 6.3(a)(ii). 

“Final Backstop Advance Date” has the meaning set forth in the Backstop Loan Agreement. 

“Financing Securities” has the meaning set forth in Section 6.3(b)(ii). 

“First Anniversary” has the meaning set forth in Section 6.2(b)(ii)(B)(1). 

“First Backstop Anniversary” means, with respect any Backstop Lender, the first anniversary of the earlier of
(a) the later of (i) the Final Backstop Advance Date and (ii) the date such Backstop Lender completes its funding under and pursuant to the Backstop Loan Agreement and (b) the date upon which the Company terminates the obligation
to make all or any remaining portion of the Backstop Advance(s) that have not been advanced by, or for and on behalf of, such Backstop Lender as of that date, whether unilaterally or with the written agreement of such Backstop Lender. 

“First Gaming Resort” means the gaming resort on Zone A of the Ho Tram Project, which is as of the date hereof
subject to the MGM Management Agreement. 

  
 -68-

 “Force Majeure” means an act of God, act of state, labor dispute, shortage
of labor or materials, natural or man-made disaster or other casualty, taking, civil commotion, riot, mob violence, insurrection, malicious mischief, sabotage, rebellion, act of public enemy, terrorism, war, invasion, embargo, infectious disease,
material disruption in airline or other transportation systems, act of a governmental authority in its sovereign capacity, local, regional or world threats or outbreak of epidemic or pandemic disease(s), travel advisories or alerts issued by any
governmental authority or any international agency or body or any other cause beyond the reasonable control of the Person to which such condition relates, including any material and adverse changes in general economic or market conditions directly
or indirectly resulting from the foregoing conditions, but excluding the inability of a Person to meet its financial obligations. 
 “Fully Diluted Basis” means the aggregate number of Common Shares, assuming the issuance, conversion or exercise (as the case may be) into Common Shares of any and all options (including
the vested portion of such options, including the Pinnacle Option, but excluding any unvested portion of such options, including the Pinnacle Option), warrants (but excluding any Backstop Warrants which are outstanding but not yet exercisable on the
date of any relevant determination of the number of Common Shares on a “Fully Diluted Basis”) and convertible or exchangeable securities issued by the Company (including without limitation the Common Shares underlying the Series V Special
Shares and the Class VI Shares). 
 “Funding Default Period” means, with respect to any Backstop Lender and as
to any Backstop Advance it is required to make under and pursuant to the Backstop Loan Agreement, the period commencing as of the date such Backstop Lender was required to make such Backstop Advance and ending as of the date such Backstop Lender
makes such Backstop Advance. 
 “Future Funding” has the meaning set forth in Section 6.1(b)(i).

 “GAAP” means generally accepted accounting principles in Canada consistently applied throughout the
specified period and in the immediately prior comparable period. 
 “Gaming” means to deal, operate, carry on,
conduct, maintain or expose for play any casino games of chance, gaming devices and other gaming activities in accordance with applicable Gaming Laws. 
 “Gaming Authority” means those national, state, local, and other governmental, regulatory, and administrative authorities, agencies, boards, commissions and officials responsible for or
involved in the regulation of gaming or gaming activities or the interpretation or enforcement of Gaming Laws, whether in Vietnam or in any other jurisdiction of the world to which the Company, Harbinger or its Entity Affiliates, or Pinnacle or PEI
or its Entity Affiliates, is subject. 
 “Gaming Laws” means those laws pursuant to which any Gaming Authority
possesses regulatory, licensing, or permit authority over gaming, whether in Vietnam or in any other jurisdiction of the world, and any Gaming License and/or other approval granting to the Company, Harbinger or Pinnacle or any of their respective
Entity Affiliates the ability to conduct Gaming activities, as any of the same may be amended from time to time. 

  
 -69-

 “Gaming License” means any concession, certificate, decree, license,
permit, approval, authorization, registration, finding of suitability, franchise, or entitlement issued by any Gaming Authority or Governmental Authority necessary for or relating to the conduct of activities under any Gaming Laws. 

“Gaming Problem” means any circumstance such that a party’s participation in the Ho Tram Project is deemed likely,
based on verifiable information or information received from any Gaming Authority or otherwise, to preclude or materially delay, impede, or impair the ability of such party or any other party to this Agreement or any of their respective Entity
Affiliates, or any business entity with respect to which such party, such other party to this Agreement or such Entity Affiliate holds a Gaming License, to obtain or retain any Gaming License (whether upon initial grant, renewal or otherwise), or to
result in the imposition of disciplinary action, including without limitation financial penalties or materially burdensome terms, limitations and conditions on any Gaming License. 

“Governmental Authority” means the government of the United States of America, Canada or Vietnam or any other foreign
government and, in each such case, any state, commonwealth, territory, county or municipality thereof, or the government of any political subdivision of any of the foregoing, or any authority, agency, ministry, court or other similar body exercising
executive, legislative, judicial, regulatory or administrative authority of such government. 
 “Harbinger” has
the meaning set forth in the preamble. 
 “Harbinger Additional Backstop Warrants” means the entitlement of
Harbinger II S.à r.l. under Warrant Certificate CS-12 dated December 6, 2012, to 57,145,140 Common Shares upon exercise of the warrants evidenced thereby. 
 “Harbinger Agent” has the meaning set forth in the Backstop Loan Agreement. 
 “Harbinger Backstop Warrants” means the Harbinger Original Backstop Warrants and the Harbinger Additional Backstop Warrants. 

“Harbinger Common Share Parties” means Harbinger II, S.à r.l., Credit Distressed Blue Line Master Fund, Ltd. and
Global Opportunities Breakaway Ltd. 
 “Harbinger Common Shares” means 252,527,842 Common Shares registered in
favor of the Harbinger Common Share Parties on the date hereof. 
 “Harbinger Director” has the meaning set
forth in Section 2.1(a)(i)(A)(1). 
 “Harbinger Equity Adjustment” has the meaning set forth in
Section 6.4(c)(i). 
 “Harbinger Original Backstop Warrants” means the entitlement of Harbinger II
S.à r.l. under Amended and Restated Warrant Certificate CS-9 dated December 6, 2012, to 111,416,678 Common Shares upon exercise of the warrants evidenced thereby. 

  
 -70-

 “Harbinger Series V Parties” means Harbinger II S.à r.l., Blue Line
ACDL, Inc. and Breakaway ACDL, Inc. 
 “Harbinger Series V Shares” means 1,420,584 Series V Special
Shares registered in favor of the Harbinger Series V Parties on the date hereof. 
 “Harbinger Subscription
Agreements” means the historical subscription and exchange agreements made between the Company and the Harbinger Common Share Parties and/or their predecessors in interest, pursuant to which the Harbinger Common Share Parties or their
predecessors in interest acquired securities of the Company or pursuant to which securities have been converted, exercised or exchanged, and includes for greater certainty the 2011 Harbinger Subscription Agreement. 

“Harbinger Zero Consideration Rights” means any anti-dilution adjustment, zero consideration adjustment or other similar
equity adjustment or equity issuance rights that Harbinger and its Entity Affiliates may possess in any Securities or instruments owned, or similar rights held, by Harbinger and its Entity Affiliates (including, without limitation, in
(a) warrants acquired by Harbinger and its Entity Affiliates in connection with that certain Loan Agreement dated as of July 27, 2010 by and among certain Harbinger entities and the Company (including, without limitation, any warrants
substituted therefor) and (b) Backstop Warrants acquired by Harbinger and its Entity Affiliates in connection with or as a result of advances made pursuant to the Backstop Loan Agreement (including, without limitation, any warrants substituted
therefor), but in each case excluding customary anti-dilution rights related to subdivision of shares, consolidation of shares, stock dividend, merger, amalgamation or similar event, and excluding top-up adjustments in favour of Harbinger and its
Entity Affiliates under Section 3.7 of the 2011 Harbinger Subscription Agreement). 
 “HDBank” means
Housing Development Commercial Joint Stock Bank. 
 “Ho Tram Project” means the development of Ho Tram resort,
an entertainment tourism and international conference center complex located on the Ho Tram Strip property in Phuoc Thuan Village, Xuyen Moc District, Ba Ria–Vung Tau Province, Vietnam. 

“Holder” has the meaning set forth in each Additional Backstop Warrant, as applicable. 

“HTPCL” means Ho Tram Project Company Limited. 
 “Indebtedness” means, as to any Person (a) indebtedness created, issued or incurred by such Person for borrowed money (whether by loan or the issuance and sale of debt securities),
(b) any obligation evidenced by bonds, debentures, notes, or other similar instruments, (c) capital lease obligations (as determined under GAAP) of such Person, (d) obligations of such Person to pay the deferred purchase or
acquisition price of property or services, other than trade accounts payable arising, and accrued expenses incurred, in the ordinary course of business, (e) indebtedness of others secured by an encumbrance on the property of such Person,
whether or not the respective indebtedness so secured has been assumed by such Person, (f) obligations of such Person in respect of letters of credit or similar instruments issued or accepted by banks and other financial institutions for the
account of such Person, and (g) indebtedness of others guaranteed of such Person. 

  
 -71-

 “Independent Committee” has the meaning set forth in
Section 2.1(d)(iv). 
 “Independent Director” means an independent, neutral and impartial
Individual member of the Board who: (a) is not otherwise disqualified to act as a director under the provisions of Section 124 of the Business Corporations Act (British Columbia), and (b) has no material relationship (or has
not had any material relationship within the last three (3) years) with the Company or its Affiliates (other than in his capacity as a director) or with any shareholder of the Company who owns more than five percent (5%) of any class of
capital stock of the Company (or its Affiliates) including, but not limited to, Harbinger and Pinnacle, or any of their respective Affiliates, such that the relationship could reasonably be expected to interfere with the exercise of such
director’s independent judgment. 
 “Individual” shall mean a natural person, whether acting for himself
or herself, or in a representative capacity. 
 “Investment Certificate” means the investment certificate dated
March 12, 2008, granted to HTPCL by the Government of Vietnam in respect of the Ho Tram Lands. 
 “Issuance
Notice” has the meaning set forth in Section 4.1(c). 
 “Lease” means the fifty
(50) year lease of the Ho Tram Lands granted to HTPCL pursuant to a lease agreement dated May 21, 2008, between HTPCL and the People’s Committee of Ba Ria – Vung Tau Province. 

“Liens” has the meaning set forth in Section 6.5(i). 

“Liquidity Event” means a “going public” transaction by the Company (including, without limitation, the Common
Shares becoming listed on a stock exchange or stock market). 
 “Loan Agreement” means the Loan Agreement,
dated July 27, 2010, by and among Harbinger and the Company, pursuant to which Harbinger agreed to loan the Loan Amount to the Company to be used as charter capital to finance Phase 1 of Zone A1 of the Ho Tram Project. 

“Loan Amount” means the amount that Harbinger agreed to loan to the Company pursuant to the terms and conditions of the
Loan Agreement. 
 “Look Back Portion” has the meaning set forth in Section 6.2(b)(ii)(B)(3)(b).

 “Majority Party” means whichever of Harbinger or Pinnacle (together with their respective Entity Affiliates)
owns the majority of the Equity Voting Power collectively held by Harbinger and Pinnacle (together with their respective Entity Affiliates) at such time of determination. 
 “Majority Party Cure Period” has the meaning set forth in Section 3.1(a)(iii)(A)(1). 

  
 -72-

 “Majority Party Sale Period” has the meaning set forth in
Section 3.1(a)(iii)(A)(2). 
 “Master Fund” means Harbinger Capital Partners Master Fund I, Ltd.

 “Material Adverse Effect” means, with respect to any event, matter or circumstance, any change or effect
that individually or when taken together with all other changes or effects that have occurred during any relevant period of time before the determination of the occurrence of that change or effect, is or is reasonably likely to (i) be
materially adverse to the business, operations, results of operations, prospects, assets, liabilities or financial condition of the Company and its Subsidiaries on a consolidated basis, (ii) cause the review of the Investment Certificate for a
purpose that would be materially adverse to the Company or its Subsidiaries, the revocation of the Investment Certificate or the imposition of a burdensome condition or restriction on the Investment Certificate by a Governmental Authority, or
(iii) cause the Ho Tram Project to be suspended, materially delayed or cancelled. 
 “MGM Management
Agreement” means the MGM Grand Resort & Casino, Ho Tram Management Agreement, dated November 17, 2008, between Ho Tram Project Company Limited and MGM Mirage Hospitality International Holdings Limited. 

“Minimum Retained Original Interest” has the meaning set forth in Section 6.5(c). 

“Minority Party” means whichever of Harbinger or Pinnacle (together with their respective Entity Affiliates) owns the
minority of the Equity Voting Power collectively held by Harbinger and Pinnacle (together with their respective Entity Affiliates) at such time of determination. 
 “Minority Party Cure Period” has the meaning set forth in Section 3.1(a)(iii)(D)(1). 
 “Minority Party Sale Period” has the meaning set forth in Section 3.1(a)(iii)(A)(4). 
 “Minority Party Vietnam Sale Period” has the meaning set forth in Section 3.1(a)(iii)(D)(2). 
 “New Class of Securities” has the meaning set forth in Section 4.1(a)(i)(A). 
 “Non-Affected Party” has the meaning set forth in Section 3.1(a)(iii)(B). 
 “Non-Affected Party U.S. Cure Period” has the meaning set forth in Section 3.1(a)(iii)(C)(1). 
 “Non-Claim Adjustment” has the meaning set forth in Section 6.4(c)(ii). 
 “Non-Qualified Person” means a Person that is themselves or is an Affiliate or associate of, (a) a Person controlled by, or associated with organized crime, or a Person convicted of
an indictable offense, (b) a Person with whom contracting or conducting business based on the identity of such Person’s owners or officers, directors or executive employees or officers, directors or executive employees of such owners would
represent a violation of Applicable Laws, or (c) a Person otherwise generally recognized in the business community as being a person, firm, or corporation with whom neither a prudent business person nor a reasonable financial institution would
wish to associate in a commercial venture such as the Ho Tram Project. 

  
 -73-

 “OFAC” has the meaning set forth in Section 6.3(a)(ii).

 “Opening Date” means the date on which the First Gaming Resort or the Second Gaming Resort, as the case may
be, or any portion thereof, is open to the general public. 
 “Operating Committee” has the meaning set forth
in Section 2.1(d)(iii). 
 “Original Backstop Warrants” means the Blue Line Original Backstop
Warrants, the Breakaway Original Backstop Warrants and the Harbinger Original Backstop Warrants. 
 “PEI” means
Pinnacle Entertainment, Inc. or its successor or any parent entity thereof. 
 “Permitted Encumbrances” means
(a) mechanics’, warehousemen’s, materialmens’, contractors’ and workmens’ liens, and other similar Encumbrances arising in the ordinary course for obligations that are not delinquent, (b) liens for current taxes
and other statutory liens and trusts not yet due and payable or that are being contested in good faith provided there are adequate reserves maintained therefore, (c) liens, pledges or deposits incurred or made in connection with workmen’s
compensation, unemployment insurance and other social security benefits, or securing the performance of bids, tenders, statutory obligations, progress payments, surety and appeal bonds and other obligations of like nature, in each case incurred in
the ordinary course of business consistent with past practice, and (d) liens and other Encumbrances that are immaterial in character, amount and extent and which do not materially detract from the value or materially interfere with the present
or proposed use of the properties they affect. 
 “Person” means any individual, corporation, co-operative,
partnership, limited partnership, firm, unincorporated association, joint venture, syndicate, trust (including a business trust), estate, succession, governmental body, or other form of entity or organization of any nature whatsoever. 

“PIK Securities” has the meaning set forth in Section 6.2(b)(iii)(B)(6). 

“Pinnacle” has the meaning set forth in the preamble. 

“Pinnacle Advisor” has the meaning set forth in Section 2.2. 

“Pinnacle Director” has the meaning set forth in Section 2.1(a). 

“Pinnacle Management Agreement” means the Resort Management Agreement entered into on August 8, 2011, between HTPCL
and PNK (VN), Inc. concerning the management of the Second Gaming Resort. 
 “Pinnacle Option” means the
option to purchase Common Shares granted to Pinnacle pursuant to the Amended and Restated Stock Option Agreement dated as of August 29, 2012, between the Company and PNK Development 31, LLC, as amended, restated and/or otherwise modified from
time to time. 

  
 -74-

 “Pinnacle Reference Percentage” has the meaning set forth in
Section 6.6(a)(ii)(B). 
 “Pinnacle Subscription Agreement” means that certain Share Subscription
Agreement, dated as of May 25, 2011, between the Company and PNK Development 18, LLC with respect to Pinnacle’s purchase of Common Shares and Series V Special Shares, as amended, restated and/or otherwise modified from time to time.

 “Pinnacle Warrant” has the meaning set forth in Section 6.3(b)(iii). 

“Policy” means the Anti-Corruption Policy attached hereto as Schedule “E”. 

“Preemptive Person” has the meaning set forth in Section 4.1(a). 

“Preemptive Securities” means Securities issued after the date hereof other than (a) Equity Securities issued
pursuant to share dividends, share splits or similar transactions undertaken in accordance with this Agreement, (b) options or Equity Securities issued pursuant to the Stock Option Plan to full time employees of the Company or its Subsidiaries,
(c) Equity Securities, options or warrants of the Company or the Company Parties issued in connection with corporate partnering, strategic alliance, technology transfer, equipment financing, leasing, commercial credit or similar transactions
representing up to an aggregate of ten percent (10%) of the Common Shares on a Fully Diluted Basis and with the approval of the Board, where such transactions do not have the raising of capital as a primary objective and provided that
the securities so issued rank pari passu with the Common Shares, (d) Equity Securities, options or warrants of the Company or Company Parties issued in connection with bona fide acquisitions, mergers or similar transactions representing
up to an aggregate of ten percent (10%) of the Common Shares on a Fully Diluted Basis with the approval of the Board, where such transactions do not have the raising of capital as a primary objective and provided that the securities so
issued rank pari passu with the Common Shares, (e) Equity Securities or Debt of the Company Parties issued to the Company, (f) Equity Securities issued pursuant to a Liquidity Event, provided that the Liquidity Event results
in the acquisition of Equity Securities on a Fully Diluted Basis representing more than twenty percent (20%) of aggregate entitlement upon liquidation or dissolution of the Company of all Equity Securities of the Company and provided
that the consideration to be raised and paid to the Company in connection with the Liquidity Event is not less than US$100 million, (g) any public offering of Equity Securities or any public offering of Debt subsequent to the occurrence of
a Liquidity Event in which the consideration to be raised and paid to the Company in connection such event is not less than US$100 million, and (h) the Pinnacle Option and the shares underlying the Pinnacle Option. 

“Preemptive Security Purchase Securities” has the meaning set forth in Section 4.1(b). 

“Principal Shareholders” has the meaning set forth in the Existing Shareholders Agreement. 

“Pro Rata Drag-Along Portion” has the meaning set forth in Section 3.3(a)(i). 

“Pro Rata Preemptive Portion” has the meaning set forth in Section 4.1(a). 

“Pro Rata Tag-Along Portion” has the meaning set forth in Section 3.2(b)(iii). 

  
 -75-

 “Proposed Transferor Backstop Lender” has the meaning set forth in
Section 6.5(i). 
 “Purchase Price” has the meaning set forth in
Section 3.1(a)(iii)(A)(5). 
 “Qualified IPO” means the first completion of an underwritten public
offering for capital raising purposes that results in (a) each of (i) aggregate net proceeds of at least US$75 million to the Company and (ii) the issuance of Equity Securities which represent, immediately following such
issuance, at least fifteen (15%) of the Common Shares on a Fully Diluted Basis, and (b) the listing of the Common Shares on a stock exchange or stock market. 
 “Qualifying Issuance” has the meaning set forth in Section 6.5. 
 “Related Party” means the Majority Party and any Significant Party. 
 “Replacement Funding” has the meaning set forth in Section 6.1(b)(ii). 
 “Representatives” means the directors, officers, employees, managers and advisors (including attorneys, accountants, investment bankers and consultants), as well as the Affiliates, of a
specified Person. 
 “ROFN Buyer” has the meaning set forth in Section 3.5(a). 

“ROFN Definitive Documentation Period” has the meaning set forth in Section 3.5(c). 

“ROFN Notice” has the meaning set forth in Section 3.5(a). 

“ROFN Period” has the meaning set forth in Section 3.5(a). 

“ROFN Seller” has the meaning set forth in Section 3.5(a). 

“ROFN Transaction” has the meaning set forth in Section 3.5(a). 

“Scope” means the overall scope of the First Gaming Resort or the Second Gaming Resort, as applicable, which shall
include without limitation all major elements and amenities of the resort such as (i) the design and square footage of the casino floor, (ii) the minimum number of slot machines (or equivalents) and table games, (iii) the minimum
number of hotel floors, (iv) the minimum, design, square footage and number of hotel rooms and separate bungalows (including number of suites), (v) the number, square footage, theme of restaurants, bars and nightclubs, (vi) the square
footage, location, number of retail space, (vii) the square footage of any convention space, (viii) the overall size, seating and production capacity and design of any venues for live concert or events, (ix) the square footage, design
and capacity of spa, pools and recreation facilities and amenities, (x) the size and capacity of public and employee parking structures, together with all exterior features, and (xi) all on-site and off-site improvements and infrastructure
related thereto. 
 “SEC” means the United States Securities and Exchange Commission. 

“Second Gaming Resort” means the second gaming resort of the Ho Tram Project. 

  
 -76-

 “Section 116 Certificate” has the meaning set forth in
Section 3.6. 
 “Securities” means any Equity Security, Debt of the Company, or other interest or
participation in Equity Securities or Debt of the Company, or any combination of any of the foregoing. 
 “Securities
Act” means the United States Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated thereunder. 
 “Series V Amendments” means the amendments to the rights, preferences, restrictions, conditions, and privileges of the Series V Shares set forth in Schedule “F” to the 2012
Subscription Agreement. 
 “Series V Special Shares” means the Special Shares Series V of the Company.

 “Significant Party” means any Person (together with its Entity Affiliates) that owns twenty percent
(20%) or more of the voting power of the issued and outstanding voting capital stock of the Company at any such time. 

“Sliding Backstop Adjustment” has the meaning set forth in Section 6.5(a)(ii). 

“Sliding Look Back Adjustment” has the meaning set forth in Section 6.2(b)(ii)(B)(2). 

“Sliding Look Back Portion” has the meaning set forth in Section 6.2(b)(ii)(B)(2). 

“Sliding Proportionate Backstop Amount” has the meaning set forth in Section 6.5(a)(ii). 

“Special Situations Fund” means Harbinger Capital Partners Special Situations GP, LLC. 

“Standard” means the plans, specifications, and standards for the design, construction, development, outfitting, and
equipping of the hotel and the casino on the First Gaming Resort or the Second Gaming Resort, as applicable, including without limitation the quality of the building type, interior build-out, interior and exterior finishes and amenities (which in
the case of the First Gaming Resort shall in general be at a world-class international luxury standard and in the case of the Second Casino Resort shall in general be at standard specified in the Brand and License Agreement), all as developed by the
Company and the operator of such gaming resort, the applicable architect, and the applicable interior designer, as supplemented or modified from time to time, and as approved by the Company, which in all events shall comply with the applicable
standard(s) set forth in the applicable management agreement. 
 “Stock Option Plan” means the Company’s
currently in force stock option plan, dated as of October 14, 2006, pursuant to which the Company is authorized to grant options for the purchase of no more than fifteen percent (15%) of the issued and outstanding Common Shares from
time to time. 
 “Subsequent Transfer” has the meaning set forth in Section 3.2(f)(ii). 

  
 -77-

 “Subsidiary” means, with respect to a Person, each other Person in which
such Person owns, directly or indirectly, capital stock or other equity interests representing more than fifty percent (50%) of the outstanding capital stock or other equity interests, the holders of which are generally entitled to vote for the
election of the board of directors or other governing body of such other Person. 
 “Supplemental Agreement”
means the Supplemental Agreement, dated as of July 13, 2010 by and between the Company and Harbinger Capital Investments S.a.r.l. 
 “Tag-Along Acceptance Notice” has the meaning set forth in Section 3.2(a)(iii). 
 “Tag-Along Notice” has the meaning set forth in Section 3.2(a)(ii). 
 “Tag-Along Party” has the meaning set forth in Section 3.2. 
 “Tag-Along Sale” has the meaning set forth in Section 3.2. 
 “Tag-Along Security” has the meaning set forth in Section 3.2. 
 “Tax Legislation” has the meaning set forth in Section 6.4(i). 
 “Third Anniversary” has the meaning set forth in Section 6.2(b)(ii)(B)(2). 
 “Third Backstop Anniversary” means, with respect to any Backstop Lender, the third anniversary of the earlier of (a) the later of (i) the Final Backstop Advance Date and
(ii) the date such Backstop Lender completes its funding under and pursuant to the Backstop Loan Agreement and (b) the date upon which the Company terminates the obligation to make all or any remaining portion of the Backstop Advance(s)
that have not been advanced by, or for and on behalf of, such Backstop Lender as of that date, whether unilaterally or with the written agreement of such Backstop Lender. 
 “Third-Party Offeror” has the meaning set forth in Section 3.2. 
 “Top-Up Adjustments” has the meaning set forth in Section 6.4(c)(i). 
 “Transfer” means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate, or similarly dispose of, either voluntarily or involuntarily, or to enter into any
contract, option, or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation, or similar disposition of, any Securities owned by a Person or any interest (including a beneficial interest)
therein owned by a Person. The foregoing notwithstanding, it is acknowledged and agreed that “Transfer” as herein defined shall not, and shall not be deemed to, include: (i) any Transfer of any interest in PEI (or of any entity that
directly or indirectly holds any interest in PEI), by any means whatsoever (including, without limitation, by virtue of trading of such interests on a stock exchange or other market, private transfers, new issuances, mergers, consolidations, tender
offers or any other transactions); (ii) the Transfer of any interest in, or held by, any Subsidiary of PEI other than Transfers after which PEI no longer owns, directly or indirectly, the respective Securities it owned immediately prior to such
Transfer, it being agreed that such continuing ownership shall not be required with respect to a transfer of all or substantially all of the assets of PEI and its Subsidiaries, and such transfer of all or substantially all of the assets of PEI and
its Subsidiaries shall not be and shall not be deemed a Transfer for all purposes of this Agreement; or (iii) any pledge by PEI or any of its Subsidiaries effected to secure the obligations under a PEI Debt Facility, and any Transfers pursuant
to the exercise of rights thereunder. “PEI Debt Facility” for purposes hereof means any credit agreement, loan agreement, indenture or other agreement pursuant to which credit is extended or made available to PEI and some or all of
its Subsidiaries. 

  
 -78-

 “Transferring Seller” has the meaning set forth in Section 3.2.

 “Treasury Regulations” means the regulations prescribed under the Code. 

“2011 Harbinger Subscription Agreement” means that certain Subscription Agreement dated August 8, 2011, between the
Company, as issuer, the Harbinger Series V Parties and the Harbinger Common Share Parties pursuant to which Harbinger II S.à r.l. acquired common shares and Series V Special Shares of the Company, as amended, restated and/or otherwise
modified from time to time. 
 “2012 Subscription Agreement” means that certain Share Subscription Agreement
dated as of August 28, 2012, between the Company, as issuer, and each of the Harbinger and Pinnacle parties thereto, as subscribers, as amended and restated on September 28, 2012, and as the same may be further amended and/or restated from
time to time, pursuant to which (a) such Harbinger parties will commit to invest a total of US$44,400,000 in the Company to purchase up to 444,000 Class VI Shares and (b) such Pinnacle parties will commit to invest a total of US$15,600,000
in the Company to purchase up to 156,000 Class VI Shares. 
 “U.S. GAAP” means generally accepted accounting
principles in the United States consistently applied throughout the specified period and in the immediately prior comparable period. 
 “Vietnam” means the Socialist Republic of Vietnam. 

“Voting Period” means that period of time during which the Existing Shareholders Agreement remains in full force and
effect and a valid and enforceable agreement of the parties thereto. 
 Section 7.2 Headings. The division of this
Agreement into Sections and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”, “hereunder”
and similar expressions refer to this Agreement and not to any particular Section or other portion hereof and include any agreement supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein
to Sections and Paragraphs are to Sections and Paragraphs of this Agreement. 

  
 -79-

 Section 7.3 Extended Meanings. In this Agreement words importing the singular
number only shall include the plural and vice versa, words importing the masculine gender shall include the feminine and neuter genders and vice versa and words importing persons shall include individuals, partnerships, associations, trusts,
unincorporated organizations and corporations. 
 Section 7.4 Currency. All references to currency herein are to
lawful money of the United States of America. 
 ARTICLE 8 

CONFIDENTIALITY 
 Section 8.1 Confidentiality Covenant. Except as required by Applicable Law, each of Harbinger and Pinnacle hereby covenants and agrees that it shall not, without the consent of the other
shareholder and the Company, directly or indirectly, communicate or disclose to any Person, or use for any purpose other than the business or the administration of any investment by such shareholder, any Confidential Information acquired by such
shareholder, nor shall it utilize or make available any such Confidential Information, directly or indirectly, in connection with the Transfer or proposed Transfer of any of its Securities. Nothing in this Agreement shall prevent disclosure of
Confidential Information to Harbinger’s or Pinnacle’s directors, officers, employees or agents or its financial, legal, accounting or other advisors provided such advisors are informed in advance as to the confidential nature of the
communication and agree to keep such information confidential. 
 Section 8.2 Other Permitted Disclosure.

 (a) Each of Harbinger and Pinnacle may also disclose Confidential Information to any potential purchaser of its Securities any
relevant information, except for trade secrets, with respect to the Company and its Subsidiaries, in order to allow such a potential purchaser to determine whether to acquire such Securities, provided that said shareholder shall first obtain
from any Person to whom information is to be disclosed, a confidentiality agreement as to such information. 
 (b) Pinnacle and
its Entity Affiliates may make disclosures to third Persons (including, but not limited to, disclosures to security analysts or made during earnings calls) regarding Confidential Information or such other information about the Company so long as the
disclosure of any such information is mutually agreed to in writing from time to time by Pinnacle, the Company and Harbinger. As a result of such pre-approval with respect to such information, Pinnacle and its Entity Affiliates shall not be required
to seek the approval of the Company and Harbinger prior to each subsequent disclosure of such pre-approved information. 

  
 -80-

 (c) Notwithstanding anything in this Agreement to the contrary, the parties thereto
acknowledge that PEI and its Entity Affiliates shall be entitled to make such disclosures regarding the Company and its Subsidiaries and their affairs (including, without limitation, financial information) as they deem necessary or appropriate in
connection with (a) PEI’s and its Entity Affiliates’ reporting or disclosure obligations under United States securities laws, rules and regulations and rules and regulations of stock exchanges and stock markets where their securities
are listed or traded, whether in connection with documents filed with or information supplied to the SEC, stock exchanges or other stock markets on which its securities may be listed or traded (which for purposes hereof shall include earnings
releases filed by PEI with the SEC), (b) disclosures to Governmental Authorities (including, without limitation, Gaming Authorities), and (c) corporate transactions, including without limitation public or private securities transactions,
loans and other financing transactions, proxy solicitations and merger and acquisition transactions, including, without limitation, merger and acquisition transactions involving PEI itself. 

Section 8.3 Remedies. Each of the parties agrees that the restrictions contained in this Agreement are necessary and
fundamental to the protection of the Company’s business and that all such restrictions are reasonable and valid and all defenses to the strict enforcement thereof are hereby waived. Each of the parties acknowledges that a breach or threatened
breach of any provision of this Article 8 will result in the Company and the other shareholder party hereto suffering irreparable harm not compensated by damages alone. Accordingly, the parties agree that the Company and the other
shareholder party hereto shall be entitled to interim and permanent injunctive relief, specific performance and other equitable remedies, in addition to any other relief to which such Person may be entitled under Applicable Law. 

ARTICLE 9 

[INTENTIONALLY OMITTED] 
 ARTICLE 10 
 MISCELLANEOUS 

Section 10.1 Termination. 
 (a) Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by Harbinger and Pinnacle as provided under Section 10.2: 

(i) Upon the consummation of a Qualified IPO: 
 (A) the provisions of Article 2, Article 3 and Article 4 shall terminate; and 
 (B) all other provisions of this Agreement shall survive the consummation of a Qualified IPO and continue in effect. 

  
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 (ii) Upon the occurrence of a Liquidity Event other than a Qualified IPO: 

(A) the provisions of Article 2, Article 3 and Article 4 shall terminate if the managing underwriter
advises the Company in good faith that, in its view, the survival of any of Article 2, Article 3 or Article 4 following the consummation of such offering would materially impair its ability to recognize fair value
for the Common Shares to be offered; and 
 (B) all other provisions of this Agreement shall survive the
consummation of a such Liquidity Event and continue in effect. 
 (b) If either Harbinger or Pinnacle no longer directly or
indirectly has any beneficial interest in any Equity Securities and is otherwise not in default of this Agreement, then from that point forward such Person shall be deemed to no longer be a party to this Agreement; provided, further,
that where such a Person disposed of its Equity Securities in compliance with the provisions of this Agreement it shall be entitled to the benefit of and be bound by the rights and obligations set forth in this Agreement in respect of any matter
occurring prior to such disposition. 
 (c) Nothing in this Agreement shall relieve any party from any liability for the breach
of any obligations set forth in this Agreement. Nothing in this Section 10.1 is intended to have any effect on other contracts or agreements to which the Company is a party. 

Section 10.2 Amendments. This Agreement and the provisions herein may be amended only if any such amendment is in writing and
has been approved by Harbinger, Pinnacle and the Company and any permitted assignees and transferees of such parties. A copy of each such amendment shall be sent to each shareholder that is a party hereto and shall be binding upon each such
shareholder; provided, that the failure to deliver a copy of such amendment shall not impair or affect the validity of such amendment. 
 Section 10.3 Waiver. The failure of a party in any one or more instances to insist upon strict performance of any of the terms of this Agreement or to exercise any right or privilege arising
under it shall not preclude it from requiring by reasonable notice that any other party duly perform its obligations or preclude it from exercising such a right or privilege under reasonable circumstances, nor shall waiver in any one instance of a
breach be construed as an amendment of this Agreement or waiver of any later breach. A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. 

Section 10.4 Assignment. 
 (a) The Company shall not assign this Agreement or its interest herein or any part hereof except with the prior written consent of the Majority Party and the Minority Party. Harbinger and Pinnacle shall
not assign this Agreement except in the manner expressly contemplated herein. 

  
 -82-

 (b) Notwithstanding anything to the contrary in this Agreement, each Harbinger entity that
is a signatory hereto may assign from time to time any and all of its right, title and interest in and to, and all of its obligations under or in respect of, this Agreement and any Securities or other agreement or instrument related thereto, to any
other Harbinger entity that is a signatory hereto without restriction and without the consent of the Company, the Board, Pinnacle or any other Person, and immediately upon such assignment, any such Harbinger transferee shall be deemed to include
within the definition of “Harbinger” for all purposes under this terms and conditions of this Agreement. 
 (c)
Notwithstanding anything to the contrary in this Agreement, neither Harbinger nor Pinnacle nor their respective Entity Affiliates may Transfer Securities except in compliance with the terms of this Agreement. 

Section 10.5 Enforcement. The parties to this Agreement agree that irreparable damage would occur in the event that any of
the provisions of this Agreement to be performed by Harbinger, Pinnacle or the Company were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each of the Company and each non-breaching
shareholder shall be entitled to an injunction or injunctions or such other equitable relief as may be deemed proper by a court of competent jurisdiction to prevent breaches by any shareholder party or the Company to this Agreement and to enforce
specifically the terms and provisions of this Agreement applicable to any such shareholder or the Company, this being in addition to any other remedy or relief to which each such party is entitled under Applicable Law or in equity, and that neither
any shareholder or the Company shall resist an application for such injunction, injunctions, or other equitable relief on the ground that the Company or any other shareholder has an adequate remedy under Applicable Law. In the event that the
Company, Harbinger or Pinnacle shall file suit to enforce the covenants contained in this Agreement (or obtain any other remedy in respect of any breach thereof), the prevailing party in the suit shall be entitled to recover, in addition to all
other damages to which it may be entitled, the costs incurred by such party in conducting the suit, including reasonable attorney’s fees and expenses. 
 Section 10.6 Notices. All notices, demands or requests required or permitted under this Agreement must be in writing, and shall be made by hand delivery, certified mail, overnight courier
service, electronic mail or facsimile to the address, electronic mail address or facsimile number set forth below such shareholder’s name, but any party may designate a different address, electronic mail address or facsimile number by a notice
similarly given to the Company. Any such notice or communication shall be deemed given when delivered by hand, if delivered on a Business Day, the next Business Day after delivery by hand if delivered by hand on a day that is not a Business Day;
four (4) days after being deposited in the United States mail, postage prepaid, return receipt requested, if mailed; on the next Business Day after being deposited for next day delivery with Federal Express or a similar overnight courier; when
receipt is acknowledged, whether by facsimile confirmation or return electronic mail, if sent by facsimile or electronic mail on a Business Day; and the next Business Day following the day on which receipt is acknowledged whether by facsimile
confirmation or return electronic mail, if sent by facsimile or electronic mail on a day that is not a Business Day. 

  
 -83-

	 	(a)	to the Company: 

 Asian Coast
Development (Canada) Ltd. 
 1055 West Hastings Street – Suite 2150 

Vancouver, British Columbia 
 Canada V6E 2E9 
 Attention: Lloyd Nathan 

Facsimile: (778) 329-0439 
 Email: lnathan@asiancoastdevelopment.com 
 with a copy, not constituting
notice, to: 
 Heenan Blaikie LLP 
 #2200 – 1055 West Hastings Street 
 Vancouver, British Columbia 

Canada V6E 2E9 

Attention: John Legge 
 Facsimile: (604) 669-5101 
 Email: jlegge@heenan.ca 

 

	 	(b)	to Harbinger: 

 Harbinger II
S.à r.l. 
 412F, route d’Esch 
 L-1471 Luxembourg 
 Attention: Christine Bourg, Senior Corporate Officer

 Facsimile: (+352) 47 11 01 
 with a copy, not constituting notice, to: 
 Milbank, Tweed,
Hadley & McCloy LLP 
 1 Chase Manhattan Plaza 
 New York, NY 10005 
 Attention: Alexander Kaye 

Facsimile: (212) 822-5171 
 Email: akaye@milbank.com 

  
 -84-

 and with a further copy not constituting notice, to: 

Harbinger Capital Partners Master Fund I, Ltd. 
 c/o Harbinger Capital Partners 
 450 Park Avenue, 30th Floor 

New York NY 10022 

Attention: General Counsel 
 Facsimile: (212) 898-1309 
 Email: rroger@harbingercapital.com 

 

	 	(c)	to Pinnacle and PNK Development 31, LLC: 

 PNK Development 18, LLC 
 8918 Spanish Ridge Ave. 

Las Vegas, NV 89148 
 Attention: Corporate Secretary 
 Facsimile: (702) 784-7773 

with a copy, not constituting notice, to: 
 Irell & Manella LLP 
 1800 Avenue of the Stars 

Suite 900 
 Los
Angeles, CA 90067-4276 
 Attention: Ashok Mukhey 
 Facsimile: (310) 203-7199 
 Email: amukhey@irell.com 

Section 10.7 Further Assurances. 
 (a) Each of the parties hereto shall from time to time at the request of any of the other parties hereto and without further consideration, execute and deliver all such other additional assignments,
transfers, instruments, notices, releases and other documents and shall do all such other acts and things as may be necessary or desirable to carry out the true intent and meaning of this Agreement. 

(b) The Company shall use its commercially reasonable efforts to negotiate future Company contracts to provide that at such time as
Pinnacle shall become the holder of a majority of the voting power of the outstanding capital stock of the Company, such event shall not constitute a “change of control” or similar occurrence under any such future Company contract.

 (c) Each of Harbinger and Pinnacle agrees to not, without the written consent of the other party, amend the Harbinger
Subscription Agreements or the Pinnacle Subscription Agreement, respectively, or the 2012 Subscription Agreement. 

  
 -85-

 Section 10.8 Binding Effect. This Agreement shall enure to the benefit of and be
binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns. 

Section 10.9 No Third Party Beneficiaries. Nothing expressed or referred to in this Agreement will be construed to give any
Person, other than the Company, Harbinger and Pinnacle any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. 

Section 10.10 Severability. If any provision of this Agreement is determined to be invalid or unenforceable in whole or in
part, such invalidity or unenforceability shall attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof shall continue in full force and effect. 

Section 10.11 Entire Agreement. This Agreement constitutes the entire agreement among the parties pertaining to the specific
subject matter hereof and supersedes any and all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties related to such specific subject matter. There are no warranties, representations or other
agreements among the parties in connection with the specific subject matter hereof except as specifically set forth herein and therein. 
 Section 10.12 Governing Law. 
 (a) This Agreement shall be deemed to be
made in, and in all respects shall be interpreted, construed and governed by and in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein without regard to any conflict of law principles
thereof that would result in the application of the laws of any other jurisdiction. 
 (b) Each of the parties agrees that any
action or proceeding arising out of or relating to this Agreement must be instituted in the Courts of the Province of British Columbia, waives any objection which it may have now or later to the venue of that action or proceeding, irrevocably and
unconditionally submits to the exclusive jurisdiction of those Courts in that action or proceeding and agrees to be bound by any final judgment of those Courts. 
 Section 10.13 Independent Legal Advice. With respect to the preparation of this Agreement and the rights and obligations herein, all parties to this Agreement acknowledge and confirm that they
have been advised to seek, and have sought or otherwise have waived, independent legal advice with respect to this Agreement and the documents delivered pursuant thereto. 

  
 -86-

 Section 10.14 Expenses. Except as otherwise expressly provided herein, each
party will pay its own costs and expenses, including legal and accounting expenses, related to the negotiation, preparation and execution of this Agreement and the transactions occurring substantially simultaneously with the execution of this
Agreement. 
 Section 10.15 Counterparts. This Agreement may be executed by facsimile or other electronic
transmission and in as many counterparts as are necessary, each of which shall be deemed to be an original, and shall be binding on each party when each party hereto has signed and delivered one such counterpart. When a counterpart of this Agreement
has been executed by each party, all counterparts together shall constitute one agreement. 
 Section 10.16 English
Language. The parties acknowledge that they have required that these presents be drawn up in the English language. Les parties reconnaissent avoir exigé que les présentes soient rédigées en langue anglaise.

 [Signature Pages Follow] 

  
 -87-

 IN WITNESS WHEREOF the parties, intending to be legally bound, have executed and delivered
this Agreement. 
  

									
	 ASIAN COAST DEVELOPMENT (CANADA) LTD.
	  		 	HARBINGER II S.À R.L.
					
	 Per:
	  	 /s/ Stephen Shoemaker
	  		 	Per:	 	 /s/ Robin Rogers

	 Name:
 Title:
	  	 Stephen Shoemaker
 President
and Chief Financial Officer
	  		 	 Name:

Title:
	 	 Robin Rogers
 A
Manager

					
		  		  		 	Per:	 	 /s/ Lorenzo Barcaglioni

		  		  		 	 Name:

Title:
	 	 Lorenzo Barcaglioni
 B
Manager

			
	 BLUE LINE ACDL, INC.
	  		 	BREAKAWAY ACDL, INC.
					
	 Per:
	  	 /s/ Ian Estus
	  		 	Per:	 	 /s/ Ian Estus

	 Name:
 Title:
	  	 Ian Estus

Vice-President
	  		 	 Name:

Title:
	 	 Ian Estus

Vice-President

			
	HARBINGER CHINA DRAGON INTERMEDIATE FUND, L.P., By: Harbinger Capital Partners II LP, its investment manager	  		 	CREDIT DISTRESSED BLUE LINE MASTER FUND, LTD., By: Harbinger Capital Partners II LP, its investment manager
					
	 Per:
	  	 /s/ Ian Estus
	  		 	Per:	 	 /s/ Ian Estus

	 Name:
 Title:
	  	 Ian Estus
 Authorized
Signatory
	  		 	 Name:

Title:
	 	 Ian Estus
 Authorized
Signatory

			
	GLOBAL OPPORTUNITIES BREAKAWAY LTD., By: Harbinger Capital Partners II LP, its investment manager	  		 	PNK DEVELOPMENT 18, LLC
					
	 Per:
	  	 /s/ Ian Estus
	  		 	Per:	 	 /s/ Carlos A. Ruisanchez

	Name: Title:	  	 Ian Estus
 Authorized
Signatory
	  		 	 Name:

Title:
	 	 Carlos A. Ruisanchez
 Chief
Financial Officer, Treasurer

			
	PNK DEVELOPMENT 31, LLC
		
	 Per:
	 	 /s/ Carlos A. Ruisanchez

	 Name: Carlos A. Ruisanchez

Title: Chief Financial Officer, Treasurer

 Schedule 6.2(a)(v) 
 Project Delta 
 Construction Budget Analysis – Zone A1 

Items Subject to 3% Variance 
 Hard Costs: 
 Convention Center 

Casino 
 Retail

 Hotel 

Back of House 

External Works 
 Soft Costs:

 FF&E/OS&E 
 IT Systems 
 Project Office 

Nursery (Golf Course) 
 Acceleration Cost 
 Pre-Opening 

Items Not Subject to 3% Variance 
 Remaining Budget Costs: 
 Consultant Fees 

Local and Provincial Authority Fees 
 HTP OH / Insurance / MGM CAA Fees and Other 
 Buses 

Helicopters 

Currency conversion from USD to VND 
 Importation Duties 
 Cost Escalation 

Project Contingency 

 Schedule 6.2(b)(i) 
 All agreements and instruments referred to in Schedule “D” to the Pinnacle Subscription Agreement to which Harbinger or any of its Entity Affiliates is a party, together with (i) the Blue
Line Loan Agreement, (ii) the Administrative Services Agreement to be entered into between Asian Coast Development (Canada) Ltd. and PNK Development 31, LLC, among others, pursuant to the Services Agreement Term Sheet, (iii) the Stock
Option Agreement dated as of August 29, 2012 between Asian Coast Development (Canada) Ltd. and PNK Development 31, LLC and (iv) all Transaction Documents to which Harbinger or any of its Entity Affiliates is a party. 

 Schedule 6.2(b)(ii)(B) 

Illustrative Examples of Purchase Right set forth in Section 6.2(b)(ii)(B)  

This Schedule 6.2(b)(ii)(B) and the attached spreadsheet and timeline are for illustrative purposes only and set forth
several examples of Pinnacle’s right to acquire from Harbinger and its Entity Affiliates Financing Securities pursuant to the terms and conditions of Section 6.2(b)(ii)(B) (solely for purposes of this Schedule and corresponding
spreadsheet and timeline, the “Look Back Right”). To the extent that there is a conflict between this Schedule, the corresponding spreadsheet and timeline, on the one hand, and the Agreement, on the other hand, the terms and
conditions of the Agreement shall prevail. Capitalized terms used in this Schedule, the corresponding spreadsheet and timeline that are not defined herein shall have the meanings set forth in the Agreement. 

Universal Assumptions 

The assumptions below shall apply to each illustrative example provided for in this Schedule, and shall be in addition to the specific
assumptions set forth in each illustrative example in this Schedule. These universal assumptions assume that immediately following the consummation of the transactions contemplated by this Agreement: 

 

	 	(a)	the Company will have 100 Common Shares issued and outstanding. 

  

	 	(b)	Harbinger will own 70 Common Shares on a Fully Diluted Basis. 

  

	 	(c)	Pinnacle will own 26 Common Shares on a Fully Diluted Basis. 

  

	 	(d)	As a result, relative to one another: 

  

	 	(i)	Harbinger will own (A) 73% of the Common Shares collectively held by Harbinger and Pinnacle and (B) 70% of the Common Shares on a Fully Diluted Basis; and

  

	 	(ii)	Pinnacle will own (A) 27% of the Common Shares collectively held by Harbinger and Pinnacle and (B) 26% of the Common Shares on a Fully Diluted Basis.

  

	 	(e)	For purposes of this Schedule 6.2(b)(ii)(B), the terms “Harbinger” and “Pinnacle” shall include their respective Entity Affiliates that
own Equity Securities. 

 (collectively, the assumptions above in clauses (a) — (e) are referred to in this Schedule
as the “Universal Assumptions”). 

  
 1 

 Scenario #1 
  

	 	•	Three issuances of Common Shares by the Company. 

  

	 	•	Harbinger fully exercises its preemptive rights from Company in all issuances. 

 

	 	•	Pinnacle’s exercises of its preemptive rights varies by issuance. 

 

	 	•	Pinnacle exercises Look Back Right related to Issuance 2. 

 In addition to the Universal Assumptions, the following additional assumptions apply to Scenario #1: 
  

	(1)	The Company issues 100 Common Shares on Day 1 (“Issuance 1”). 

 

	 	(a)	Harbinger fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(C), acquires
72.92 Common Shares from the Company in Issuance 1. 

  

	 	(i)	i.e., 72.92 Common Shares equals: 

  

	 	(A)	100 Common Shares issued by the Company in Issuance 1 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 70 Common Shares held by Harbinger prior to Issuance 1 and the denominator of which is 96 Common Shares held collectively by
Harbinger and Pinnacle prior to Issuance 1. 

  

	 	(b)	Pinnacle fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(C), acquires
the remaining 27.08 Common Shares from the Company in Issuance 1. 

  

	 	(i)	i.e., 27.08 Common Shares equals: 

  

	 	(A)	100 Common Shares issued by the Company in Issuance 1 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 26 Common Shares held by Pinnacle prior to Issuance 1 and the denominator of which is 96 Common Shares held collectively by
Harbinger and Pinnacle prior to Issuance 1. 

  

	 	(c)	No remaining Common Shares in Issuance 1. 

	(2)	Exactly one year following Issuance 1, the Company issues another 100 Common Shares (“Issuance 2”). 

 

	 	(a)	Harbinger fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(C), acquires
72.92 Common Shares from the Company in Issuance 2. 

  

	 	(i)	i.e., 72.92 Common Shares equals: 

  

	 	(A)	100 Common Shares issued by the Company in Issuance 2 multiplied by 

  
 2 

	 	(B)	a fraction, the numerator of which is 142.92 Common Shares held by Harbinger prior to Issuance 2 and the denominator of which is 196.00 Common Shares held collectively
by Harbinger and Pinnacle prior to Issuance 2. 

  

	 	(b)	Pinnacle exercises 50% of its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(C), acquires
13.54 Common Shares from the Company in Issuance 2. 

  

	 	(i)	i.e., 13.54 Common Shares equals: 

  

	 	(A)	100 Common Shares issued by the Company in Issuance 2 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 53.08 Common Shares held by Pinnacle prior to Issuance 2 and the denominator of which is 196.00 Common Shares held collectively by
Harbinger and Pinnacle prior to Issuance 2 divided by 

  

	 	(C)	2 (i.e., 50%). 

  

	 	(c)	The remaining Common Shares from Issuance 2 (i.e., 13.54 Common Shares) are acquired by stockholders other than Harbinger or Pinnacle. 

 

	(3)	Look Back Right: 

  

	 	(a)	During the notice period with respect to Issuance 3 as provided for in Section 4.1(c) and prior to the issuance in Issuance 3, Pinnacle fully exercises its
Look Back Right with respect to Issuance 2 to acquire 6.21 Common Shares from the 72.92 Common Shares that Harbinger acquired in Issuance 2. 

  

	 	(i)	i.e., 6.21 Common Shares equals the difference between: 

  

	 	(A)	the product of: 

  

	 	(I)	Pinnacle’s Common Share ownership interest relative to Harbinger’s Common Share ownership interest immediately prior to Issuance 2, expressed as a percentage
(27.08%), multiplied by 

  

	 	(II)	the Common Shares purchased by Harbinger from the Company in Issuance 2 (72.92 Common Shares). 

 minus  
  

	 	(B)	13.54 Common Shares that Pinnacle purchased from the Company in Issuance 2. 

 

	**	Note: Because this Look Back Right is exercised before the First Anniversary of Issuance 2, there is no Sliding Pro Rata Adjustment.

  
 3 

	(4)	On the second anniversary of Issuance 1, the Company issues another 100 Common Shares (“Issuance 3”). 

 

	 	(a)	Harbinger fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(C), acquires
74.22 Common Shares from the Company in Issuance 3. 

  

	 	(i)	i.e., 74.22 Common Shares equals: 

  

	 	(A)	100 Common Shares issued by the Company in Issuance 3 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 209.63 Common Shares held by Harbinger prior to Issuance 3 and the denominator of which is 282.46 Common Shares held collectively
by Harbinger and Pinnacle prior to Issuance 3. 

  

	 	(b)	Pinnacle fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(C), acquires
25.78 Common Shares from the Company in Issuance 3. 

  

	 	(i)	i.e., 25.78 Common Shares equals: 

  

	 	(A)	100 Common Shares issued by the Company in Issuance 3 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 72.83 Common Shares held by Pinnacle prior to Issuance 3 and the denominator of which is 282.46 Common Shares held collectively by
Harbinger and Pinnacle prior to Issuance 3. 

  
 4 

 Scenario #2 
  

	 	•	Issuance of New Class of Securities by the Company (e.g., Series VI Special Shares). 

 

	 	•	Two additional issuances of Series VI Special Shares over a 2—year period. 

 

	 	•	Harbinger fully exercises its preemptive rights from Company in all issuances. 

 

	 	•	Pinnacle’s exercise of its preemptive rights varies with issuance. 

 

	 	•	Pinnacle exercises Look Back Rights. 

 In addition to the Universal Assumptions, the following additional assumptions apply to Scenario #2: 
  

	(1)	On Day 1, the Company issues 100 shares of a New Class of Securities — the Series VI Special Shares (“Issuance 1”). 

 

	 	(a)	Harbinger fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(A), acquires
72.92 Series VI Special Shares from the Company in Issuance 1. 

  

	 	(i)	i.e., 72.92 Series VI Special Shares equals: 

  

	 	(A)	100 Series VI Special Shares issued by the Company in Issuance 1 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 70 Common Shares held by Harbinger prior to Issuance 1 and the denominator of which is 96 Common Shares held collectively by
Harbinger and Pinnacle prior to Issuance 1. 

  

	 	(b)	Pinnacle exercises 25% of its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(A), acquires
6.77 Series VI Special Shares from the Company in Issuance 1. 

  

	 	(i)	i.e., 6.77 Series VI Special Shares equals: 

  

	 	(A)	100 Series VI Special Shares issued by the Company in Issuance 1 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 26 Common Shares held by Pinnacle prior to Issuance 1 and the denominator of which is 96 Common Shares held collectively by
Harbinger and Pinnacle prior to Issuance 1 divided by 

  

	 	(C)	4 (i.e., 25%). 

  

	 	(c)	The remaining Series VI Special Shares from Issuance 1 (i.e., 20.31 Series VI Special Shares) are acquired by stockholders other than Harbinger or
Pinnacle. 

  
 5 

	(2)	Exactly six months following Issuance 1, the Company issues Add-On Securities by issuing another 100 Series VI Special Shares (“Issuance 2”).

  

	 	(a)	Harbinger fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(B), acquires
72.92 Series VI Special Shares from the Company in Issuance 2. 

  

	 	(i)	i.e., 72.92 Series VI Special Shares equals: 

  

	 	(A)	100 Series VI Special Shares issued by the Company in Issuance 2 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 72.92 Series VI Special Shares held by Harbinger prior to Issuance 2 and the denominator of which is 100 Series VI
Special Shares issued and outstanding on a Fully Diluted Basis prior to Issuance 2. 

  

	 	(b)	Pinnacle fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(B), acquires
6.77 Series VI Special Shares from the Company in Issuance 2. 

  

	 	(i)	i.e., 6.77 Series VI Special Shares equals: 

  

	 	(A)	100 Series VI Special Shares issued by the Company in Issuance 2 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 6.77 Series VI Special Shares held by Pinnacle prior to Issuance 2 and the denominator of which is 100 Series VI Special
Shares issued and outstanding on a Fully Diluted Basis prior to Issuance 2. 

  

	 	(c)	The remaining Series VI Special Shares from Issuance 2 (i.e., 20.31 Series VI Special Shares) are acquired by stockholders other than Harbinger or
Pinnacle. 

  

	(3)	Look Back Right — With Respect to Issuance 1: 

  

	 	(a)	One day prior to the issuance in Issuance 3 (and during the notice period with respect to Issuance 3 as provided for in Section 4.1(c)), Pinnacle fully
exercises its Look Back Right with respect to Issuance 1 to acquire 6.51 Series VI Special Shares from the 72.92 Series VI Special Shares that Harbinger acquired in Issuance 1. 

 

	 	(i)	i.e., 6.51 Series VI Special Shares equals the amount determined by: 

 

	 	(A)	the product of: 

  

	 	(I)	Pinnacle’s Common Share ownership interest relative to Harbinger’s Common Share ownership interest immediately prior to Issuance 1, expressed as a percentage
(27.08%), multiplied by 

  

	 	(II)	the Series VI Special Shares purchased by Harbinger from the Company in Issuance 1 (72.92 Series VI Special Shares) 

  
 6 

 minus  
  

	 	(B)	6.77 Series VI Special Shares that Pinnacle purchased from the Company in Issuance 1 

 multiplied by  
  

	 	(C)	0.50, which represents the Sliding Pro Rata Preemptive Portion, which is equal to: 

 

	 	(I)	366 (representing the number of days between the date on which Pinnacle exercised the Look Back Right with respect to Issuance 1 and the Third Anniversary of Issuance
1) divided by 

  

	 	(II)	730. 

  

	(4)	Look Back Right — With Respect to Issuance 2: 

  

	 	(a)	One day prior to the issuance in Issuance 3 and immediately following the exercise of the Look Back Right on Issuance 1 (and during the notice period with respect to
Issuance 3 as provided for in Section 4.1(c)), Pinnacle fully exercises its Look Back Right with respect to Issuance 2 to acquire 9.80 Series VI Special Shares from the 72.92 Series VI Special Shares that Harbinger acquired in
Issuance 2. 

  

	 	(i)	i.e., 9.80 Series VI Special Shares equals the amount determined by: 

 

	 	(A)	the product of: 

  

	 	(I)	Pinnacle’s Common Share ownership interest relative to Harbinger’s Common Share ownership interest immediately prior to Issuance 2, expressed as a percentage
(27.08%), multiplied by 

  

	 	(II)	the Series VI Special Shares purchased by Harbinger from the Company in Issuance 2 (72.92 Series VI Special Shares) 

minus  
  

	 	(B)	6.77 Series VI Special Shares that Pinnacle purchased from the Company in Issuance 2 

 multiplied by  
  

	 	(C)	0.75, which represents the Sliding Pro Rata Preemptive Portion, which is equal to: 

 

	 	(I)	551 (representing the number of days between the date on which Pinnacle exercised the Look Back Right with respect to Issuance 2 and the Third Anniversary of Issuance
2) divided by 

  

	 	(II)	730. 

  
 7 

	(5)	On the second anniversary of Issuance 1, the Company issues Add-On Securities by issuing another 100 Series VI Special Shares (“Issuance 3”).

  

	 	(a)	Harbinger fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(B) and
taking into account the Look Back Rights exercised above, acquires 64.77 Series VI Special Shares from the Company in Issuance 3. 

  

	 	(i)	i.e., 64.77 Series VI Special Shares equals: 

  

	 	(A)	100 Series VI Special Shares issued by the Company in Issuance 3 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 129.53 Series VI Special Shares held by Harbinger prior to Issuance 3 and the denominator of which is 200 Series VI
Special Shares issued and outstanding on a Fully Diluted Basis prior to Issuance 3. 

  

	 	(b)	Pinnacle fully exercises its preemptive rights under Article 4, and as a result of the calculations set forth in Section 4.1(a)(i)(B), acquires
14.92 Series VI Special Shares from the Company in Issuance 3. 

  

	 	(i)	i.e., 14.92 Series VI Special Shares equals: 

  

	 	(A)	100 Series VI Special Shares issued by the Company in Issuance 3 multiplied by 

 

	 	(B)	a fraction, the numerator of which is 29.84 Common Shares held by Pinnacle prior to Issuance 3 and the denominator of which is 200 Series VI Special Shares issued
and outstanding on a Fully Diluted Basis prior to Issuance 3. 

  

	 	(c)	The remaining Series VI Special Shares from Issuance 3 (i.e., 20.31 Series VI Special Shares) are acquired by stockholders other than Harbinger or
Pinnacle. 

  
 8 

 Schedule 6.2(b)(ii)(B) — Spreadsheet  

 

							
	 Scenario #1
	 	 	
Three Common Shares Issuances; Look Back Righton Issuance 2 
Exercised

	 Background

		 	 	100.00	  	 	Total Common Shares issued and outstanding prior to Issuance 1
		 	 	70.00	  	 	Harbinger’s Common Share ownership prior to Issuance 1
		 	 	26.00	  	 	Pinnacle’s Common Share ownership prior to Issuance 1
		 	 	96.00	  	 	Harbinger’s and Pinnacle’s Common Share Ownership prior to Issuance 1
		 	 	70.00	% 	 	Harbinger’s % of total Common Shares issued and outstanding prior to Issuance 1
		 	 	26.00	% 	 	Pinnacle’s % of total Common Shares issued and outstanding prior to Issuance 1
		 	 	72.92	% 	 	Harbinger’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 1
		 	 	27.08	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 1
		
	 Issuance 1 (Day 1)
	   
	 	Issuance of Common Shares
		 	 	100.00	  	 	Total Common Shares Issued in Issuance 1
		 	 	72.92	  	 	Harbinger’s 100% Common Share acquisition from the Company in Issuance 1
		 	 	27.08	  	 	Pinnacle’s 100% Common Share acquisition from the Company in Issuance 1
		 	 	0.00	  	 	Third Party acquisition from the Company in Issuance 1
			
		 	 	200.00	  	 	Total Common Shares issued and outstanding following Issuance 1
		
	 Issuance 2 (1 year later)
	   
	 	Issuance of Common Shares
		 	 	142.92	  	 	Harbinger’s Common Share ownership prior to Issuance 2
		 	 	53.08	  	 	Pinnacle’s Common Share ownership prior to Issuance 2
		 	 	196.00	  	 	Harbinger’s and Pinnacle’s Common Share ownership prior to Issuance 2
		 	 	71.46	% 	 	Harbinger’s % of total Common Shares issued and outstanding prior to Issuance 2
		 	 	26.54	% 	 	Pinnacle’s % of total Common Shares issued and outstanding prior to Issuance 2
		 	 	72.92	% 	 	Harbinger’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 2
		 	 	27.08	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 2
			
		 	 	100.00	  	 	Total Common Shares issued in Issuance 2
		 	 	72.92	  	 	Harbinger’s 100% Common Share acquisition from the Company in Issuance 2
		 	 	13.54	  	 	Pinnacle’s 50% Common Share acquisition from the Company in Issuance 2
		 	 	13.54	  	 	Third Party acquisition from the Company in Issuance 2
			
		 	 	300.00	  	 	Total Common Shares issued and outstanding following Issuance 2
		
	 Look Back Right
	   
	 	Prior to Issuance 3
		 	 	27.08	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 2
		 	 	72.92	  	 	Harbinger’s 100% Common Share acquisition from the Company in Issuance 2
		 	 	13.54	  	 	Pinnacle’s purchased Common Shares in Issuance 2
		 	 	6.21	  	 	Maximum number of Common Shares subject to Look Back on Issuance 2
		 	 	0.00	  	 	Sliding Pro Rata Adjustment (N/A)
		 	 	6.21	  	 	Common Shares purchased by Pinnacle from Harbinger via Look Back Right on Issuance 2
		 	 	72.83	  	 	Pinnacle’s Common Share ownership following Look Back Right on Issuance 2
		 	 	209.63	  	 	Harbinger’s Common Share ownership following Look Back Right on Issuance 2
		
	 Issuance 3 (2 years later)
	   
	 	Issuance of Common Shares
		 	 	209.63	  	 	Harbinger’s Common Share ownership prior to Issuance 3
		 	 	72.83	  	 	Pinnacle’s Common Share ownership prior to Issuance 3
		 	 	282.46	  	 	Harbinger’s and Pinnacle’s Common Share Ownership prior to Issuance 3
		 	 	69.88	% 	 	Harbinger’s % of total Common Shares issued and outstanding prior to Issuance 3
		 	 	24.28	% 	 	Pinnacle’s % of total Common Shares issued and outstanding prior to Issuance 3
		 	 	74.22	% 	 	Harbinger’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 3
		 	 	25.78	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 3
			
		 	 	100.00	  	 	Total Common Shares issued in Issuance 3
		 	 	74.22	  	 	Harbinger’s 100% Common Share acquisition from the Company in Issuance 3
		 	 	25.78	  	 	Pinnacle’s 100% Common Share acquisition from the Company in Issuance 3
	
	 Results

		 	 	400.00	  	 	Total Common Shares issued and outstanding following Issuance 3
		 	 	283.84	  	 	Harbinger’s Common Share ownership following Issuance 3
		 	 	98.62	  	 	Pinnacle’s Common Share ownership following Issuance 3
		 	 	382.46	  	 	Harbinger’s and Pinnacle’s Common Share Ownership following Issuance 3
		 	 	70.96	% 	 	Harbinger’s % of total Common Shares issued and outstanding following Issuance 3
		 	 	24.65	% 	 	Pinnacle’s % of total Common Shares issued and outstanding following Issuance 3
		 	 	74.22	% 	 	Harbinger’s % of total Common Shares held by Harbinger and Pinnacle following Issuance 3
		 	 	25.78	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle following Issuance 3

 Schedule 6.2(b)(ii)(B) — Spreadsheet  

 

									
	 Scenario #2
	 	 	 New Class of Securities Issuance with Add-Ons;
Look Back Rights Exercised

	 Background
	   
	 		 	
		 	 	100.00	  	 	Total Common Shares issued and outstanding prior to Issuance 1	 	
		 	 	70.00	  	 	Harbinger’s Common Share ownership prior to Issuance 1	 	
		 	 	26.00	  	 	Pinnacle’s Common Share ownership prior to Issuance 1	 	
		 	 	96.00	  	 	Harbinger’s and Pinnacle’s Common Share Ownership prior to Issuance 1	 	
		 	 	70.00	% 	 	Harbinger’s % of total Common Shares issued and outstanding prior to Issuance 1	 	
		 	 	26.00	% 	 	Pinnacle’s % of total Common Shares issued and outstanding prior to Issuance 1	 	
		 	 	72.92	% 	 	Harbinger’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 1	 	
		 	 	27.08	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 1	 	
			
	 Issuance 1 (Day 1)
	   
	 	Issuance of New Class of Securities — Series VI Special Shares	 	
		 	 	100.00	  	 	Total Series VI Special Shares Issued in Issuance 1	 	
		 	 	72.92	  	 	Harbinger’s 100% Series VI Special Shares acquisition from the Company in Issuance 1	 	
		 	 	6.77	  	 	Pinnacle’s 25% Series VI Special Shares acquisition from the Company in Issuance 1	 	
		 	 	20.31	  	 	Third Party acquisition from the Company in Issuance 1	 	
				
		 	 	100.00	  	 	Total Common Shares issued and outstanding following Issuance 1	 	
		 	 	100.00	  	 	Total Series VI Special Shares issued and outstanding following Issuance 1	 	
			
	 Issuance 2 (6 months later)
	   
	 	Issuance of Add-On Securities — Series VI Special Shares	 	
		 	 	72.92	  	 	Harbinger’s Series VI Special Shares ownership prior to Issuance 2	 	
		 	 	6.77	  	 	Pinnacle’s Series VI Special Shares ownership prior to Issuance 2	 	
		 	 	100.00	  	 	Total Series VI Special Shares issued and outstanding prior to Issuance 2	 	
				
		 	 	100.00	  	 	Total Series VI Special Shares issued in Issuance 2	 	
		 	 	72.92	  	 	Harbinger’s 100% Series VI Special Shares acquisition from the Company in Issuance 2	 	
		 	 	6.77	  	 	Pinnacle’s 100% Series VI Special Shares acquisition from the Company in Issuance 2	 	
		 	 	20.31	  	 	Third Party acquisition from the Company in Issuance 2	 	
				
		 	 	100.00	  	 	Total Common Shares issued and outstanding following Issuance 2	 	
		 	 	200.00	  	 	Total Series VI Special Shares issued and outstanding following Issuance 2	 	
		
	 Look Back Rights (1 day prior to Issuance 3) 
	 	
			
	     With respect to Issuance 1
	   
	 		 	
		 	 	27.08	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 1	 	
		 	 	72.92	  	 	Harbinger’s 100% Series VI Special Shares acquisition from the Company in Issuance 1	 	
		 	 	6.77	  	 	Pinnacle’s purchased Series VI Special Shares in Issuance 1	 	
		 	 	12.98	  	 	Maximum number of Series VI Special Shares subject to Look Back on Issuance 1	 	
		 	 	0.50	  	 	Sliding Pro Rata Preemptive Portion (Third Anniversary — Exercise Date / 730)	 	366.00 3rd Ann - Exercise Date
		 	 	6.51	  	 	Series VI Special Shares purchased by Pinnacle from Harbinger via Look Back Right on Issuance 1	 	
		 	 	20.05	  	 	Pinnacle’s Series VI Special Share ownership following Look Back Right on Issuance 1	 	
		 	 	139.33	  	 	Harbinger’s Series VI Special Share ownership following Look Back Right on Issuance 1	 	
			
	     With respect to Issuance 2
	   
	 		 	
		 	 	27.08	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle prior to Issuance 2	 	
		 	 	72.92	  	 	Harbinger’s 100% Series VI Special Shares acquisition from the Company in Issuance 2	 	
		 	 	6.77	  	 	Pinnacle’s purchased Series VI Special Shares in Issuance 2	 	
		 	 	12.98	  	 	Maximum number of Series VI Special Shares subject to Look Back on Issuance 2	 	
		 	 	0.75	  	 	Sliding Pro Rata Preemptive Portion (Third Anniversary — Exercise Date / 730)	 	551.00 3rd Ann - Exercise Date
		 	 	9.80	  	 	Series VI Special Shares purchased by Pinnacle from Harbinger via Look Back Right on Issuance 2	 	
		 	 	29.84	  	 	Pinnacle’s Series VI Special Share ownership following Look Back Right on Issuance 2	 	
		 	 	129.53	  	 	Harbinger’s Series VI Special Share ownership following Look Back Right on Issuance 2	 	
			
	 Issuance 3 (2 years later)
	   
	 	Issuance of Add-On Securities — Series VI Special Shares	 	
		 	 	129.53	  	 	Harbinger’s Series VI Special Shares ownership prior to Issuance 3	 	
		 	 	29.84	  	 	Pinnacle’s Series VI Special Shares ownership prior to Issuance 3	 	
		 	 	200.00	  	 	Total Series VI Special Shares issued and outstanding prior to Issuance 3	 	
				
		 	 	100.00	  	 	Total Series VI Special Shares issued in Issuance 3	 	
		 	 	64.77	  	 	Harbinger’s 100% Series VI Special Shares acquisition from the Company in Issuance 3	 	
		 	 	14.92	  	 	Pinnacle’s 100% Series VI Special Shares acquisition from the Company in Issuance 3	 	
		 	 	20.31	  	 	Third Party acquisition from the Company in Issuance 3	 	
				
	 Results
	 				 		 	
				
	     Common Shares
	 				 		 	
		 	 	100.00	  	 	Total Common Shares issued and outstanding following Issuance 3	 	
		 	 	70.00	  	 	Harbinger’s Common Share ownership following Issuance 3	 	
		 	 	26.00	  	 	Pinnacle’s Common Share ownership following Issuance 3	 	
		 	 	96.00	  	 	Harbinger’s and Pinnacle’s Common Share Ownership following Issuance 3	 	
		 	 	70.00	% 	 	Harbinger’s % of total Common Shares issued and outstanding following Issuance 3	 	
		 	 	26.00	% 	 	Pinnacle’s % of total Common Shares issued and outstanding following Issuance 3	 	
		 	 	72.92	% 	 	Harbinger’s % of total Common Shares held by Harbinger and Pinnacle following Issuance 3	 	
		 	 	27.08	% 	 	Pinnacle’s % of total Common Shares held by Harbinger and Pinnacle following Issuance 3	 	
			
	 Series VI Special Shares
	   
	 		 	
		 	 	300.00	  	 	Total Series VI Special Shares issued and outstanding following Issuance 3	 	
		 	 	194.30	  	 	Harbinger’s Series VI Special Shares ownership following Issuance 3	 	
		 	 	44.77	  	 	Pinnacle’s Series VI Special Shares ownership following Issuance 3	 	
		 	 	60.94	  	 	Third Party’s Series VI Special Shares ownership following Issuance 3	 	
		 	 	239.06	  	 	Harbinger’s and Pinnacle’s Series VI Special Shares Ownership following Issuance 3	 	
		 	 	64.77	% 	 	Harbinger’s % of total Series VI Special Shares issued and outstanding following Issuance 3	 	
		 	 	14.92	% 	 	Pinnacle’s % of total Series VI Special Shares issued and outstanding following Issuance 3	 	
		 	 	20.31	% 	 	Third Party’s % of total Series VI Special Shares issued and outstanding following Issuance 3	 	
		 	 	81.27	% 	 	Harbinger’s % of total Series VI Special Shares held by Harbinger and Pinnacle following Issuance 3	 	
		 	 	18.73	% 	 	Pinnacle’s % of total Series VI Special Shares held by Harbinger and Pinnacle following Issuance 3	 	

  
 

 

  
 

 

 Schedule 6.3(b)(iv) 

Form of Pinnacle Warrant 
 WARRANT CERTIFICATE 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR UNDER ANY STATE SECURITIES LAWS, AND THE SECURITIES REPRESENTED HEREBY MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY,
(B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, OR (C) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY
APPLICABLE SECURITIES LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES IN ANY STATE OF THE UNITED STATES AND THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE COMPANY TO
SUCH EFFECT. 
 UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE
THAT IS FOUR MONTHS AND A DAY AFTER THE LATER OF (1) [DATE OF ISSUANCE]; AND (2) THE DATE THE COMPANY BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE PROVISIONS OF THE SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT DATED DECEMBER
[            ], 2012, AS AMENDED FROM TIME TO TIME, AND SUCH SECURITIES ARE NOT TRANSFERABLE ON THE BOOKS OF THE COMPANY EXCEPT IN ACCORDANCE AND COMPLIANCE WITH THE TERMS AND CONDITIONS OF
SUCH AGREEMENT. 
 EXERCISABLE ONLY PRIOR TO THE EXPIRY TIME, AFTER WHICH TIME THESE 

WARRANTS SHALL BE NULL AND VOID 
 WARRANTS TO PURCHASE COMMON SHARES 
 OF 

ASIAN COAST DEVELOPMENT (CANADA) LTD. 
 (the “Company”) 
 Certificate Number [CS-•] 

 THIS CERTIFIES THAT, for value received (the receipt and sufficiency of which is
acknowledged), the Holder (as defined herein) is entitled at any time prior to the Expiry Time, to purchase, at the Exercise Price, [            ] Common Shares in the capital of the
Company by surrendering to the Company at its principal office at Suite 2150—1055 West Hastings Street, Vancouver, British Columbia Canada V6E 2E9, this Warrant, together with a Subscription Form, duly completed and executed, and cash or a
certified cheque, money order, bank draft or wire transfer in lawful money payable to or to the order of the Company for the amount equal to the Exercise Price per Common Share multiplied by the number of Common Shares subscribed for, on and subject
to the terms and conditions set forth below. 
 Nothing contained herein shall confer any right upon the Holder to
subscribe for or purchase any shares of the Company at any time after the Expiry Time, and from and after the Expiry Time these Warrants and all rights hereunder shall be void and of no value. 

1. Definitions 
 In this
Warrant, including the preamble, unless there is something in the subject matter or context inconsistent therewith, the following expressions shall have the following meanings namely: 
 “$” or “Dollars” or “US Dollars” means United States dollars; 
 “Business Day” means any day of the year except a Saturday or Sunday or other day that is a statutory or civic holiday that banks are generally open for business in the Provinces of
Ontario, British Columbia or in the State of New York; 
 “Class VI Preferred Shares” means the Class VI Preferred Shares of
the Company; 
 “Common Shares” means the common shares of the Company; 

“Current Market Price” at any date, means the price as determined by the directors of the Company or such firm of independent chartered
accountants as may be selected by the directors acting reasonably and in good faith in their sole discretion; 
 “Exercise
Price” means $0.01 per one hundred (100) Common Shares; 
 “Expiry Time” means 5:00 p.m. (Vancouver time) on a
date that is 20 years from the date hereof; 
 “Form of Transfer” means the form of transfer annexed hereto as Schedule
“B”; 
 “Governmental Entity” means any applicable (a) multi-national, federal, provincial, state, municipal,
local or other governmental or public department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (b) any subdivision or authority of any of the foregoing, or (c) any quasi-governmental or
private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above; 

  
 -2-

 “Holder” means PNK Development 18, LLC or its successor in interest, and after any transfer
by PNK Development 18, LLC or its successor in interest, as applicable, the registered holder of this Warrant; 
 “Person”
means an individual, corporation, general partnership, limited partnership, limited liability company, association, joint stock company, trust or trustee thereof, estate or executor thereof, Governmental Entity, or any other legally recognizable
entity; 
 “Special Shares” means the Series V Special Shares of the Company and the Class VI Preferred Shares; 

“Subscription Form” means the form of subscription annexed hereto as Schedule “A”; and 

“this Warrant”, “Warrant”, “herein”, “hereby”, “hereof”,
“hereto”, “hereunder” and similar expressions mean or refer to this Warrant and any deed or instrument supplemental or ancillary thereto and any schedules hereto or thereto and not to any particular article,
section, subsection, clause, subclause or other portion hereof. 
 2. Expiry Time 

After the Expiry Time, all rights under any Warrants evidenced hereby, in respect of which the right of subscription and purchase herein
provided for shall not theretofore have been exercised, shall wholly cease and terminate and such Warrants shall be void and of no value or effect. 
 3. Exercise Procedure 
 The Holder may exercise the right of purchase herein
provided for by surrendering or delivering to the Company prior to the Expiry Time at its principal office: 
  

	 	(a)	this Warrant, with the Subscription Form duly completed and executed by the Holder or its legal representative or attorney, duly appointed by an instrument in writing
in form and manner satisfactory to the Company, and 

  

	 	(b)	cash or a certified cheque, money order, bank draft or wire transfer payable to or to the order of the Company in lawful money at par in the City of Vancouver in an
amount equal to the Exercise Price multiplied by the number of Common Shares for which subscription is being made. 

 Any Warrant and cash, certified cheque, money order, bank draft or wire transfer referred to in the foregoing clauses (a) and (b) shall be deemed to be surrendered only upon delivery thereof to
the Company at its principal office in the manner provided in Section 26 hereof. 

  
 -3-

 This Warrant is exchangeable, upon the surrender hereof by the Holder, for new warrants of
like tenor representing, in the aggregate, the right to subscribe for the aggregate number of Common Shares which may be subscribed for hereunder. 
 4. Entitlement to Certificate 
 Upon such delivery and payment as aforesaid,
the Company shall cause to be issued to the Holder hereof the Common Shares subscribed for not exceeding those which such Holder is entitled to purchase pursuant to this Warrant and the Holder hereof shall become a shareholder of the Company in
respect of such shares with effect from the date of such delivery and payment and shall be entitled to delivery of a certificate or certificates evidencing such shares and the Company shall cause such certificate or certificates to be mailed to the
Holder hereof at the address or addresses specified in such subscription within five (5) Business Days of such delivery and payment. 

5. Register of Warrantholders and Transfer of Warrants 
 The Company shall cause a register to be kept in which shall be entered the names and addresses of all holders of the Warrants and the number of Warrants held by them. No transfer of Warrants shall be
valid unless made by the Holder or its executors, administrators or other legal representatives or its attorney duly appointed by completion and execution of the Form of Transfer attached hereto. This Warrant may be transferred by Holder at any time
and from time to time, in whole or in part, and without the requirement for consent of the Company or any third party. Each transfer shall comply with applicable securities legislation and shall be recorded on the register of holders of Warrants
maintained by the Company. The transferee of a Warrant shall, after a Form of Transfer is duly completed and the Warrant is lodged with the Company and upon compliance with all other requirements of law, be entitled to have its name entered on the
register as the owner of such Warrant, free from all equities or rights of set-off or counterclaim between the Company and the transferor or any previous holder of such Warrant. The Company may treat the registered holder of any Warrant certificate
as the absolute owner of the Warrants represented thereby for all purposes, and the Company shall not be affected by any notice or knowledge to the contrary except where the Company is required to take notice by statute or by order of a court of
competent jurisdiction. In the event of a partial transfer of this Warrant, the Company shall issue a new warrant certificate to the transferee and shall issue a new warrant certificate in respect of the balance of the Common Shares which the Holder
is entitled to purchase pursuant to this Warrant Certificate and which were not transferred. 
 6. Partial Exercise 

The Holder may subscribe for and purchase a number of Common Shares less than the number the Holder is entitled to purchase pursuant to
this Warrant, at any time and from time to time. In the event of any such subscription and purchase prior to the Expiry Time, the Holder shall in addition be entitled to receive, without charge, a new Warrant certificate in respect of the balance of
the Common Shares of which such Holder was entitled to purchase pursuant to this certificate and which were then not purchased. 

  
 -4-

 7. No Fractional Shares 
 Notwithstanding any adjustments provided for in Section 11 hereof or otherwise, the Company shall not be required upon the exercise of any Warrants, to issue fractional Common Shares in satisfaction
of its obligations hereunder. Where a fractional Common Share would, but for this Section 7, have been issued upon exercise of a Warrant, in lieu thereof, there shall be paid to the Holder an amount equal (rounded to the nearest $0.01) to the
product obtained by multiplying such fractional share interest by the Current Market Price of a Common Share at the date of due exercise of this Warrant, which payment shall be made within five (5) Business Days of such due exercise.

 8. Not a Shareholder 
 Nothing in this certificate or in the holding of the Warrants evidenced hereby, on its own, shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the
Company. 
 9. No Obligation to Purchase 
 Nothing herein contained or done pursuant hereto shall obligate the Holder to purchase or pay for, or the Company to issue, any shares except those Common Shares in respect of which the Holder shall have
exercised its right to purchase hereunder in the manner provided herein. 
 10. Covenants 

The Company covenants and agrees that: 
  

	(a)	so long as any Warrants evidenced hereby remain outstanding, it shall reserve and there shall remain unissued out of its authorized capital a sufficient number of
Common Shares to satisfy the right of purchase herein provided for should the Holder determine to exercise its rights in respect of all the Common Shares for the time being called for by such outstanding Warrants; and 

 

	(b)	all Common Shares which shall be issued upon the exercise of the right to purchase herein provided for, upon payment therefor of the amount at which such Common Shares
may at the time be purchased pursuant to the provisions hereof, shall be issued as fully paid and non-assessable Common Shares and the holders thereof shall not be liable to the Company or to its creditors in respect thereof.

 11. Adjustment 
 If, at any time: 
  

	(a)	the Company: 

  

	 	(i)	subdivides (or redivides or changes) (A) the Common Shares or Special Shares into a greater number of shares, or (B) securities exchangeable for or
convertible into Common Shares or Special Shares into a greater number of shares or into securities exchangeable or convertible into a greater number of shares (other than any subdivision, redivision or change which is effected as a result of an
automatic adjustment mechanism under such securities exchangeable for or convertible into Common Shares or Special Shares); or 

  
 -5-

	 	(ii)	consolidates (or reduces or combines) (A) the Common Shares or Special Shares into a lesser number of shares, or (B) securities exchangeable for or
convertible into Common Shares or Special Shares into a lesser number of shares or into securities exchangeable or convertible into a lesser number of shares (other than any consolidation, reduction or combination which is effected as a result of an
automatic adjustment mechanism under such securities exchangeable for or convertible into Common Shares or Special Shares); or 

  

	 	(iii)	issues Common Shares or Special Shares, or securities exchangeable for or convertible into Common Shares or Special Shares, to the holders of all or substantially all
of the outstanding Common Shares or Special Shares by way of stock dividend or other distribution, or 

  

	 	(iv)	issues Common Shares or Special Shares for no additional consideration to any one or more holders of Common Shares or Special Shares, respectively,

 the Exercise Price shall be adjusted to equal the price determined by multiplying the Exercise Price most
recently in effect prior to such event by a fraction of which the numerator shall be the total number of Common Shares and Special Shares outstanding immediately prior to such event and the denominator shall be the total number of Common Shares and
Special Shares outstanding immediately after such event (including, in the case where securities exchangeable for or convertible into Common Shares or Special Shares are distributed, the number of Common Shares or Special Shares that would have been
outstanding had all such securities been exchanged for or converted into Common Shares or Special Shares, as applicable, immediately after such event). Upon any adjustment of the Exercise Price pursuant to this Section 11(a), the number of
Common Shares issuable pursuant to this Warrant shall be adjusted by multiplying the number of Common Shares which were theretofore issuable on the exercise of this Warrant by a fraction of which the numerator shall be the total number of Common
Shares and Special Shares outstanding immediately after such event (including, in the case where securities exchangeable for or convertible into Common Shares or Special Shares are distributed, the number of Common Shares or Special Shares that
would have been outstanding had all such securities been exchanged for or converted into Common Shares or Special Shares, as applicable, immediately after such event) and the denominator shall be the total number of Common Shares and Special Shares
outstanding immediately prior to such event; or 

  
 -6-

	(b)	there is a consolidation, merger or amalgamation of the Company with or into another body corporate including a transaction whereby all or substantially all of the
Company’s undertaking and assets become the property of any other corporation (any such event being herein called a “Capital Reorganization”), the Holder, upon exercising this Warrant after the effective date of such Capital
Reorganization, will be entitled to receive in lieu of the number of Common Shares to which such Holder was theretofore entitled upon such exercise, the aggregate number of shares, other securities or other property which the Holder would have been
entitled to receive as a result of such Capital Reorganization if, on the effective date thereof, the Holder had been the registered holder of the number of Common Shares to which the Holder was theretofore entitled upon exercise of this Warrant. If
determined appropriate by action of the directors of the Company, appropriate adjustments will be made as a result of any such Capital Reorganization in the application of the provisions set forth in this Section 11 with respect to the rights
and interests thereafter of the Holder to the end that the provisions set forth in this Section 11 will thereafter correspondingly be made applicable as nearly as may reasonably be in relation to any shares, other securities or other property
thereafter deliverable upon the exercise hereof. Any such adjustment must be made by and set forth in an amendment to this Warrant approved by the Holder and the Company and will for all purposes be conclusively deemed to be an appropriate
adjustment. 

 12. Rules Regarding Calculation of Adjustment 

 

	(a)	No adjustment will be made in respect of any event described in Section 11 if the Holder is entitled to participate in the Capital Reorganization on the same
terms, mutatis mutandis, as if the Holder had exercised this Warrant prior to or on the effective date or record date of such event. 

  

	(b)	If at any time a dispute arises with respect to adjustments provided for in Section 11, such dispute will be conclusively determined by a firm of independent
chartered accountants as may be selected by action by the Holder and the Company and any such determination, where required, will be binding upon the Company, the Holder and shareholders of the Company. The Company will provide such auditors or
accountants with access to all necessary records of the Company. 

  

	(c)	In case the Company after the date of issuance of this Warrant takes any action affecting the Common Shares or the Special Shares, as applicable, other than action
described in Section 11, which in the opinion of the board of directors of the Company would materially affect the rights of the Holder, the number of Common Shares to which the Holder will be entitled hereunder and the number of additional
Common Shares which forms the basis of contingent entitlement hereunder, will be adjusted in an equitable manner as agreed to by the Holder and the Company, both acting reasonably. 

 

	(d)	As a condition precedent to the taking of any action which would require any adjustment to this Warrant, the Company must take any corporate action which may be
necessary in order that the Company have unissued and reserved in its authorized capital and may validly and legally issue as fully paid and non-assessable all the shares or other securities which the Holder is entitled to receive on the full
exercise thereof in accordance with the provisions hereof. 

  
 -7-

	(e)	The Company will from time to time, immediately after the occurrence of any event which requires an adjustment or readjustment as provided in Section 11, forthwith
give notice to the Holder specifying the event requiring such adjustment or readjustment and the results thereof. 

  

	(f)	The Company covenants to and in favour of the Holder that so long as this Warrant remains outstanding, it will give notice to the Holder of its intention to fix a
record date for any event referred to in Section 11 which may give rise to an adjustment, and, in each case, such notice must specify the particulars of such event and the record date and the effective date for such event; provided that
the Company is only required to specify in such notice such particulars of such event as have been fixed and determined on the date on which such notice is given. Such notice shall be given not less than ten (10) Business Days prior to each
such applicable record date or effective date. 

 13. Consolidation and Amalgamation 

 

	(a)	The Company shall not enter into any transaction whereby all or substantially all of its undertaking, property and assets would become the property of any other
corporation (herein called a “successor corporation”) whether by way of reorganization, reconstruction, consolidation, amalgamation, merger, transfer, sale, disposition or otherwise, including without limitation a Capital
Reorganization, unless prior to or contemporaneously with the consummation of such transaction the Company and the successor corporation shall have executed such instruments and done such things as, in the opinion of counsel to the Holder, are
necessary or advisable to establish that upon the consummation of such transaction: 

  

	 	(i)	the successor corporation will have assumed all the covenants and obligations of the Company under this Warrant; 

 

	 	(ii)	the Warrant will be a valid and binding obligation of the successor corporation entitling the Holder, as against the successor corporation, to all the rights of the
Holder under this Warrant; and 

  

	 	(iii)	any adjustments required to be made pursuant to Section 11 or Section 12 shall be the subject of a binding agreement between the Holder and the successor
corporation. 

  

	(b)	Whenever the conditions of subsection 13(a) shall have been duly observed and performed the successor corporation shall possess, and from time to time may exercise,
each and every right and power of the Company under this Warrant in the name of the Company or otherwise and any act or proceeding by any provision hereof required to be done or performed by any director or officer of the Company may be done and
performed with like force and effect by the like directors or officers of the successor corporation. 

  
 -8-

 14. Representation and Warranty 

The Company hereby represents and warrants with and to the Holder that the Company is duly authorized and has the corporate and lawful
power and authority to create and issue this Warrant and the Common Shares issuable or potentially issuable upon the exercise hereof, and to perform its obligations hereunder and that this Warrant represents a valid, legal and binding obligation of
the Company enforceable in accordance with its terms. 
 15. If Share Transfer Books Closed 

The Company shall not be required to deliver certificates for Common Shares while the share transfer books of the Company are properly
closed, prior to any meeting of shareholders or for the payment of dividends or for any other purpose and in the event of the surrender of any Warrant in accordance with the provisions hereof and the making of any subscription and payment for the
Common Shares called for thereby during any such period delivery of certificates for Common Shares may be postponed for not exceeding five (5) Business Days after the date of the closing of said share transfer books provided however that
any such postponement of delivery of certificates shall be without prejudice to the right of the Holder, if the Holder has surrendered the same and made payment during such period, to receive such certificates for the Common Shares called for after
the share transfer books have been re-opened. 
 16. Protection of Shareholders, Officers and Directors 

Subject as herein provided, all or any of the rights conferred upon the Holder may be enforced by the Holder by appropriate legal
proceedings. No recourse under or upon any obligation, covenant or agreement herein contained or in any of the Warrants represented hereby shall be taken against any shareholder, officer or director of the Company, either directly or through the
Company, it being expressly agreed and declared that the obligations under the Warrants evidenced hereby, are solely corporate obligations of the Company and that no personal liability whatever shall attach to or be incurred by the shareholders,
officers, or directors of the Company or any of them in respect thereof, any and all rights and claims against every such shareholder, officer or director being hereby expressly waived as a condition of and as a consideration for the issue of the
Warrants evidenced hereby. 
 17. Lost Certificate 
 If the Warrant certificate evidencing the Warrants issued hereby becomes stolen, lost, mutilated or destroyed the Company shall, on such terms as it may in its discretion impose, acting reasonably, issue
and countersign a new warrant of like denomination, tenor and date as the certificate so stolen, lost mutilated or destroyed. 
 18.
Governing Law 
 This Warrant shall be governed by and interpreted and enforced in accordance with the laws of the Province
of British Columbia and the laws of Canada applicable therein. 

  
 -9-

 19. Severability 
 If any one or more of the provisions or parts thereof contained in this Warrant should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts
thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and: 
  

	(a)	the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions
or parts thereof severed; and 

  

	(b)	the invalidity, illegality or unenforceability of any provision or part thereof contained in this Warrant in any jurisdiction shall not affect or impair such provision
or part thereof or any other provisions of this Warrant in any other jurisdiction. 

 20. Headings 

The headings of the articles, sections, subsections and clauses of this Warrant have been inserted for convenience and reference only and
do not define, limit, alter or enlarge the meaning of any provision of this Warrant. 
 21. Numbering of Articles, etc. 

Unless otherwise stated, a reference herein to a numbered or lettered article, section, subsection, clause, subclause or schedule refers
to the article, section, subsection, clause, subclause or schedule bearing that number or letter in this Warrant. 
 22. Gender

 Whenever used in this Warrant, words importing the singular number only shall include the plural, and vice versa, and
words importing the masculine gender shall include the feminine gender. 
 23. Day not a Business Day 

In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be
required to be taken on or before the requisite time on the next succeeding day that is a Business Day. If the payment of any amount is deferred for any period, then such period shall be included for purposes of the computation of any interest
payable hereunder. 
 24. Computation of Time Period 
 Except to the extent otherwise provided herein, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and
the words “to” and “until” each mean “to but excluding”. 

  
 -10-

 25. Binding Effect 
 This Warrant and all of its provisions shall enure to the benefit of the Holder and its heirs, executors, administrators, legal personal representatives, assigns and successors and shall be binding upon
the Company and its successors and permitted assigns. 
 26. Notice 

Any notice, document or communication required or permitted by this Warrant to be given by a party hereto shall be in writing and is
sufficiently given if delivered personally, or if sent by prepaid registered mail, or if transmitted by any form of recorded telecommunication tested prior to transmission, to such party addressed as follows: 

 

	(a)	to the Holder, at the address register to be maintained pursuant to Section 5 hereof, which shall initially be: 

PNK Development 18, LLC 
 8918 Spanish Ridge Avenue 
 Las Vegas, Nevada 

U.S.A. 89148 

Attention: Corporate Secretary 
 Facsimile: (702) 541 7773 
 with a copy, not constituting notice, to: 

Irell & Manella LLP 
 1800 Avenue of the Stars 
 Suite 900 

Los Angeles, CA 90067-4276 
 Attention: Ashok Mukhey 
 Facsimile: (310) 203-7199 

Email: amukhey@irell.com 
  

	(b)	to the Company at: 

 Asian Coast
Development (Canada) Ltd. 
 2150- 1055 West Hastings Street 

Vancouver, British Columbia 
 Canada V6E 2E9 
 Attention: Steve Shoemaker 

Facsimile: (778) 329-0439 
 Email: sshoemaker@asiancoastdevelopment.com 

  
 -11-

 with a copy, not constituting notice, to: 

Heenan Blaikie LLP 
 #2200—1055 West Hastings Street 
 Vancouver, British Columbia 

Canada V6E 2E9 

Attention: John Legge 
 Facsimile: (604) 669-5101 
 Email: jlegge@heenan.ca 

or to other such address as any of the parties may designate by notice given to the others. 
 Each notice shall be personally delivered to the addressee or sent by facsimile transmission to the addressee and (i) a notice which is personally delivered shall, if delivered on a Business Day
during regular business hours, be deemed to be given and received on that day and, in any other case, be deemed to be given and received on the first Business Day following the day on which it is delivered; and (ii) a notice which is sent by
facsimile transmission shall be deemed to be given and received on the first Business Day following the day on which it is sent. 
 27. Time
of Essence 
 Time shall be of the essence hereof. 
 28. Monetary References 
 All references herein to dollars or currency,
unless otherwise specified, are expressed in U.S. currency. 
 29. Good Faith, etc. 

The Company shall not by amendment of its Certificate of Incorporation or Bylaws, or through any reorganization, transfer of assets,
consolidation, amalgamation, merger, dissolution, issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, and shall at all
times in good faith assist in the carrying out of all the provisions of this Warrant. 
 [remainder of page left intentionally
blank] 

  
 -12-

 IN WITNESS WHEREOF the Company has caused this Warrant certificate to be signed by
its duly authorized officer as of this             day of                 , 

 

			
	ASIAN COAST DEVELOPMENT (CANADA) LTD.
		
	 Per:
	 	  

		 	 Authorized Signing Officer
  

(I have authority to bind the Company)

 SCHEDULE “A” 

SUBSCRIPTION FORM 
  

	TO:	ASIAN COAST DEVELOPMENT (CANADA) LTD. 

 The undersigned holder of the within Warrant certificate hereby irrevocably subscribes for              Common Shares of Asian Coast
Development (Canada) Ltd. (the “Company”) pursuant to the within Warrant certificate at the Exercise Price per share specified in the said Warrant certificate and encloses herewith cash or a certified cheque, money order or bank
draft payable to the order of the Company in payment of the subscription price therefor. Capitalized terms used herein have the meanings set forth in the within Warrant certificate. 

The undersigned hereby acknowledges that the following legends will be placed on the certificates representing the Common Shares being
acquired when the Warrants are exercised: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”) OR UNDER ANY STATE SECURITIES LAWS, AND THE SECURITIES REPRESENTED HEREBY MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) OUTSIDE THE UNITED
STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE 1933 ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS, OR (C) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE 1933 ACT OR ANY APPLICABLE SECURITIES LAWS
AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES IN ANY STATE OF THE UNITED STATES AND THE SELLER FURNISHES TO THE COMPANY AN OPINION OF COUNSEL OF RECOGNIZED STANDING REASONABLY SATISFACTORY TO THE COMPANY TO SUCH EFFECT. 

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE THE DATE THAT IS FOUR
MONTHS AND A DAY AFTER THE LATER OF (1) THE DATE OF ISSUE OF THE SECURITIES; AND (2) THE DATE THE COMPANY BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY OF CANADA. 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE PROVISIONS OF THE SECOND AMENDED AND RESTATED SHAREHOLDERS AGREEMENT
DATED DECEMBER [            ], 2012, AS AMENDED FROM TIME TO TIME, AND SUCH SECURITIES ARE NOT TRANSFERABLE ON THE BOOKS OF THE COMPANY EXCEPT IN ACCORDANCE AND COMPLIANCE WITH THE TERMS
AND CONDITIONS OF SUCH AGREEMENT.” 
 DATED this
             day of             , 20        . 

 
			
	 NAME:
	 	  

	 Signature:
	 	 
	 Address:
	 	 

  

	 ̈	Please check box if these Common Share certificates are to be delivered at the office where this Warrant certificate is surrendered, failing which the Common Shares
certificates will be mailed to the subscriber at the address set out above. 

 If any Warrants represented by this
certificate are not being exercised, a new Warrant certificate will be issued and delivered with the Common Share certificates. 

 SCHEDULE “B” 

Form of Transfer 
 FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto             (name) (the “Transferee”),
of                 (address) the Warrant (Certificate No. [            ]) of Asian Coast
Development (Canada) Ltd. (the “Company”) registered in the name of the undersigned on the records of the Company represented by the within certificate with respect to right to purchase
             Common Shares of the Company covered by such Warrant, and irrevocably appoints the Secretary of the Company as the attorney of the undersigned to transfer the said securities
on the books or register of transfer, with full power of substitution. 
 DATED
the             day of             , 20        . 

 

	
	(Signature of Warrant Holder, to be the same as
appears on the face of this Warrant Certificate)

 SCHEDULE “E” 

ANTI-CORRUPTION POLICY 
 ASIAN COAST DEVELOPMENT (CANADA) LTD. (THE “COMPANY”) 
 Anti-Corruption Policy 
 Purpose 

The purpose of this policy is to inform all Company employees of our policy regarding payments to government officials, and to set forth the requirement
that all staff avoid making improper payments to government officials or otherwise violating any applicable anti-bribery or anti-corruption laws, including the U.S. Foreign Corrupt Practices Act (the “FCPA”). 

All employees are prohibited from making improper payments or gifts to government officials and shall at all times maintain proper business contacts and
relationships with any government officials we encounter in the course of our business. The Company expects all employees to be familiar with this policy and will take a “zero tolerance” approach to its application, which covers all
payments to government officials, whether made by a Company employee or by a third party with whom we work. 
 Policy 

The Company requires all directors, officers, managers, employees, and those acting on behalf of the Company, to abide by all applicable laws and
regulations at all times. The Company will not pursue any business anywhere that requires us to participate in unethical or illegal activity in order to obtain or retain business. 
 Prohibited payments to Government Officials 
 No employees or any person acting on the
Company’s behalf (including subcontractors or agents) shall: 
  

	1.	Make any offer, payment, promise, or gift, or offer anything of value to any government official—whether directly to a government official or directly or
indirectly through a third party—for the purpose of unlawfully: 

  

	 	•	influencing any act or decision of a government official in his official capacity; 

 

	 	•	inducing a government official to do or fail to do anything in violation of his or her duty; 

 

	 	•	inducing a government official to use his or her influence to affect or influence any client act or decision to assist the Company in obtaining or retaining business;
or 

	2.	Make any offer, payment, promise, or gift, or offer anything of value to any person or entity knowing or being aware (or where such employee or person acting on the
Company’s behalf should know or be aware) that any portion of the same shall be used to unlawfully influence the acts of any client or any government official. 

 In addition, no employees (or other persons for the Company’s benefit) may enter into any agreement or other arrangement, whether directly or indirectly, with any government official for the purposes
described above. 
 Exceptions to the prohibition 
 The above prohibition is subject to the exceptions listed below. Many of the exceptions have been the subject of specific legal interpretation. Accordingly, you should check with the Chief Legal Officer
prior to relying upon the listed exceptions. 
 Exceptions 

 

	(1)	the payment, gift, offer, or promise of anything of value that was made, is lawful under the written laws and regulations of the foreign official’s, political
party’s, party official’s, or candidate’s country; or 

  

	(2)	the payment, gift, offer, or promise of anything of value that was made, is a reasonable and bona fide expenditure, such as travel and lodging expenses, incurred by or
on behalf of a foreign official, party, party official, or candidate and was directly related to: 

  

	 	(A)	the promotion, demonstration, or explanation of products or services; or 

  

	 	(B)	the execution or performance of a contract with a foreign government or agency thereof. 

 Indirect Payments Prohibited 
 If a direct payment would be improper under any applicable
laws or the Company policy, then having a third party make or receive the payment on either the Company or government official’s behalf is also be prohibited. Indirect payments of the type described include any transfer of funds, property, or
services to another organization or individual in order to unlawfully benefit a government official for the purposes set forth above. Indirect violations also include any transfer of funds, property, or services to any person or organization if
there is reason to know that the recipient will use any portion to make unlawful payments on the Company’s behalf. 
 Written Contracts

 Any contract between the Company and a third-party that is retained to assist the Company in obtaining or retaining business must be in
writing (and as with all other written agreements must be reviewed by the Company’s Chief Legal Officer prior to its execution). The contract must also contain anti-bribery representations and warranties by the third-party. 

 Books and Records 
 The Company shall keep books and records that accurately and fairly reflect the transactions of the corporation and shall maintain an adequate system of internal accounting controls. 

Reporting Responsibility 
 If you are
aware of any conduct that you believe may violate this policy, you have a responsibility to report it to the Chief Legal Officer. Should you encounter a situation that raises a question in your mind regarding the propriety of the conduct involved,
you should immediately contact the Chief Legal Officer for guidance. 
 Violations of the Policy 

Any violation of this policy may result in disciplinary action up to and including termination. 
 Definitions 
 Employees: When used in this policy, “employees” refers to
directors, officers, managers, and employees of the Company. 
 Government Official: includes all employees of a government department or
agency, whether in the executive, legislative or judicial branches of government and whether at the national, state or local level (or their equivalents). The term covers part-time workers, unpaid workers, and any person “acting in an official
capacity.” Political parties, party officials, and candidates for political office are included. Foreign officials also include employees of public international organizations such as the World Bank, International Monetary Fund or the European
Union. The term covers officers and employees of companies under government ownership or control (even if the ownership is a minority interest). 
 Anything of value: Includes, but is not limited to, cash, gifts, entertainment, travel expenditures, excessive business promotional activities, and covering or reimbursing expenses of officials or
their friends or relatives.Form of Warrant

 Exhibit 4.1 
 COMMON STOCK PURCHASE WARRANT 
 ARROWHEAD RESEARCH CORPORATION

  

					
	Warrant Shares: [            ]	 		 	Issue Date: December     , 2012

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
                    or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the fifth anniversary of the Issue Date (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Arrowhead Research Corporation, a Delaware corporation (the “Company”), up to             shares (as subject to
adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1. Offering. This warrant is one is a series of warrants (the “Warrants”) that are being issued by
the Company pursuant to a final prospectus filed with the SEC under Rule 424(b) and dated as of December     , 2012. 
 Section 2. Exercise. 
 a) Exercise of the
purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company
as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto. Within three (3) Trading Days
following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the
cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the
date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number
of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The
Company shall deliver any objection to any Notice of Exercise Form within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason

 
of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be
less than the amount stated on the face hereof. 
 b) Exercise Price. The exercise price per share of
the Common Stock under this Warrant shall be $2.20, subject to adjustment hereunder (the “Exercise Price”). 
 c) Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the
Warrant Shares to the Holder, then this Warrant may only be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient
obtained by dividing [(A-B) (X)] by (A), where: 
  

			
	(A) =	 	the VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” as set forth in the
applicable Notice of Exercise;
		
	(B) =	 	the Exercise Price of this Warrant, as adjusted hereunder; and
		
	(X) =	 	the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise
rather than a cashless exercise.

 “VWAP” means, for any date, the price determined by the first of
the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which
the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted
average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then
reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in
all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company. 
 Notwithstanding anything herein to the contrary,
on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c). 

  
 2 

 d) Mechanics of Exercise. 

i. Delivery of Warrant Shares Upon Exercise. The Company shall use best efforts to cause the Warrant Shares
purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised
via cashless exercise, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest of (A) the delivery to the Company of the Notice of
Exercise, (B) surrender of this Warrant (if required) and (C) payment of the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”). The
Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised,
with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such shares, having been paid. 

ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall,
at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for
by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii.
Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such
exercise. 
 iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In
addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the
Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the 

  
 3 

 
amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained
by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was
executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the
Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be
required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall
limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 
 v.
No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such
exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 

vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any
issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or
names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for
same-day processing of any Notice of Exercise. 

  
 4 

 vii. Closing of Books. The Company will not close its stockholder
books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder
shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together
with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For
purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates and
(ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the
limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be
the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial
Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding
shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written
notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder the
number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the

  
 5 

 
Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may increase
or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect
to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any such increase or decrease will not be effective until the 61st day after such notice is delivered to the Company. The provisions of
this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into
a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 

b) Subsequent Equity Sales. If the Company, at any time while this Warrant is outstanding, shall sell any Common
Stock or Common Stock Equivalents (defined below), at a price per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”),
then simultaneously with the consummation of such Dilutive Issuance, the Exercise Price shall be reduced to equal the Base Share Price. In the case of any sale of units comprised of Common Stock and Common Stock Equivalents, the Base Share Price for
such offering 

  
 6 

 
shall equal the public offering price for such units. For purposes of this Section 3(b), any securities which would entitle the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock shall be deemed a
“Common Stock Equivalent” and the stated exercise price or conversion price (as applicable) shall be deemed to be the Base Share Price. Notwithstanding the foregoing, no adjustments shall be made under this Section 3(b) in
respect of an Exempt Issuance. The Company shall notify the Holder in writing following any Dilutive Issuance subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion
price and other pricing terms, provided, however, that the Company may provide notice of such adjustment in the Company’s periodic or current filings with the Securities and Exchange Commission (such notice, the “Dilutive Issuance
Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant
Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. For clarity, no change shall be made in the number of shares issuable upon exercise of this Warrant in the
event of any adjustment in the Exercise Price pursuant to this subsection. “Exempt Issuance” means the issuance of: (a) securities issued pursuant to any equity compensation plan duly adopted for such purpose, by a majority of
the non-employee members of the Board of Directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose, (b) securities upon the exercise or exchange of or conversion of this Warrant
and/or other Common Stock Equivalents outstanding on the date of this Warrant, or (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, but shall not
include a transaction in which the Company is issuing securities primarily for the purpose of raising capital. 

c) Subsequent Rights Offerings. If the Company, at any time while the Warrant is outstanding, shall issue rights,
options or warrants to all holders of Common Stock (and not to the Holder) entitling them to subscribe for or purchase shares of Common Stock at a price per share less than the VWAP on the record date mentioned below, then the Exercise Price shall
be multiplied by a fraction, of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights, options or warrants plus the number of additional shares of Common Stock offered for
subscription or purchase, and of which the numerator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights, options or warrants plus the number of shares which the aggregate offering price of the total
number of shares so offered (assuming receipt by the Company in full of all consideration payable upon exercise of such rights, options or warrants) would purchase at such VWAP. Such adjustment shall be made whenever such rights, options or warrants
are issued, and shall become effective immediately after the record date for the determination of stockholders entitled to receive such rights, options or warrants. 

  
 7 

 d) Pro Rata Distributions. If the Company, at any time while this
Warrant is outstanding, shall distribute to all holders of Common Stock (and not to the Holder) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants to subscribe for or purchase any security), then in
each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator
shall be the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of
indebtedness or rights or warrants so distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holder
of the portion of assets or evidences of indebtedness so distributed or such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately
after the record date mentioned above. 
 e) Fundamental Transaction. If, at any time while this Warrant
is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease,
license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the
Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock
is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not
including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a
“Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence
of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company,
if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise 

  
 8 

 
of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of
any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the successor entity (if any) shall succeed to, and be substituted for (so that
from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to the successor entity), and may exercise every right and power of
the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents with the same effect as if such successor entity had been named as the Company herein. 

f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest
1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury
shares, if any) issued and outstanding. 
 g) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring
such adjustment. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a
dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all
holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification
of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other
securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its
last address as it shall appear 

  
 9 

 
upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is
to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of
the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the
failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided hereunder constitutes, or contains,
material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this
Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

a) Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights)
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the
Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name
of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant
shall promptly be cancelled. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the
aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any
transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on
transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

  
 10 

 c) Warrant Register. The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. Upon providing written notice to the Holder, the Company may engage a warrant agent to administer
certain of the Company’s obligations under this Warrant, such as issuing the Warrant Shares on exercise and maintenance of the Warrant Register (a “Warrant Agent”). Upon providing notice of the engagement of a Warrant Agent, the
Holder shall thereafter substitute the Warrant Agent for the Company for purposes of this Warrant, as appropriate and as set forth in the notice of the engagement of the Warrant Agent. 

Section 5. Miscellaneous. 
 a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as
set forth in Section 2(d)(i), except as expressly set forth in Section 3. 
 b) Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock
certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 

c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration
of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day. 

d) Authorized Shares. 
 The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the
Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates
to execute and issue the necessary Warrant Shares upon the exercise of the purchase 

  
 11 

 
rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges
created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 
 Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 
 e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the laws of the State
of California. 
 f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the
exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right 

  
 12 

 
or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by
the Company shall be delivered to the address of record on file with the Company. 
 i) Limitation of
Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and
permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder
of Warrant Shares. 
 l) Amendment. This Warrant may be modified or amended or the provisions hereof
waived with the written consent of the Company and the Holder. 
 m) Severability. Wherever possible, each
provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the
extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 

******************** 
 (Signature Page Follows) 

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer
thereunto duly authorized as of the date first above indicated. 
  

			
	ARROWHEAD RESEARCH CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 14 

 NOTICE OF EXERCISE 

 

	TO:	ARROWHEAD RESEARCH CORPORATION 

(1) The undersigned hereby elects to purchase              Warrant Shares of
the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any. 

(2) Payment shall take the form of (check applicable box): 
  ̈ in lawful money of the United States; or 
  ̈ if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise
this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 
 (3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 
  

					
		 	  
	 	

 The Warrant Shares shall be delivered to the following DWAC Account Number: 

 

					
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	

 [SIGNATURE OF HOLDER] 
  

			
	 Name of Investing Entity:
	 	  

			
	Signature of Authorized Signatory of Investing Entity:	 	  

			
	 Name of Authorized Signatory:
	 	  

			
	Title of Authorized Signatory:	 	  

			
	Date:	 	  

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the
warrant.) 
 FOR VALUE RECEIVED, [            ] all of or
[            ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

							
	  
	 	whose address is	 		 	
			
	  
	 	.	 	
			
	  
	 		 	

 Dated:
                    ,
                                        

  

			
	Holder’s Signature:	 	  

		
	Holder’s Address:

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