Document:

EX-10.37

 

Exhibit 10.37

FX REAL ESTATE AND ENTERTAINMENT INC.

2007 EXECUTIVE EQUITY INCENTIVE PLAN

 

 

2007 EXECUTIVE EQUITY INCENTIVE PLAN

	 	 	 	 	 
	1. Purpose

	 	 	1	 
	 
	 	 	 	 
	2. Definitions

	 	 	1	 
	 
	 	 	 	 
	3. Administration

	 	 	5	 
	 
	 	 	 	 
	4. Shares Subject to Plan

	 	 	6	 
	 
	 	 	 	 
	5. Eligibility; Per-Person Limitations

	 	 	6	 
	 
	 	 	 	 
	6. Specific Terms of Options

	 	 	7	 
	 
	 	 	 	 
	7. Certain Provisions Applicable to Options

	 	 	8	 
	 
	 	 	 	 
	8. Change in Control

	 	 	10	 
	 
	 	 	 	 
	9. General Provisions

	 	 	12	 

 

 

2007 EXECUTIVE EQUITY INCENTIVE PLAN

     1. Purpose. The purpose of this 2007 EXECUTIVE EQUITY INCENTIVE PLAN (the “Plan”) is to assist FX Real
Estate and Entertainment Inc., a Delaware corporation (the “Company”) and its Related Entities (as
hereinafter defined) in attracting, motivating, retaining and rewarding high-quality executives and
other employees, officers, directors, consultants and other persons who provide services to the
Company or its Related Entities by enabling such persons to acquire or increase a proprietary
interest in the Company in order to strengthen the mutuality of interests between such persons and
the Company’s shareholders, and providing such persons with long term performance incentives to
expend their maximum efforts in the creation of shareholder value.

     2. Definitions. For purposes of the Plan, the following terms shall be defined as set forth below, in
addition to such terms defined in Section 1 hereof and elsewhere herein.

          (a) “Beneficiary” and “Beneficial Ownership” means the person, persons, trust or trusts that
have been designated by an Optionee in his or her most recent written beneficiary designation filed
with the Committee to receive the benefits specified under the Plan upon such Optionee’s death or
to which Options or other rights are transferred if and to the extent permitted under Section 9(b)
hereof. If, upon an Optionee’s death, there is no designated Beneficiary or surviving designated
Beneficiary, then the term Beneficiary means the person, persons, trust or trusts entitled by will
or the laws of descent and distribution to receive such benefits.

          (b) “Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 under the
Exchange Act and any successor to such Rule.

          (c) “Board” means the Company’s Board of Directors.

          (d) “Cause” shall, with respect to any Optionee, have the meaning specified in the Option
Agreement. In the absence of any definition in the Option Agreement, “Cause” shall have the
equivalent meaning or the same meaning as “cause” or “for cause” set forth in any employment,
consulting, or other agreement for the performance of services between the Optionee and the Company
or a Related Entity or, in the absence of any such agreement or any such definition in such
agreement, such term shall mean (i) the failure by the Optionee to perform, in a reasonable manner,
his or her duties as assigned by the Company or a Related Entity, (ii) any violation or breach by
the Optionee of his or her employment, consulting or other similar agreement with the Company or a
Related Entity, if any, (iii) any violation or breach by the Optionee of any non-competition,
non-solicitation, non-disclosure and/or other similar agreement with the Company or a Related
Entity, (iv) any act by the Optionee of dishonesty or bad faith with respect to the Company or a
Related Entity, (v) use of alcohol, drugs or other similar substances in a manner that adversely affects the Optionee’s work performance, or (vi)
the commission by the Optionee of any act, misdemeanor, or crime reflecting unfavorably upon the
Optionee or the Company or any Related Entity. The good faith determination by the

 

 

Committee of whether the Optionee’s Continuous Service was terminated by the Company for “Cause” shall be final
and binding for all purposes hereunder.

          (e) “Change in Control” means a Change in Control as defined in Section 8(b) of the Plan.

          (f) “Code” means the Internal Revenue Code of 1986, as amended from time to time, including
regulations thereunder and successor provisions and regulations thereto.

          (g) “Committee” means the Compensation Committee of the Board; provided, however, that if at
any time, there shall fail to be a sitting Compensation Committee or if there are no longer any
members on the Compensation Committee, then the Board shall serve as the Committee. The Committee
shall consist of at least two directors, and each member of the Committee shall be (i) a
“non-employee director” within the meaning of Rule 16b-3 (or any successor rule) under the
Exchange Act, unless administration of the Plan by “non-employee directors” is not then required in
order for exemptions under Rule 16b-3 to apply to transactions under the Plan, (ii) an “outside
director” within the meaning of Section 162(m) of the Code, and (iii) “Independent”.

          (h) “Consultant” means any person (other than an Employee or a Director, solely with respect
to rendering services in such person’s capacity as a director) who is engaged by the Company or any
Related Entity to render consulting or advisory services to the Company or such Related Entity.

          (i) “Continuous Service” means the uninterrupted provision of services to the Company or any
Related Entity in any capacity of Employee, Director, Consultant or other service provider.
Continuous Service shall not be considered to be interrupted in the case of (i) any approved leave
of absence, (ii) transfers among the Company, any Related Entities, or any successor entities, in
any capacity of Employee, Director, Consultant or other service provider, or (iii) any change in
status as long as the individual remains in the service of the Company or a Related Entity in any
capacity of Employee, Director, Consultant or other service provider (except as otherwise provided
in the Option Agreement). An approved leave of absence shall include sick leave, military leave,
or any other authorized personal leave.

          (j) “Covered Employee” means the Person who, as of the end of the taxable year, either is the
principal executive officer of the Company or is serving as the acting principal executive officer
of the Company, and each other Person whose compensation is required to be disclosed in the
Company’s filings with the Securities and Exchange Commission by reason of that person being among
the three highest compensated officers of the Company as of the end of a taxable year, or such
other person as shall be considered a “covered employee” for purposes of Section 162(m) of the
Code.

          (k) “Director” means a member of the Board or the board of directors of any Related Entity.

          (l) “Disability” means a permanent and total disability (within the meaning of Section 22(e)
of the Code), as determined by a medical doctor satisfactory to the Committee.

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          (m) “Effective Date” means the effective date of the Plan, which shall be December 17, 2007,
subject to approval within twelve (12) months by the stockholders of the shares entitled to vote
thereon.

          (n) “Eligible Person” means each officer, Director, Employee, Consultant and other person who
provides services to the Company or any Related Entity. The foregoing notwithstanding, only
employees of the Company, or any parent corporation or subsidiary corporation of the Company (as
those terms are defined in Sections 424(e) and (f) of the Code, respectively), shall be Eligible
Persons for purposes of receiving any Incentive Stock Options. An Employee on leave of absence may
be considered as still in the employ of the Company or a Related Entity for purposes of eligibility
for participation in the Plan.

          (o) “Employee” means any person, including an officer or Director, who is an employee of the
Company or any Related Entity. The payment of a director’s fee by the Company or a Related Entity
shall not be sufficient to constitute “employment” by the Company.

          (p) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
including rules thereunder and successor provisions and rules thereto.

          (q) “Fair Market Value” means the fair market value of Shares, Options or other property as
determined by the Committee, or under procedures established by the Committee. Unless otherwise
determined by the Committee, the Fair Market Value of a Share as of any given date shall be the
closing sale price per Share reported on a consolidated basis for stock listed on the principal
stock exchange or market on which Shares are traded on the date immediately preceding the date as
of which such value is being determined or, if there is no sale on that date, then on the last
previous day on which a sale was reported.

          (r) “Good Reason” shall, with respect to any Optionee, have the meaning specified in the
Option Agreement. In the absence of any definition in the Option Agreement, “Good Reason” shall
have the equivalent meaning or the same meaning as “good reason” or “for good reason” set forth in
any employment, consulting or other agreement for the performance of services between the Optionee
and the Company or a Related Entity or, in the absence of any such agreement or any such definition
in such agreement, such term shall mean (i) the assignment to the Optionee of any duties
inconsistent in any material respect with the Optionee’s position (including status, offices,
titles and reporting requirements), authority, duties or responsibilities as assigned by the
Company or a Related Entity, or any other action by the Company or a Related Entity which results
in a material diminution in such position, authority, duties or responsibilities, excluding for
this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is
remedied by the Company or a Related Entity promptly after receipt of notice thereof given by the
Optionee; or (ii) any material failure by the Company or a Related Entity to comply with its
obligations to the Optionee as agreed upon, other than an isolated, insubstantial and inadvertent
failure not occurring in bad faith and which is remedied by the Company or a Related Entity
promptly after receipt of notice thereof given by the Optionee.

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          (s) “Incentive Stock Option” means any Option intended to be designated as an incentive stock
option within the meaning of Section 422 of the Code or any successor provision thereto.

          (t) “Independent”, when referring to either the Board or members of the Committee, shall have
the same meaning as used in the rules of the NASDAQ Global Market or any national securities
exchange on which any securities of the Company are listed for trading, and if not listed for
trading, by the rules of the Nasdaq National Market.

          (u) “Incumbent Board” means the Incumbent Board as defined in Section 8(b)(ii) of the Plan.

          (v) “Option” means a right granted to an Optionee under Section 6(b) hereof, to purchase
Shares at a specified price during specified time periods.

          (w) “Option Agreement” means any written agreement, contract or other instrument or document
evidencing any Option granted by the Committee hereunder.

          (x) “Optionee” means a person to whom an Option is granted under this Plan or any person who
succeeds to the rights of such person under this Plan.

          (y) “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange
Act and used in Sections 13(d) and 14(d) thereof, and shall include a “group” as defined in Section
13(d) thereof.

          (z) “Related Entity” means any Subsidiary, and any business, corporation, partnership, limited
liability company or other entity designated by the Board, in which the Company or a Subsidiary
holds a substantial ownership interest, directly or indirectly.

          (aa) “Rule 16b-3” means Rule 16b-3, as from time to time in effect and applicable to the Plan
and Optionees, promulgated by the Securities and Exchange Commission under Section 16 of the
Exchange Act.

          (bb) “Shares” means the shares of common stock of the Company, par value $.01 per share, and
such other securities as may be substituted (or resubstituted) for Shares pursuant to Section 9(c)
hereof.

          (cc) “Subsidiary” means any corporation or other entity in which the Company has a direct or
indirect ownership interest of 50% or more of the total combined voting power of the then
outstanding securities or interests of such corporation or other entity entitled to vote generally
in the election of directors or in which the Company has the right to receive 50% or more of the
distribution of profits or 50% or more of the assets on liquidation or dissolution.

          (dd) “Substitute Options” means options or other awards granted by the Company in assumption
of, or in substitution or exchange for, Options previously granted, or the right or obligation to
make future grants or awards, by a company acquired by the Company or any Related Entity or with
which the Company or any Related Entity combines.

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     3. Administration.

          (a) Authority of the Committee. The Plan shall be administered by the Committee except to the extent the Board elects to
administer the Plan, in which case the Plan shall be administered by only those directors who are
Independent Directors, in which case references herein to the “Committee” shall be deemed to
include references to the Independent members of the Board. The Committee shall have full and
final authority, subject to and consistent with the provisions of the Plan, to select Eligible
Persons to become Optionees, grant Options, determine the type, number and other terms and
conditions of, and all other matters relating to, Options, prescribe Option Agreements (which need
not be identical for each Optionee) and rules and regulations for the administration of the Plan,
construe and interpret the Plan and Option Agreements and correct defects, supply omissions or
reconcile inconsistencies therein, and to make all other decisions and determinations as the
Committee may deem necessary or advisable for the administration of the Plan. In exercising any
discretion granted to the Committee under the Plan or pursuant to any Option Agreement, the
Committee shall not be required to follow past practices, act in a manner consistent with past
practices, or treat any Eligible Person or Optionee in a manner consistent with the treatment of
other Eligible Persons or Optionees.

          (b) Manner of Exercise of Committee Authority.: The Committee, and not the Board, shall exercise sole and exclusive discretion on any matter
relating to an Optionee then subject to Section 16 of the Exchange Act with respect to the Company
to the extent necessary in order that transactions by such Optionee shall be exempt under Rule
16b-3 under the Exchange Act. Any action of the Committee shall be final, conclusive and binding
on all persons, including the Company, its Related Entities, Eligible Persons, Optionees,
Beneficiaries, transferees under Section 9(b) hereof or other persons claiming rights from or
through an Optionee, and shareholders. The express grant of any specific power to the Committee,
and the taking of any action by the Committee, shall not be construed as limiting any power or
authority of the Committee. The Committee may delegate to officers or managers of the Company or
any Related Entity, or committees thereof, the authority, subject to such terms as the Committee
shall determine, to perform such functions, including administrative functions as the Committee may
determine to the extent that such delegation will not result in the loss of an exemption under Rule
16b-3(d)(1) for Options granted to Optionees subject to Section 16 of the Exchange Act in respect
of the Company and will not cause Options intended to qualify as “performance-based compensation”
under Code Section 162(m) to fail to so qualify. The Committee may appoint agents to assist it in
administering the Plan.

          (c) Limitation of Liability. The Committee and the Board, and each member thereof, shall be entitled to, in good faith,
rely or act upon any report or other information furnished to him or her by any officer or
Employee, the Company’s independent auditors, Consultants or any other agents assisting in the
administration of the Plan. Members of the Committee and the Board, and any officer or Employee
acting at the direction or on behalf of the Committee or the Board, shall not be personally liable
for any action or determination taken or made in good faith with respect to the
Plan, and shall, to the extent permitted by law, be fully indemnified and protected by the
Company with respect to any such action or determination.

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     4. Shares Subject to Plan.

          (a) Limitation on Overall Number of Shares Available for Delivery Under Plan. Subject to adjustment as provided in Section 9(c) hereof, the total number of Shares
reserved and available for delivery under the Plan shall be twelve million five-hundred thousand
(12,500,000) Shares. Any Shares delivered under the Plan may consist, in whole or in part, of
authorized and unissued shares or treasury shares.

          (b) Application of Limitation to Grants of Option.. No Option may be granted if the number of Shares to be delivered in connection with such an
Option exceeds the number of Shares remaining available for delivery under the Plan, minus the
number of Shares deliverable in settlement of or relating to then outstanding Options. The
Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double
counting (as, for example, in the case Substitute Options) and make adjustments if the number of
Shares actually delivered differs from the number of Shares previously counted in connection with
an Option.

          (c) Availability of Shares Not Delivered under Options and Adjustments to Limits.

          (i) If any Shares subject to an Option are forfeited, expire or otherwise terminate without
issuance of such Shares or otherwise does not result in the issuance of all or a portion of the
Shares subject to such Option, the Shares shall, to the extent of such forfeiture, expiration,
termination, cash settlement or non-issuance, again be available for Options under the Plan.

          (ii) Substitute Options shall not reduce the Shares authorized for grant under the Plan or
authorized for grant to an Optionee in any period. Additionally, in the event that a company
acquired by the Company or any Related Entity or with which the Company or any Related Entity
combines has shares available under a pre-existing plan approved by shareholders and not adopted in
contemplation of such acquisition or combination, the shares available for delivery pursuant to the
terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio
or other adjustment or valuation ratio or formula used in such acquisition or combination to
determine the consideration payable to the holders of common stock of the entities party to such
acquisition or combination) may be used for Options under the Plan and shall not reduce the Shares
authorized for delivery under the Plan; provided that Options using such available shares shall not
be made after the date Options or grants could have been made under the terms of the pre-existing
plan, absent the acquisition or combination, and shall only be made to individuals who were not
Employees or Directors prior to such acquisition or combination.

          (iii) Notwithstanding anything in this Section 4(c) to the contrary but subject to adjustment
as provided in Section 9(c) hereof, the maximum aggregate number of Shares that may be issued under
the Plan as a result of the exercise of the Incentive Stock Options shall be twelve million
five-hundred thousand (12,500,000) Shares shares.

     5. Eligibility; Per-Person Limitations. Options may be granted under the Plan only to Eligible Persons. Subject to adjustment as
provided in Section 9(c), in any fiscal year of the

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Company during any part of which the Plan is in
effect, no Optionee may be granted Options with respect to more than twelve million five-hundred
thousand (12,500,000) Shares. The maximum number of Shares that may be granted to any one Optionee
over the life of the Plan is twelve million five-hundred thousand (12,500,000) Shares.

     6. Specific Terms of Options.

          (a) General. Options may be granted on the terms and conditions set forth in this Section 6. In
addition, the Committee may impose on any Option or the exercise thereof, at the date of grant or
thereafter (subject to Section 9(e)), such additional terms and conditions, not inconsistent with
the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture
of Options in the event of termination of the Optionee’s Continuous Service and terms permitting an
Optionee to make elections relating to his or her Option. The Committee shall retain full power
and discretion to accelerate, waive or modify, at any time, any term or condition of an Option that
is not mandatory under the Plan. Except in cases in which the Committee is authorized to require
other forms of consideration under the Plan, or to the extent other forms of consideration must be
paid to satisfy the requirements of Delaware law, no consideration other than services may be
required for the grant (as opposed to the exercise) of any Option.

          (b) Grant of Options. The Committee is authorized to grant Options to any Eligible Person on the following terms
and conditions:

               (i) Exercise Price. Other than in connection with Substitute Options, the exercise price per
Share purchasable under an Option shall be determined by the Committee, provided that such exercise
price shall not be less than one hundred percent (100%) of the Fair Market Value of a Share on the
date of grant of the Option and shall not, in any event, be less than the par value of a Share on
the date of grant of the Option. If an Employee owns or is deemed to own (by reason of the
attribution rules applicable under Section 424(d) of the Code) more than 10% of the combined voting
power of all classes of stock of the Company (or any parent corporation or subsidiary corporation
of the Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively)
and an Incentive Stock Option is granted to such employee, the exercise price of such Incentive
Stock Option (to the extent required by the Code at the time of grant) shall be no less than 110%
of the Fair Market Value of a Share on the date such Incentive Stock Option is granted. Other than
pursuant to Section 9(c), the Committee shall not be permitted to (A) lower the exercise price per Share of an Option after it is
granted, (B) cancel an Option when the exercise price per Share exceeds the Fair Market Value of
the underlying Shares in exchange for another Option (other than in connection with Substitute
Options), or (C) take any other action with respect to an Option that may be treated as a
repricing, without approval of the Company’s shareholders.

               (ii) Time and Method of Exercise. The Committee shall determine the time or times at which or
the circumstances under which an Option may be exercised in whole or in part (including based on
achievement of performance goals and/or future service requirements), the time or times at which
Options shall cease to be or become exercisable following termination of Continuous Service or upon
other conditions, the methods by which the exercise price may be paid or deemed to be paid
(including in the discretion of the Committee a

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cashless exercise procedure), the form of such
payment, including, without limitation, cash, Shares (including without limitation the withholding
of Shares otherwise deliverable pursuant to the grant), other options or other awards granted under
other plans of the Company or a Related Entity, or other property (including notes or other
contractual obligations of Optionees to make payment on a deferred basis provided that such
deferred payments are not in violation of the Sarbanes-Oxley Act of 2002, or any rule or regulation
adopted thereunder or any other applicable law), and the methods by or forms in which Shares will
be delivered or deemed to be delivered to Optionees.

               (iii) Incentive Stock Options. The terms of any Incentive Stock Option granted under the Plan
shall comply in all respects with the provisions of Section 422 of the Code. Anything in the Plan
to the contrary notwithstanding, no term of the Plan relating to Incentive Stock Options shall be
interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be
exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section 422 of
the Code, unless the Optionee has first requested, or consents to, the change that will result in
such disqualification. Thus, if and to the extent required to comply with Section 422 of the Code,
Options granted as Incentive Stock Options shall be subject to the following special terms and
conditions:

                    (A) the Option shall not be exercisable for more than ten years after the date such Incentive
Stock Option is granted; provided, however, that if an Optionee owns or is deemed to own (by reason
of the attribution rules of Section 424(d) of the Code) more than 10% of the combined voting power
of all classes of stock of the Company (or any parent corporation or subsidiary corporation of the
Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) and the
Incentive Stock Option is granted to such Optionee, the term of the Incentive Stock Option shall be
(to the extent required by the Code at the time of the grant) for no more than five years from the
date of grant; and

                    (B) The aggregate Fair Market Value (determined as of the date the Incentive Stock Option is
granted) of the Shares with respect to which Incentive Stock Options granted under the Plan and all
other option plans of the Company (and any parent corporation or subsidiary corporation of the
Company, as those terms are defined in Sections 424(e) and (f) of the Code, respectively) that
become exercisable for the first time by the Optionee during any calendar year shall not (to the
extent required by the Code at the time of the grant) exceed $100,000.

     7. Certain Provisions Applicable to Options.

         (a) Stand-Alone, Additional, and Substitute Options Options granted under the Plan may, in the discretion of the Committee, be granted either
alone or in addition to or in substitution or exchange for, any other Option or any award granted
under another plan of the Company, any Related Entity, or any business entity to be acquired by the
Company or a Related Entity, or any other right of an Optionee to receive payment from the Company
or any Related Entity. Such additional, substitute or exchange Options may be granted at any time.
If an Option is granted in substitution or exchange for another Option or award granted under
another plan, the Committee shall require the surrender of such other Option or other award in
consideration for the grant of the new Option. In addition, Options may be granted in lieu of

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cash compensation, including in lieu of cash amounts payable under other plans of the Company or any
Related Entity, in which the value of Stock subject to the Option is equivalent in value to the
cash compensation, or in which the exercise price, grant price or purchase price of the Option in
the nature of a right that may be exercised is equal to the Fair Market Value of the underlying
Stock minus the value of the cash compensation surrendered (for example, Options granted with an
exercise price or grant price “discounted” by the amount of the cash compensation surrendered).

     (b) Term of Options. The term of each Option shall be for such period as may be determined by the Committee;
provided that in no event shall the term of any Option exceed a period of ten years (or in the case
of an Incentive Stock Option such shorter term as may be required under Section 422 of the Code).

     (c) Form and Timing of Payment. Subject to the terms of the Plan and any applicable Option Agreement, payments to be made
by the Company or a Related Entity upon the exercise of an Option or settlement of an Option may be
made in such forms as the Committee shall determine, including, without limitation, cash, Shares,
other Options or other property, and may be made in a single payment or transfer, in installments,
or on a deferred basis. Any installment or deferral provided for in the preceding sentence shall,
however, be subject to the Company’s compliance with the provisions of the Sarbanes-Oxley Act of
2002, the rules and regulations adopted by the Securities and Exchange Commission thereunder, and
all applicable rules of the NASDAQ Global Market or any national securities exchange on which the
Company’s securities are listed or quoted for trading and, if not listed or quoted for trading on
either the NASDAQ Global Market or a national securities exchange, then the rules of the NASDAQ
Global Market. The settlement of any Option may be accelerated, and cash paid in lieu of Shares in
connection with such settlement, in the discretion of the Committee or upon occurrence of one or
more specified events (in addition to a Change in Control). Installment or deferred payments may
be required by the Committee (subject to Section 9(e) of the Plan, including the consent provisions
thereof in the case of any deferral of an outstanding Option not provided for in the original
Option Agreement) or permitted at the election of the Optionee on terms and conditions established
by the Committee. The Committee may, without limitation, make provision for the payment or crediting of a reasonable interest rate on installment or deferred payments or the grant or
other amounts in respect of installment or deferred payments denominated in Shares.

     (d) Exemptions from Section 16(b) Liability.: It is the intent of the Company that the grant of any Options to or other transaction by an
Optionee who is subject to Section 16 of the Exchange Act shall be exempt from Section 16 pursuant
to an applicable exemption (except for transactions acknowledged in writing to be non-exempt by
such Optionee). Accordingly, if any provision of this Plan or any Option Agreement does not comply
with the requirements of Rule 16b-3 then applicable to any such transaction, such provision shall
be construed or deemed amended to the extent necessary to conform to the applicable requirements of
Rule 16b-3 so that such Optionee shall avoid liability under Section 16(b).

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     (e) Code Section 409A.

               (i) If any Option constitutes a “nonqualified deferred compensation plan” under Section 409A
of the Code (a “Section 409A Plan”), then the Option shall be subject to the following additional
requirements, if and to the extent required to comply with Section 409A of the Code:

                    (A) Payments under the Section 409A Plan may not be made earlier than (u) the Optionee’s
separation from service, (v) the date the Optionee becomes disabled, (w) the Optionee’s death, (x)
a specified time (or pursuant to a fixed schedule) specified in the Option Agreement at the date of
the deferral of such compensation, (y) a change in the ownership or effective control of the
corporation, or in the ownership of a substantial portion of the assets of the corporation, or (z)
the occurrence of an unforeseeble emergency;

                    (B) The time or schedule for any payment of the deferred compensation may not be accelerated,
except to the extent provided in applicable Treasury Regulations or other applicable guidance
issued by the Internal Revenue Service;

                    (C) Any elections with respect to the deferral of such compensation or the time and form of
distribution of such deferred compensation shall comply with the requirements of Section 409A(a)(4)
of the Code; and

                    (D) In the case of any Optionee who is specified employee, a distribution on account of a
separation from service may not be made before the date which is six months after the date of the
Optionee’s separation from service (or, if earlier, the date of the Optionee’s death).

For purposes of the foregoing, the terms “separation from service”, “disabled”, and “specified
employee”, all shall be defined in the same manner as those terms are defined for purposes of
Section 409A of the Code, and the limitations set forth herein shall be applied in such manner (and
only to the extent) as shall be necessary to comply with any requirements of Section 409A of the
Code that are applicable to the Option.

               (ii) The Option Agreement for any Option that the Committee reasonably determines to
constitute a Section 409A Plan, and the provisions of the Plan applicable to that Option, shall be
construed in a manner consistent with the applicable requirements of Section 409A of the Code, and
the Committee, in its sole discretion and without the consent of any Optionee, may amend any Option
Agreement (and the provisions of the Plan applicable thereto) if and to the extent that the
Committee determines that such amendment is necessary or appropriate to comply with the
requirements of Section 409A of the Code. No Option Agreements shall be adjusted, modified or
substituted for without the consent of the Optionee if any such adjustments, modifications or
substitutions would cause the Option Agreement to violate the requirements of Section 409A of the
Code.

     8. Change in Control.

          (a) Effect of “Change in Control.” Subject to Section 8(a)(iii), and if and only to the extent provided in the Option Agreement,
or to the extent otherwise determined by the Committee, upon the occurrence of a “Change in
Control,” as defined in Section 8(b):

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               (i) Any Option that was not previously vested and exercisable as of the time of the Change in
Control, shall become immediately vested and exercisable, subject to applicable restrictions set
forth in Section 9(a) hereof.

               (ii) With respect to any outstanding Option subject to achievement of performance goals and
conditions under the Plan, the Committee may, in its discretion, deem such performance goals and
conditions as having been met as of the date of the Change in Control.

               (iii) Notwithstanding the foregoing or any provision in any Option Agreement to the contrary,
if in the event of a Change in Control the successor company assumes or substitutes for an Option,
then each such outstanding Option shall not be accelerated as described in Sections 8(a)(i) and
(ii). For the purposes of this Section 8(a)(iii), an Option shall be considered assumed or
substituted for if following the Change in Control the Option confers the right to purchase or
receive, for each Share subject to the Option immediately prior to the Change in Control, the
consideration (whether stock, cash or other securities or property) received in the transaction
constituting a Change in Control by holders of Shares for each Share held on the effective date of
such transaction (and if holders were offered a choice of consideration, the type of consideration
chosen by the holders of a majority of the outstanding shares); provided, however, that if such
consideration received in the transaction constituting a Change in Control is not solely common
stock of the successor company or its parent or subsidiary, the Committee may, with the consent of
the successor company or its parent or subsidiary, provide that the consideration to be received
upon the exercise of an Option for each Share subject thereto, will be solely common stock of the
successor company or its parent or subsidiary substantially equal in fair market value to the per
share consideration received by holders of Shares in the transaction constituting a Change in
Control. The determination of such substantial equality of value of consideration shall be made by
the Committee in its sole discretion and its determination shall be conclusive and binding.

          (b) Definition of “Change in Control". Unless otherwise specified in an Option Agreement, a “Change in Control” shall mean the
occurrence of any of the following:

               (i) The acquisition by any Person of Beneficial Ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of more than fifty percent (50%) of either (A) the then
outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B)
the combined voting power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities) (the foregoing
Beneficial Ownership hereinafter being referred to as a “Controlling Interest”); provided, however,
that for purposes of this Section 8(b), the following acquisitions shall not constitute or result
in a Change in Control: (v) any acquisition directly from the Company; (w) any acquisition by the
Company; (x) any acquisition by any Person that as of the Effective Date owns Beneficial Ownership
of a Controlling Interest; (y) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any Related Entity; or (z) any acquisition by any entity
pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (iii) below;
or

11

 

               (ii) During any period of two (2) consecutive years (not including any period prior to the
Effective Date) individuals who constitute the Board on the Effective Date (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to the Effective Date whose election, or nomination for
election by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

               (iii) Consummation of a reorganization, merger, statutory share exchange or consolidation or
similar transaction involving the Company or any of its Related Entities, a sale or other
disposition of all or substantially all of the assets of the Company, or the acquisition of assets
or equity of another entity by the Company or any of its Related Entities (each a “Business
Combination”), in each case, unless, following such Business Combination, (A) all or substantially
all of the individuals and entities who were the Beneficial Owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to
such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%)
of the value of the then outstanding equity securities and the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of members of the board of
directors (or comparable governing body of an entity that does not have such a board), as the case
may be, of the entity resulting from such Business Combination (including, without limitation, an
entity which as a result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership, immediately prior to such Business Combination of the Outstanding
Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any
employee benefit plan (or related trust) of the Company or such entity resulting from such Business
Combination or any Person that as of the Effective Date owns Beneficial Ownership of a Controlling
Interest) beneficially owns, directly or indirectly, fifty percent (50%) or more of the value of
the then outstanding equity securities of the entity resulting from such Business Combination or
the combined voting power of the then outstanding voting securities of such entity except to the
extent that such ownership existed prior to the Business Combination and (C) at least a majority of
the members of the Board of Directors or other governing body of the entity resulting from such
Business Combination were members of the Incumbent Board at the time of the execution of the
initial agreement, or of the action of the Board, providing for such Business Combination; or

               (iv) Approval by the shareholders of the Company of a complete liquidation or dissolution of
the Company.

     9. General Provisions.

          (a) Compliance With Legal and Other Requirements. The Company may, to the extent deemed necessary or advisable by the Committee, postpone the
issuance or delivery of

12

 

Shares or payment of other benefits under any Option until completion of
such registration or qualification of such Shares or other required action under any federal or
state law, rule or regulation, listing or other required action with respect to any stock exchange
or automated quotation system upon which the Shares or other Company securities are listed or
quoted, or compliance with any other obligation of the Company, as the Committee, may consider
appropriate, and may require any Optionee to make such representations, furnish such information
and comply with or be subject to such other conditions as it may consider appropriate in connection
with the issuance or delivery of Shares or payment of other benefits in compliance with applicable
laws, rules, and regulations, listing requirements, or other obligations.

          (b) Limits on Transferability; Beneficiaries. No Option granted under the Plan shall be pledged, hypothecated or otherwise encumbered
or subject to any lien, obligation or liability of such Optionee to any party, or assigned or
transferred by such Optionee otherwise than by will or the laws of descent and distribution or to a
Beneficiary upon the death of an Optionee, and such Options that may be exercisable shall be
exercised during the lifetime of the Optionee only by the Optionee or his or her guardian or legal
representative, except that Options (other than Incentive Stock Options) may be transferred to one
or more Beneficiaries or other transferees during the lifetime of the Optionee, and may be
exercised by such transferees in accordance with the terms of such Option, but only if and to the
extent such transfers are permitted by the Committee pursuant to the express terms of an Option
Agreement (subject to any terms and conditions which the Committee may impose thereon). A
Beneficiary, transferee, or other person claiming any rights under the Plan from or through any
Optionee shall be subject to all terms and conditions of the Plan and any Option Agreement
applicable to such Optionee, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate by
the Committee.

          (c) Adjustments.

               (i) Adjustments to Options. In the event that any extraordinary dividend or other
distribution (whether in the form of cash, Shares, or other property), recapitalization, forward or
reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, share
exchange, liquidation, dissolution or other similar corporate transaction or event affects the
Shares and/or such other securities of the Company or any other issuer such that a substitution,
exchange, or adjustment is determined by the Committee to be appropriate, then the Committee shall,
in such manner as it may deem equitable, substitute, exchange or adjust any or all of (A) the
number and kind of Shares which may be delivered in connection with Options granted thereafter, (B)
the number and kind of Shares by which annual per-person Option limitations are measured under
Section 5 hereof, (C) the number and kind of Shares subject to or deliverable in respect of
outstanding Options, (D) the exercise price, grant price or purchase price relating to any Option
and/or make provision for payment of cash or other property in respect of any outstanding Option,
and (E) any other aspect of any Option that the Committee determines to be appropriate.

               (ii) Adjustments in Case of Certain Transactions. In the event of any merger, consolidation
or other reorganization in which the Company does not survive, or in the event of any Change in
Control, any outstanding Options may be dealt with in accordance with

13

 

any of the following
approaches, as determined by the agreement effectuating the transaction or, if and to the extent
not so determined, as determined by the Committee: (a) the continuation of the outstanding Options
by the Company, if the Company is a surviving entity, (b) the assumption or substitution for, as
those terms are defined in Section 8(b)(iii) hereof, the outstanding Options by the surviving
entity or its parent or subsidiary, (c) full exercisability or vesting and accelerated expiration
of the outstanding Options, or (d) settlement of the value of the outstanding Options in cash or
cash equivalents or other property followed by cancellation of such Options (which value shall be
measured by the amount, if any, by which the Fair Market Value of a Share exceeds the exercise or
grant price of the Option as of the effective date of the transaction). The Committee shall give
written notice of any proposed transaction referred to in this Section 9(c)(ii) a reasonable period
of time prior to the closing date for such transaction (which notice may be given either before or
after the approval of such transaction), in order that Optionees may have a reasonable period of
time prior to the closing date of such transaction within which to exercise any Options that are
then exercisable (including any Options that may become exercisable upon the closing date of such
transaction). An optionee may condition his exercise of any Options upon the consummation of the
transaction.

               (iii) Other Adjustments. The Committee (and the Board if and only to the extent such
authority is not required to be exercised by the Committee to comply with Section 162(m) of the
Code) is authorized to make adjustments in the terms and conditions of, and the criteria included
in, Options (including performance goals relating thereto) in recognition of unusual or
nonrecurring events (including, without limitation, acquisitions and dispositions of businesses and
assets) affecting the Company, any Related Entity or any business unit, or the financial statements
of the Company or any Related Entity, or in response to changes in applicable laws, regulations, accounting principles, tax rates and regulations or business
conditions or in view of the Committee’s assessment of the business strategy of the Company, any
Related Entity or business unit thereof, performance of comparable organizations, economic and
business conditions, personal performance of an Optionee, and any other circumstances deemed
relevant; provided that no such adjustment shall be authorized or made if and to the extent that
such authority or the making of such adjustment would cause Options to Optionees designated by the
Committee as Covered Employees and intended to qualify as “performance-based compensation” under
Code Section 162(m) and the regulations thereunder to otherwise fail to qualify as
“performance-based compensation” under Code Section 162(m) and regulations thereunder.

          (d) Taxes. The Company and any Related Entity are authorized to withhold from any Option granted, any
payment relating to an Option under the Plan, including from a distribution of Shares, or any
payroll or other payment to an Optionee, amounts of withholding and other taxes due or potentially
payable in connection with any transaction involving an Option, and to take such other action as
the Committee may deem advisable to enable the Company or any Related Entity and Optionees to
satisfy obligations for the payment of withholding taxes and other tax obligations relating to any
Option. This authority shall include authority to withhold or receive Shares or other property and
to make cash payments in respect thereof in satisfaction of an Optionee’s tax obligations, either
on a mandatory or elective basis in the discretion of the Committee.

14

 

          (e) Changes to the Plan and Options. The Board may amend, alter, suspend, discontinue or terminate the Plan, or the Committee’s
authority to grant Options under the Plan, without the consent of shareholders or Optionees, except
that any amendment or alteration to the Plan shall be subject to the approval of the Company’s
shareholders not later than the annual meeting next following such Board action if such shareholder
approval is required by any federal or state law or regulation (including, without limitation, Rule
16b-3 or Code Section 162(m)) or the rules of any stock exchange or automated quotation system on
which the Shares may then be listed or quoted, and the Board may otherwise, in its discretion,
determine to submit other such changes to the Plan to shareholders for approval; provided that,
without the consent of an affected Optionee, no such Board action may materially and adversely
affect the rights of such Optionee under any previously granted and outstanding Option. The
Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or
terminate any Option theretofore granted and any Option Agreement relating thereto, except as
otherwise provided in the Plan; provided that, without the consent of an affected Optionee, no such
Committee or the Board action may materially and adversely affect the rights of such Optionee under
such Option.

          (f) Limitation on Rights Conferred Under Plan. Neither the Plan nor any action taken hereunder or under any Option shall be construed as
(i) giving any Eligible Person or Optionee the right to continue as an Eligible Person or Optionee
or in the employ or service of the Company or a Related Entity; (ii) interfering in any way with the right of the Company or a Related Entity to terminate any
Eligible Person’s or Optionee’s Continuous Service at any time, (iii) giving an Eligible Person or
Optionee any claim to be granted any Option under the Plan or to be treated uniformly with other
Optionees and Employees, or (iv) conferring on an Optionee any of the rights of a shareholder of
the Company including, without limitation, any right to receive dividends or distributions, any
right to vote or act by written consent, any right to attend meetings of shareholders or any right
to receive any information concerning the Company’s business, financial condition, results of
operation or prospects, unless and until such time as the Optionee is duly issued Shares on the
stock books of the Company in accordance with the terms of an Option. None of the Company, its
officers or its directors shall have any fiduciary obligation to the Optionee with respect to any
Options unless and until the Optionee is duly issued Shares pursuant to the Option on the stock
books of the Company in accordance with the terms of an Option. Neither the Company nor any of the
Company’s officers, directors, representatives or agents are granting any rights under the Plan to
the Optionee whatsoever, oral or written, express or implied, other than those rights expressly set
forth in this Plan or the Option Agreement.

          (g) Status of Options. The Plan is intended to constitute an “unfunded” plan for incentive compensation. With
respect to any payments not yet made to an Optionee or obligation to deliver Shares pursuant to an
Option, nothing contained in the Plan or any Option shall give any such Optionee any rights that
are greater than those of a general creditor of the Company.

          (h) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its submission to the shareholders of the
Company for approval shall be construed as creating any limitations on the power of the Board or a
committee thereof to adopt such other incentive arrangements as it may deem desirable including
incentive arrangements and Options which do not qualify under Section 162(m) of the Code.

15

 

          (i) Payments in the Event of Forfeitures; Fractional Shares. Unless otherwise determined by the Committee, in the event of a forfeiture of an Option
with respect to which an Optionee paid cash or other consideration, the Optionee shall be repaid
the amount of such cash or other consideration. No fractional Shares shall be issued or delivered
pursuant to the Plan or any Option. The Committee shall determine whether cash, other Options or
other property shall be issued or paid in lieu of such fractional shares or whether such fractional
shares or any rights thereto shall be forfeited or otherwise eliminated.

          (j) Governing Law. The validity, construction and effect of the Plan, any rules and regulations under the
Plan, and any Option Agreement shall be determined in accordance with the laws of the State of
Delaware without giving effect to principles of conflict of laws, and applicable federal law.

          (k) Non-U.S. Laws. The Committee shall have the authority to adopt such modifications, procedures, and
subplans as may be necessary or desirable to comply with provisions of the laws of foreign
countries in which the Company or its Related Entities may operate to assure the viability of the
benefits from Options granted to Optionees performing services in such countries and to meet the
objectives of the Plan.

          (l) Plan Effective Date and Shareholder Approval; Termination of Plan. The Plan shall become effective on the Effective Date, subject to subsequent approval,
within 12 months of its adoption by the Board, by shareholders of the Company eligible to vote in
the election of directors, by a vote sufficient to meet the requirements of Code Sections 162(m)
(if applicable) and 422, Rule 16b-3 under the Exchange Act (if applicable), applicable
requirements under the rules of any stock exchange or automated quotation system on which the
Shares may be listed or quoted, and other laws, regulations, and obligations of the Company
applicable to the Plan. Options may be granted subject to shareholder approval, but may not be
exercised or otherwise settled in the event the shareholder approval is not obtained. The Plan
shall terminate at the earliest of (a) such time as no Shares remain available for issuance under
the Plan, (b) termination of this Plan by the Board, or (c) the tenth anniversary of the Effective
Date. Options outstanding upon expiration of the Plan shall remain in effect until they have been
exercised or terminated, or have expired.

16EX-10.40

 

Exhibit 10.40

Amendment No. 1 to License Agreement

between

Elvis Presley Enterprises, Inc.

and

FX Luxury Realty, LLC

     This Amendment No. 1 (“Amendment No. 1”) to the License Agreement by and between ELVIS
PRESLEY ENTERPRISES, INC., a Tennessee corporation, having its principal office at 3734 Elvis
Presley Boulevard, Memphis, Tennessee 38116 (“Licensor”), and FX LUXURY REALTY, LLC, a
Delaware limited liability company, having its principal office at 650 Madison Avenue, New York,
New York, 10022 (“Licensee”) (each, a “party” and collectively, the
“parties”), is made and effective as of November 16, 2007 with reference to the following
recitals:

RECITALS

     WHEREAS, the parties entered into that certain License Agreement, dated as of June 1, 2007
(the “License Agreement”); and

     WHEREAS, the parties wish to make certain amendments to the License Agreement pursuant to
Section 26.07 thereof to extend the payment date for the Guaranteed Minimum Royalty (as defined in
the License Agreement) for the calendar year ending December 31, 2007;

     NOW, THEREFORE, for the consideration set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

1. Amendment to Section 7.08 of the License Agreement. Section 7.08 of the License
Agreement is hereby amended by deleting such section in its entirety and replacing it with the
following:

“Section 7.08 Guaranteed Minimum Royalties. Licensee shall pay Licensor the below
guaranteed minimum royalties for each calendar year within thirty (30) days of the end of such
calendar year (i.e., by January 30th of the immediately following year) during the Term
(“Guaranteed Minimum Royalties”), except that the Guaranteed Minimum Royalty for the
calendar year ending December 31, 2007 (the “2007 Guaranteed Minimum Royalty”) shall be due
upon the earlier of (i) the date of Licensee’s receipt of funds from the closing of the Rights
Offering and, if required, the Back-Stop (each as defined in the Membership Interest Purchase
Agreement dated as of June 1, 2007 by and among Licensee, CKX, Inc., and Flag Luxury Properties,
LLC, as amended) or (ii) April 1, 2008, provided that if the 2007 Guaranteed Minimum
Royalty is paid to Licensor after December 1, 2007 it shall bear interest as set forth in the table
below.

The Guaranteed Minimum Royalty shall be non-refundable but actual royalties paid during the
applicable calendar year shall be applied against the Guaranteed Minimum Royalty. Notwithstanding
any of the foregoing, any direct payments made by a Project Company or other Person that holds a
Site License to Licensor shall be applied against the Guaranteed Minimum Royalties due to Licensor
hereunder.

 

 

	 	 	 	 	 
	Calendar Year	 	Amount
	Calendar year ending December 31, 2007
	 	$9,000,000, plus interest on any amount thereof paid after December 1, 2007, from December 1, 2007 until the date of payment at the following interest rates:

	 
	 	 	 	 
	 
	 	From December 1, 2007 through December 31, 2007 - the then current prime rate as quoted in The Wall Street Journal (the “Prime Rate”) plus 3% per annum;

	 
	 	 	 	 
	 
	 	From January 1, 2008 through January 31, 2008 - the then current Prime Rate plus 3.5% per annum;

	 
	 	 	 	 
	 
	 	From February 1, 2008 through February 29, 2008 - the then current Prime Rate plus 4.0% per annum; and 

	 
	 	 	 	 
	 
	 	From and after March 1, 2008 - the then current Prime Rate plus 4.5% per annum.

	 
	 	 	 	 
	Calendar year ending December 31, 2008
	 	$	9,000,000	 
	Calendar year ending December 31, 2009
	 	$	9,000,000	 
	Calendar year ending December 31, 2010
	 	$	18,000,000	 
	Calendar year ending December 31, 2011
	 	$	18,000,000	 
	Calendar year ending December 31, 2012
	 	$	18,000,000	 
	Calendar year ending December 31, 2013
	 	$	22,000,000	 
	Calendar year ending December 31, 2014
	 	$	22,000,000	 
	Calendar year ending December 31, 2015
	 	$	22,000,000	 
	Calendar year ending December 31, 2016
	 	$	22,000,000	 
	Every calendar year thereafter during the Term
	 	The Guaranteed Minimum Royalty for the immediately previous calendar year plus five percent (5%)

2. Amendment to Section 7.13 of the License Agreement. Section 7.13 of the License
Agreement is hereby amended by deleting such section in its entirety and replacing it with the
following:

“Section 7.13 Late Payments. Any past due amount by Licensee whether due pursuant to this
Article 7 or any other Section in this Agreement shall bear interest at the then current Prime Rate
plus 3% per annum, which is applicable from the due date until the date of payment,
provided that any amount of the 2007 Guaranteed Minimum Royalty paid after December 1, 2007
shall bear interest as provided in Section 7.08 hereof. Any outstanding amount found in an audit

2

 

pursuant to Section 8.02 shall be deemed a “late payment” and shall be subject to the interest
described herein.”

3. Effect of Amendment. Except as expressly set forth in this Amendment No. 1, the License
Agreement shall remain in full force and effect as originally written, and shall constitute the
legal, valid, binding and enforceable obligation of the parties thereto.

4. Governing Law. This Amendment No. 1 and the obligations of the parties hereunder shall
be construed and enforced in accordance with the laws of the State of Tennessee, excluding any
conflicts of law rule or principle which might refer such construction to the laws of another state
or country. Each party hereby (i) submits to personal jurisdiction in the State of Tennessee for
the enforcement of this Agreement and (ii) waives any and all personal rights under the law of any
state or country to object to jurisdiction within the State of Tennessee for the purposes of
litigation to enforce this Agreement.

5. Execution in Counterparts. This Amendment No. 1 may be executed in two or more
counterparts, each of which shall be considered an original instrument, but all of which shall be
considered one and the same agreement, and shall become binding when one or more counterparts have
been signed by each of the parties hereto and delivered to the parties. Copies of executed
counterparts transmitted by facsimile or other electronic transmission shall be considered original
executed counterparts for the purposes of this Amendment No. 1, provided that receipt of copies of
such counterparts is confirmed. Originals of any counterparts transmitted by facsimile or other
electronic transmission shall be promptly provided to the other parties hereto.

[Remainder of page intentionally left blank]

3

 

     IN WITNESS WHEREOF, the parties have caused this Amendment No. 1 to be executed by their
authorized representatives on the date set forth above.

	 	 	 	 	 
	 	“LICENSOR”

ELVIS PRESLEY ENTERPRISES, INC.

 	 
	 	By:  	/s/ Thomas P. Benson
 	 
	 	 	Name:  	Thomas P. Benson  	 
	 	 	Title:  	Executive Vice President and Treasurer 	 
	 
	 	“LICENSEE”

FX LUXURY REALTY, LLC

 	 
	 	By:  	FX Real Estate and Entertainment Inc.,
 	 
	 	 	Managing Member 	 
	 	 	 
	 	By:  	                                              /s/ Paul C. Kanavos
 	 
	 	 	Name:  	Paul C. Kanavos  	 
	 	 	Title:  	President

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