Document:

EXHIBIT
10.1

FIRST AMENDMENT TO THE SECOND
REVISED

AND
RESTATED MANAGEMENT AGREEMENT

THIS FIRST AMENDMENT TO THE SECOND REVISED AND RESTATED MANAGEMENT
AGREEMENT (this “Amendment”), is made and entered into on the 28th day of
August, 2007, between Cherokee Inc.,
a Delaware corporation (the “Company”), and The Newstar Group, a California corporation d/b/a The
Wilstar Group (“Wilstar”; the Company and Wilstar
are referred to herein each individually as a “Party,”
and collectively as the “Parties”), with
reference to the following facts:

WHEREAS, the
Parties entered into the Second Revised and Restated Management Agreement dated
as of November 29, 1999, which superseded the Revised and Restated Management
Agreement dated May 4, 1995, as amended April 26, 1996 and July 21, 1997
(hereinafter referred to as the “Agreement”);
and

WHEREAS, the
Parties desire to amend the Agreement as set forth herein.

NOW THEREFORE,
in consideration of the foregoing recitals and the mutual representations,
warranties, covenants and promises contained herein, the adequacy and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

1.             Amendment.  The Agreement is hereby amended as follows:

1.1           The
following is added to the end of Section 1.2 of the Agreement:

“Notwithstanding, anything to the contrary
set forth above, for the purposes of determining whether or not the Term shall
be extended for an Additional Year, Pre-Tax Earnings shall be calculated in
accordance with the following:  (a) all
extraordinary revenues and related deal expenses resulting from the sale of any
license agreement by the Company, or any other similar transaction during the
applicable fiscal year shall be excluded (any license that is the subject of
such a transaction shall be referred to herein each individually as a “Sold License” and collectively as, the “Sold
Licenses”); (b) all historical royalties from Sold Licenses shall be
excluded from all periods; and (c) in the event of an acquisition of a brand or
license with an existing royalty stream, which has been approved by the Company’s
Board of Directors (each an “Acquired License”
and collectively, the “Acquired Licenses”),
royalties from the Acquired Licenses shall be included for all periods.

In
the event that the Company’s Pre-Tax earnings fail to meet the thresholds
necessary to extend the Agreement for an Additional Year in any fiscal year
(the “Extension Threshold”), then no
Additional Year shall be added to further extend the Term of the Agreement at
the end of such fiscal year and, thereafter, the Term of the Agreement shall
expire two-years from the date of such failure;

provided,
however, that so long as the Agreement remains in effect, the Term shall
continue to automatically extend for an Additional Year in any subsequent
fiscal year in which the Company meets the Extension Threshold, but in no event
shall the Term be extended by more than one year for each fiscal year in which
the Company meets the Extension Threshold. 
By way of example, if the Company fails to meet the Extension Threshold
in its 2008 fiscal year, the Term of the Agreement shall thereafter be
scheduled to expire at the end of the Company’s 2010 fiscal year, but if the
Company meets the Extension Threshold in its 2009 fiscal year, the Term of the
Agreement would be automatically extended by an Additional Year to the end of
the Company’s 2011 fiscal year.  If the
Company then fails to meet the Extension Threshold in its 2010 fiscal year, the
Agreement would be scheduled to terminate at the end of the Company’s 2011 fiscal
year, but could be extended to the end of the Company’s 2012 fiscal year if the
Company meets the Extension Threshold in its 2011 fiscal year.”

1.2           The
following is added to the end of Section 10.2 of the Agreement:

“Notwithstanding the foregoing, the $4.644
million that is payable to Wilstar as part of the Annual Performance Bonus for
the fiscal year ended February 3, 2007 (“Fiscal 2007”)
as a result of the inclusion of both the (i) extraordinary revenues from the
termination of the Finders Agreement between the Company and Mossimo, Inc.
dated as of March 2000, and (ii) the royalty revenues received from Mossimo
during Fiscal 2007, shall be excluded from any compensation calculation under
this Section 10.2 based on the results from Fiscal 2007.

2.             Stockholder Approval.  This
Amendment and the obligations of the Parties hereunder are contingent upon the
approval of this Amendment by the Company’s stockholders.  In the event that the Company’s stockholders
fail to approve this Amendment, this Amendment shall be null and void.  The Company will seek approval of this
Amendment at its annual stockholders meeting for Fiscal 2007 scheduled to be
held on June 12, 2007 and include a proposal regarding the approval of this Amendment
in its proxy materials for such meeting.

3.             No Other Amendment. 
Except as specifically amended by this Amendment, the Agreement shall
continue in full force and effect.  In
the event of any conflict between the terms of this Amendment and the
Agreement, the terms of this Amendment shall govern and control.

4.             Governing
Law. 
The construction, validity and enforceability of this Amendment shall be
governed by the laws of the State of California, without regard to its
conflicts of laws principles.

5.             Counterparts.  This Amendment may be executed in separate
counterparts, each of which so executed and delivered shall constitute an original
but all such counterparts

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shall together
constitute one and the same instrument and any one of which may be used to
evidence this Amendment.

6.             Severability.  All provisions of this Amendment are
severable and any provision which may be prohibited by law shall be ineffective
to the extent of such prohibition without invalidating the remaining provisions
of this Amendment and the parties hereto agree to cooperate to provide a legal
substitute for any provision which is prohibited by law.

7.             Entire
Agreement; Modifications and Amendments.  This Amendment, together with the Agreement,
constitutes the entire agreement between the Parties concerning the subject
matter hereof and supersedes all prior agreements and understandings both oral
and written, between the Parties with respect to the subject matter
hereof.  No provision of this Amendment
may be amended or waived unless such amendment or waiver is agreed to in
writing, signed by the Parties to this Amendment.

IN
WITNESS WHEREOF, each
of the Parties has executed this Amendment on the date first written above.

	
  THE WILSTAR GROUP

  	
   

  	
   

  	
  CHEROKEE
  INC.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Robert Margolis

  	
   

  	
  By:

  	
  /s/ Russell J. Riopelle

  	
   

  
	
  Name:

  	
  Robert Margolis

  	
   

  	
  Name:

  	
  Russell J. Riopelle

  
	
  Title:

  	
  Chief Executive Officer

  	
   

  	
  Title:

  	
  Chief Financial Officer

  

 

[SIGNATURE
PAGE TO FIRST AMENDMENT TO

THE SECOND REVISED AND RESTATED MANAGEMENT AGREEMENT]

 3EXHIBIT
10.1

CONFIDENTIAL TREATMENT
REQUESTED

Draft: August 21,
2007

STOCK
PURCHASE AGREEMENT RE: [CONFIDENTIAL TREATMENT REQUESTED] CORPORATION.

THIS AGREEMENT is
made on                                   ,
between [CONFIDENTIAL TREATMENT REQUESTED] corporation, [CONFIDENTIAL TREATMENT
REQUESTED] and the person identified on the signature pages as “Seller
Equityholder” hereinafter referred to as (the “Seller Equityholder” and
sometimes “Seller”,) and VCG HOLDING CORPORATION, a Colorado Corporation on
behalf of a [CONFIDENTIAL TREATMENT REQUESTED] corporation to be formed (“Buyer”).

BACKGROUND

A.                                   Seller
owns [CONFIDENTIAL TREATMENT REQUESTED] [CONFIDENTIAL TREATMENT REQUESTED] a
[CONFIDENTIAL TREATMENT REQUESTED] corporation that operates a business
commonly known as “[CONFIDENTIAL TREATMENT REQUESTED]”, located at
[CONFIDENTIAL TREATMENT REQUESTED] (the “City”). [CONFIDENTIAL TREATMENT
REQUESTED] operates an adult entertainment business which presents adult
entertainment at its business location pursuant to a duly issued [CONFIDENTIAL
TREATMENT REQUESTED] Liquor License, along with a [CONFIDENTIAL TREATMENT
REQUESTED] License from the City (the “Business”).

B.                                     Seller,
[CONFIDENTIAL TREATMENT REQUESTED] corporation, owns 100% of the outstanding
stock in [CONFIDENTIAL TREATMENT REQUESTED].

C.                                     [CONFIDENTIAL
TREATMENT REQUESTED] Corporation and an affiliate of Seller (“Landlord”) is the
sole owner of the real property located at [CONFIDENTIAL TREATMENT REQUESTED],
which it leases, on a completely TRIPLE net basis, to [CONFIDENTIAL TREATMENT
REQUESTED].

D.                                    [CONFIDENTIAL
TREATMENT REQUESTED] (“Seller Equityholder”) is the sole and only shareholder
in Seller.

E.                                      Seller
owns all of [CONFIDENTIAL TREATMENT REQUESTED]’s issued and outstanding capital
stock.

F.                                      Buyer
desires to purchase from Seller, and Seller desires to sell to Buyer, all of
the issued and outstanding stock in [CONFIDENTIAL TREATMENT REQUESTED] (the “Purchased
Equity Interests” or the “Purchased Shares”) on the terms of and subject to the
conditions of this Agreement.

G.                                  The
Seller Equityholder is Seller’s chief executive officer and sole shareholder.

CONFIDENTIAL TREATMENT
REQUESTED

H.                                   VCG
Holding Corporation and Buyer, on one hand, and Seller and Seller Equityholder,
on the other, have also agreed to not compete with each other in certain
geographic areas, as provided in noncompetition agreements in the form agreed
upon by the parties on the date of this Agreement (the “Noncompetition
Agreements”).

AGREEMENTS

NOW, THEREFORE, in
consideration of the Background and the terms and conditions set forth in this
Agreement, each of the Seller, Seller Equityholder, VCG Holding Corporation and
Buyer agree as follows:

1.                                       Agreement
of Purchase and Sale of the Purchased Equity Interests. On the terms and
subject to the conditions set forth in this Agreement, Seller agrees to sell
and deliver to Buyer on the Closing Date the Purchased Equity Interests, free
from all Encumbrances (as defined in Section 8.4), and Buyer agrees to purchase
the Purchased Equity Interests from Seller.

2.                                       Purchase
Price for Purchased Equity Interests.

2.1                              Shares
to be Purchased. On the terms and conditions set forth in this Agreement,
the Seller hereby sells, assigns, transfers, sets over and conveys to the Buyer
on the Closing Date described below, the Purchased Equity Interests.

2.2                              Share
Purchase Price. On the Closing Date, the Buyer shall pay the following
purchase price in the manner set forth in Paragraph 2.3 and 2.4 below to Seller
against receipt of the certificates for the Purchased Shares, duly endorsed for
transfer or accompanied by duly executed stock powers as follows:

FOUR MILLION FIVE HUNDRED THOUSAND ($4,500,000.00) DOLLARS) for the
Purchased Shares, together with a payment of One Million Dollars ($1,000,000)
for the right to purchase the 100% of the shares of [CONFIDENTIAL TREATMENT
REQUESTED] corporation which owns and operates an adult entertainment business
in [CONFIDENTIAL TREATMENT REQUESTED] (the “[CONFIDENTIAL TREATMENT REQUESTED]
Business”) (hereinafter, “Option Payors. The $1 million payment is non
refundable, but shall be applied to the purchase price owed to Seller by Buyer
for the purchase of the [CONFIDENTIAL TREATMENT REQUESTED] Business as long as
Buyer acquires the [CONFIDENTIAL TREATMENT REQUESTED] Business within 90 days
of execution of a definitive agreement relative to the [CONFIDENTIAL TREATMENT
REQUESTED] Business, or a reasonable time thereafter, provided both parties are
acting in good faith towards a closing.

In addition, Seller and Buyer shall make appropriate adjustment for
operating costs that straddle the Closing Date, such as property taxes,
insurance and utilities (the “Closing Adjustments”)

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CONFIDENTIAL TREATMENT
REQUESTED

2.3                                Payment
of Purchase Price. On the Closing Date, the Buyer shall pay to the Seller
in cash or by certified check for the purchase of all of the issued and
outstanding shares in [CONFIDENTIAL TREATMENT REQUESTED], and for the
[CONFIDENTIAL TREATMENT REQUESTED] Business purchase option, the sum of FIVE
MILLION FIVE HUNDRED THOUSAND ($5,500,000.00) DOLLARS) payable as follows:

a.                       $50,000.00 from escrow deposited at the
time of the of the execution of the letter of intent;

b.                      $5,450,000.00 in immediately available
funds, by wire transfer to an account designated by Seller.

2.4                              The
allocation of the purchase price is set forth in Exhibit 24a attached hereto
[To be reviewed by Seller’s accountants and tax lawyer] and incorporated by
reference herein. In addition, Buyer shall pay at closing all pre-paid items
set forth on Exhibit 2.3b. In addition, Seller shall pay to Buyer, or Buyer
shall pay to Seller, as the case may be, an amount equal to the net Closing
Adjustment as defined in Article 2.2 hereinabove.

2.5                              Transfer
of License(s): Seller shall assist Buyer in acquiring, in Buyer’s own name,
all liquor licenses and permits used in connection with the Business, as well
as the [CONFIDENTIAL TREATMENT REQUESTED] license issued by the City, which
shall permit the Buyer to operate the Business in substantially the same manner
it is presently being operated. In the event that the Buyer is not able to
acquire the liquor license or any City issued license on or before the Closing
Date, then this Agreement shall terminate and the Buyer shall be entitled to a
full refund of any payments, whether to escrow or to the Seller.

2.6                                No
Liabilities. Prior to the Closing Date, Seller shall have caused all known
liabilities and obligations of [CONFIDENTIAL TREATMENT REQUESTED] to be
satisfied, other than with respect to liabilities arising from the contracts
accepted by Buyer (the “Assumed Contracts”) and set forth on Schedule 8.17, and
with respect to such contracts only for products and services provided to
[CONFIDENTIAL TREATMENT REQUESTED] after the Closing Date (the “Future
Liabilities”).

2.7                                Asset
in Business: As of the Closing Date, the Seller will inusre that
[CONFIDENTIAL TREATMENT REQUESTED] owns all of the leases presently in
existence, along with all equipment, furniture, and fixtures, and personal
property in substantially the same form as they existed as of the date this
Agreement is executed.

2.8                                Excluded
Assets. Buyer is not entitled to, and Seller may distribute from
[CONFIDENTIAL TREATMENT REQUESTED] to the “Seller Equityholder), the following
assets of [CONFIDENTIAL TREATMENT

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CONFIDENTIAL TREATMENT
REQUESTED

                                                REQUESTED],
to the extent existing or arising out of facts occurring before the Closing
Date: cash, cash equivalents, bank accounts, accounts receivable, credit card
processing agreements and other similar assets relating to amounts earned
before the Closing Date but subject to the “Closing Adjustments.”

3.                                       Related
Agreements.

3.1                                 Noncompetition
Agreements. At the Closing, VCG Holding Corporation the “Buyer,” and the
Seller and the Seller Equityholder, shall execute and deliver to each other the
Noncompetition Agreements and Confidentiality Agreement in the form attached
hereto as Exhibit 3.1. The Non-Compete Agreements shall provide for the Seller
Equityholder not to compete with VCG Holding Corporation, the Buyer, for a
period of 3 years and a radius of 50 miles from [CONFIDENTIAL TREATMENT
REQUESTED]’s location and for VCG Holding Corporation, the Buyer not to compete
with Seller or Seller Equityholder for a period of three years in any area
within 50 miles of any existing businesses of Seller or Seller Equityholder or
in which Seller Equityholder has a controlling interest, except for
[CONFIDENTIAL TREATMENT REQUESTED], a listing of all such business is attached
as an addendum to this Agreement, for which Seller and Seller Equityholder have
granted VCG a first right of refusal on the sale of such businesses as
consideration for this provision. In each case, the restrictions shall apply to
all affiliate businesses of Buyer and Seller Equityholder. It is the intent of
the parties that neither Buyer nor Seller will operate within fifty (50) miles
of a present or future location of the other, large metropolitan areas and
[CONFIDENTIAL TREATMENT REQUESTED] excluded, and which shall include the
metropolitan markets with greater then 3 million persons in terms of overall
population, along with all present locations where either party presently
operates.

3.2                                 Lease.
At the time of closing, Buyer and Landlord will enter into a commercially
reasonable lease, to be mutually agreed upon by the parties for the lease of
the Real Property located at [CONFIDENTIAL TREATMENT REQUESTED]. The minimum
term of the lease shall be for a period of at least 25 years and the lease
shall provide a right of first refusal to acquire the property should Landlord
desire to sell the property or upon death of all owners of Landlord, but a sale
between the present shareholders of Landlord to one another or among their
respective heirs, will not trigger the right of first refusal, nor shall any
gifts to the heirs of such owner.

4.                                       Pre-closing
Actions. Before the Closing:

4.1                              Conduct
of Business. Seller shall cause [CONFIDENTIAL TREATMENT REQUESTED] to carry
on and conduct the Business only in the ordinary course consistent with past
practice, without any material change in the policies, practices, and methods
[CONFIDENTIAL TREATMENT REQUESTED] pursued before the date of this Agreement.
Seller will use its

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CONFIDENTIAL TREATMENT
REQUESTED

                                                best
efforts and cause [CONFIDENTIAL TREATMENT REQUESTED] to use its best efforts to
preserve the Business organization intact; to preserve the relationships with
[CONFIDENTIAL TREATMENT REQUESTED]’s customers, suppliers, and others having
business dealings with [CONFIDENTIAL TREATMENT REQUESTED]; and to preserve the
services of [CONFIDENTIAL TREATMENT REQUESTED]’s employees, agents, and
representatives. Without limitation of the foregoing, (a) Seller will cause
[CONFIDENTIAL TREATMENT REQUESTED] not to undertake without Buyer’s prior
written consent (not to be unreasonably withheld or delayed) any action that,
if taken before the date of this Agreement, would be required to be disclosed
on Schedule 8.12, and (b) Seller will cause [CONFIDENTIAL TREATMENT REQUESTED]
not to alter the physical contents or character of any of its inventories in a
way that materially affects the nature of the Business or results in a material
change in the total dollar valuation of the inventories or otherwise take
action or refrain from taking action that would result in any material change
in [CONFIDENTIAL TREATMENT REQUESTED]’s assets or liabilities, in each case
other than in the ordinary course of business consistent with past business
practices.

4.2                              Access
to Buyer. From the date of this Agreement through the Closing, Seller shall
cause [CONFIDENTIAL TREATMENT REQUESTED] to permit Buyer and its
representatives to make a full business, financial, accounting, and legal
investigation of [CONFIDENTIAL TREATMENT REQUESTED]. Seller shall cause
[CONFIDENTIAL TREATMENT REQUESTED] to take all reasonable steps necessary to cooperate
with Buyer in conducting this investigation. No such investigation by Buyer or
its representatives or any knowledge obtained or that could have been obtained
shall affect the representations and warranties of Seller or Buyer’s reliance
on them.

4.3                              UCC
Filings. Buyer will conduct a Uniform Commercial Code search result for the
State of [CONFIDENTIAL TREATMENT REQUESTED], and in [CONFIDENTIAL TREATMENT
REQUESTED] showing no security interests or liens naming [CONFIDENTIAL
TREATMENT REQUESTED] as a debtor, other than those acceptable to the Buyer or
released prior to or at the time of the Closing described herein.

4.4                              Accuracy
of Representations and Warranties and Satisfaction of Conditions. Seller
will immediately advise Buyer in writing if (a) any of the representations or
warranties of Seller is untrue or incorrect in any material respect, or (b)
Seller becomes aware of the occurrence of any event or state of facts that
results in any of the representations and warranties of Seller being untrue or
incorrect as if Seller were then making them. Seller will not take any action,
or omit to take any action, and shall cause [CONFIDENTIAL TREATMENT REQUESTED]
not to take any action, or omit to take any action, that would result in any of
Seller’s representations and warranties set forth in this Agreement to be
untrue or incorrect as of the Closing Date. Seller will use its best efforts to
cause all conditions set forth in Section 5 that are

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CONFIDENTIAL TREATMENT
REQUESTED

                                                within
its control to be satisfied as promptly as practicable under the circumstances.

5.                                       Conditions
Precedent to Buyer’s Obligations.

Buyer’s obligation to consummate the transactions contemplated by this
Agreement is subject to the fulfillment (or waiver by Buyer) before or at the
Closing of each of the following conditions:

5.1                              Accuracy
of Representations and Warranties. The representations and warranties of
Seller in Article 8, hereinafter and all related documents shall be true and
correct on the date of this Agreement and at and as of the Closing.

5.2                              Performance
of Covenants. Seller shall have in all respects performed and complied with
all covenants, agreements, and conditions that this Agreement requires, and
with all other related documents to be performed or complied with before or at
the Closing. The Seller shall have executed and delivered the Non-competition
Agreements, the Waivers, the Forms W-9 referred to in Section 8.22(e), and the
Certificates of Non-foreign Status referred to in Section 11.3. To the extent
that any buy-sell agreements exist between any parties relative to the shares
being sold in [CONFIDENTIAL TREATMENT REQUESTED], they have been terminated.

5.3                              Satisfactory
Due Diligence Review. All due diligence by Buyer has been completed, and
Buyer has notified Seller Equityholder in writing of the successful completion
of the Due Diligence. Seller represents that all materials provided to Buyer
during the course of due diligence are truthful and accurate, to the best of
Seller’s knowledge.

5.4                              Permits.
Buyer shall have acquired all licenses and permits that in Buyer’s opinion are
necessary to operate the Business after the Closing. These include, but are not
limited to, a Liquor License issued by the State of [CONFIDENTIAL TREATMENT
REQUESTED] and a [CONFIDENTIAL TREATMENT REQUESTED] License issued by the City
of [CONFIDENTIAL TREATMENT REQUESTED]. There shall be no material change in the
ability of the Buyer to conduct business in the manner in which it is currently
being operated.

5.5                              No
Casualty. Before the Closing Date, Seller shall not have incurred, or be
threatened with, a material liability or casualty that would materially impair
the value of the Business.

5.6                              Opinion
of Counsel. Buyer shall have received the favorable opinion of counsel to
Seller dated the Closing Date and in form and substance satisfactory to Buyer’s
counsel that the Seller is a corporation in good standing and that Seller is
lawfully entitled to sell the stock in [CONFIDENTIAL TREATMENT REQUESTED] and
[CONFIDENTIAL

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CONFIDENTIAL TREATMENT
REQUESTED

                                                TREATMENT
REQUESTED].

5.7                              Equity
Interest Certificates. Seller shall have delivered to Buyer stock
certificates representing all of the Purchased Equity Interests registered in
the name of the Seller (without any restrictive legend). The certificates shall
be endorsed in blank or with accompanying signed assignments. Seller shall also
deliver to Buyer such other instruments or documents that shall, in the
reasonable opinion of the Buyer’s counsel, be reasonably required to vest good
title in Buyer to the Purchased Equity Interests free from all Encumbrances.

5.8                              Certificates
Regarding Conditions Precedent. The Seller shall have delivered to Buyer
certificates of the Seller certifying that as of the Closing Date all of the
conditions set forth in Sections 5.1, 5.2, 5.5, 5.7, 5.10, and 5.12 have been
complied with, satisfied or waived by Buyer.

5.9                              No
Litigation. No proceeding or investigation shall have been instituted
before or by any court or governmental body to restrain or prevent the carrying
out of the transactions contemplated by this Agreement or that might affect
Buyer’s right to own the Purchased Equity Interests or for Buyer to own,
operate, and control the Business after the Closing Date.

5.10                           Lien
Search. Buyer shall have obtained UCC lien searches in form and content
satisfactory to Buyer.

5.11                        Consents.
Seller shall have obtained in writing all consents necessary or desirable to
consummate or facilitate consummation of this Agreement and any related
transactions. The consents shall be delivered to Buyer before Closing and shall
be reasonably acceptable to Buyer in form and substance.

5.12                        Environmental
Investigation. Buyer waives the right to perform a environmental
investigation of the property at this time, however reserve the right to conduct
such a investigation at the time that it exercises its first right of offer to
acquire the property. Nothing shall affect the Seller’s representations and
warranties in Section 8.25 or Buyer’s reliance on them or Seller’s
indemnification obligations under Section 10 hereinafter.

5.13                        Waivers.
Seller shall have delivered to Buyer a statement from each of the Seller and
each of [CONFIDENTIAL TREATMENT REQUESTED], and [CONFIDENTIAL TREATMENT
REQUESTED]’s officers and directors, in form and substance acceptable to
respective Buyer, that each either waives or has no claim, as appropriate,
against the corporation for unpaid dividends, bonuses, profit sharing, rights,
or other claims of any kind, nature, or description except salaries and fringe
benefits normally accrued and described in the statement or otherwise
contemplated under this Agreement.

5.14                        Resignations.
Each director and officer of [CONFIDENTIAL TREATMENT REQUESTED] and
[CONFIDENTIAL TREATMENT REQUESTED] shall

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CONFIDENTIAL TREATMENT
REQUESTED

               have delivered to Buyer resignations from their
positions.

5.15                        Other
Documents and Instruments. Buyer shall have received any other documents
and instruments from Seller as it may reasonably request.

5.16                        Approvals
by Buyer’s Counsel. Buyer’s counsel shall have reasonably approved all
legal matters and the form and substance of all documents Seller, or Seller
Equityholder are required to deliver at the Closing.

5.17                        Payment
of all Liabilities. All known liabilities (including all vendors, personal
and real property taxes, and utilities) of the Sellers incurred prior to the
Closing date of the respective purchase shall have been paid in full by the
respective company or the corporate funds necessary to pay such expenses shall
be escrowed or allocated from the Corporate Operating Account until such time
as satisfactory evidence of the payment of the expense has been received by the
Buyer.

6.                                    Conditions
Precedent to Seller’s Obligations. Seller’s obligations to consummate the
transactions contemplated by this Agreement are subject to the fulfillment (or
waiver by Seller ) of each of the following conditions before or at the
Closing:

6.1                              Accuracy
of Representations and Warranties. Buyer’s representations and warranties
contained in this Agreement and all related documents shall be true and correct
on the date of this Agreement and at and as of the Closing.

6.2                              Performance
of Covenants. Buyer shall have in all respects performed and complied with
all covenants, agreements, and conditions required by this Agreement and all
related documents that must be performed or complied with before or at the
Closing.

7.                                       Closing
Matters.

7.1                              Closing.
The closing of the transactions contemplated in this Agreement (the “Closing”)
shall take place at the offices of [CONFIDENTIAL TREATMENT REQUESTED] within 14
days of the date that all license and permits are approved for transferor at
another place and/or on another date that the parties agree on (the “Closing
Date”).

All transactions and all documents executed and
delivered at the time of Closing shall be deemed to have occurred
simultaneously, and no transaction shall be deemed to have occurred and no
document shall be deemed to have been executed or delivered unless all
transactions have occurred and all documents have been executed and delivered.
For the purposes of this Agreement, the term Business Day means a day other
than a Saturday or Sunday on which banks are generally open for business in
[CONFIDENTIAL TREATMENT REQUESTED].

7.2                              Certain
Closing Expenses. Seller shall be liable for and shall pay all federal,
state, and local sales, use, excise, and documentary stamp taxes and all other

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CONFIDENTIAL TREATMENT
REQUESTED

                                                similar
taxes, duties, or other like charges properly payable on and in connection with
the conveyance and transfer of the Purchased Equityholder Interests to Buyer.

7.3                               Further
Assurances. Seller shall cooperate with and assist Buyer and take all other
reasonable actions to ensure a smooth transition of the Business to Buyer. From
time to time after the Closing Date, Seller shall, at the request and expense
of Buyer, execute and deliver additional conveyances, transfers, documents,
instruments, assignments, applications, certifications, papers, and other
assurances that Buyer requests as required to effectively carry out this
Agreement’s intent in good faith and to transfer the Purchased Equityholder
Interests to Buyer.

7.4                               Title
and Liens. At the Closing, title to the assets owned by [CONFIDENTIAL TREATMENT
REQUESTED] and [CONFIDENTIAL TREATMENT REQUESTED] shall be free, clear, and
unencumbered, as specifically set forth in this Agreement. To this end at the
closing, the Seller shall cause to be delivered all of the following:

a.                                       Lien
Search. Buyer at its expense shall have obtained a tax lien search and
financing statement search, both certified to a date at or near the Closing
Date and each showing that no tax, mechanics, or other liens have been filed
against the property. Seller shall reasonably cooperate with Buyer to conduct
such a search.

b.                                      Application
for Conditional Tax Clearance. Seller shall provide Buyer a letter from the
appropriate [CONFIDENTIAL TREATMENT REQUESTED] authorities concerning liability
of [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT REQUESTED]
for sales or withholding taxes, both as of a date near the Closing Date and
each showing that [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL
TREATMENT REQUESTED] are not in arrears on payments relating to the above
referenced taxes.

7.5                               Income
Taxes. Buyer and Seller agree that Buyer shall be responsible for all taxes
based on [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT
REQUESTED]’s taxable income, to the extent accrued on and after the Closing
Date and that Seller shall be responsible for those amounts before the Closing
Date. In order to effect this provision, the parties agree that Seller shall
cause [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT REQUESTED]
to close its books and determine the net taxable income and federal and state
taxes for the pro rated year ending on the day before the Closing Date and
shall include the tax due as a closing adjustment under Article 2.2 and Exhibit
2.4.

 9
 

CONFIDENTIAL TREATMENT
REQUESTED

8.                                       Seller’s
Representations and Warranties.

The Seller represents and warrants to Buyer as follows
as of the date of this Agreement and as of the Closing Date, and acknowledges
and confirms, that Buyer is relying on these representations and warranties in
entering into this Agreement:

8.1                               Organization
and Standing. [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL
TREATMENT REQUESTED] are corporations organized, validly existing, and in good
standing under the laws of the state of incorporation, and have all requisite
corporate power and authority to own its property and conduct its business as
it is now being conducted. The nature of the business and the character of the
properties [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT
REQUESTED] own or lease do not make licensing or qualification of as a foreign
entity necessary under the laws of any other jurisdiction. Except for the use
of the name “[CONFIDENTIAL TREATMENT REQUESTED]” or otherwise as set forth in
Schedule 8.1 (need Schedule). [CONFIDENTIAL TREATMENT REQUESTED] and
[CONFIDENTIAL TREATMENT REQUESTED] have not in the last five years used or
assumed any other name in connection with the conduct of its business.

8.2                               Articles
and Bylaws. Schedule 8.2 contains true and complete copies of [CONFIDENTIAL
TREATMENT REQUESTED] [CONFIDENTIAL TREATMENT REQUESTED]’s Articles of
Incorporation and Bylaws.

8.3                               Capitalization.
[CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT REQUESTED]’s
authorized capital stock consists solely of                        
shares of common stock, of which                     shares
are issued and outstanding respectively. All of the issued and outstanding
Seller Equity Interests are owned of record and beneficially by the Seller . A
true and complete list of the certificate numbers and number of all shares held
by the Seller is set forth in Schedule 8.3. There are no options, calls,
subscriptions, warrants, agreements, or other securities or rights outstanding
for the purchase or other acquisition of Seller’s Equityholders Interests; that
are convertible into, exercisable for, or relate to Seller’s Equityholder
Interests; or that have any voting rights. Neither Corporation has any
outstanding contractual obligations to repurchase, redeem, or otherwise acquire
any outstanding shares of Seller’s Equityholder Interests. Seller is not a
party to any Buy-Sell Agreement that would affect in any manner any of the
transactions contemplated in this Agreement.

8.4                               Seller
Equityholder Interests. Seller is the lawful owner of the Purchased Equity
Interests, free from all pledges, liens, security interests, encumbrances,
mortgages, adverse claims, charges, options, equity interests, proxies, voting
agreements or trusts, leases, tenancies, easements, or other interests (“Encumbrances”).
All shares of the Purchased Equityholder Interests have been authorized and
validly issued and are fully paid, non-assessable, and free of preemptive
rights. On delivery to Buyer at the Closing of the Purchased Equityholder
Interests, endorsed for transfer, Buyer will be the absolute owner 

 10
 

CONFIDENTIAL TREATMENT
REQUESTED

               of the Purchased Equityholder Interests, free from all
Encumbrances arising by or through Seller, [CONFIDENTIAL TREATMENT REQUESTED]
or [CONFIDENTIAL TREATMENT REQUESTED].

8.5                               Authorization.
Seller has the requisite legal capacity to execute, deliver, and perform this
Agreement and the Noncompetition Agreements (the “Related Agreements”) to which
they are a party and to consummate any related transactions. Seller has duly
executed and delivered this Agreement. This Agreement is, and the Related
Agreements when executed and delivered by the parties to them will be, legal,
valid, and binding obligations of Seller, enforceable against Seller in
accordance with their respective terms, except as such enforcement may be
limited by bankruptcy, insolvency, moratorium, or similar laws relating to the
enforcement of creditors’ rights and by general principles of equity
(regardless of whether such enforceability is considered in a proceeding at law
or in equity).

8.6                                 Existing
Agreements and Governmental Approvals.

a.                       Except as set forth in Schedule 8.6, the
execution, delivery, and performance of this Agreement and the Related
Agreements by Seller and the consummation of the transactions contemplated by
them (i) do not and will not violate any provisions of law applicable to Seller
or [CONFIDENTIAL TREATMENT REQUESTED] or [CONFIDENTIAL TREATMENT
REQUESTED];(ii) do not and will not conflict with, result in the breach or
termination of any provision of, or constitute a default under (in each case
whether with or without the giving of notice or the lapse of time, or
both)Seller’s respective Articles of Incorporation or Bylaws or any indenture,
mortgage, lease, deed of trust; other instrument, contract, or agreement; or
any order, judgment, arbitration award, or decree to which Seller or Seller
Equityholder is a party or by which it or any of its assets and properties are
bound; and (iii) do not and will not result in the creation of any Encumbrance
on any of the properties, assets, or business of Seller, [CONFIDENTIAL
TREATMENT REQUESTED] or [CONFIDENTIAL TREATMENT REQUESTED].

b.                      Except as set forth in Schedule 8.6, no
approval, authority, or consent of or filing by Seller, [CONFIDENTIAL TREATMENT
REQUESTED] or [CONFIDENTIAL TREATMENT REQUESTED] with, or notification to, any
federal, state, or local court, authority, or governmental or regulatory body
or agency, or any other corporation, limited liability company, partnership,
individual, or other entity is necessary to authorize the execution and
delivery of this Agreement or any of the Related Agreements or the consummation
of the transactions contemplated by this Agreement or any of the Related
Agreements.

8.7                               No
Subsidiaries. [CONFIDENTIAL TREATMENT REQUESTED] does not have any
subsidiaries or directly or indirectly own any interest or have any investment
in any other corporation, partnership, or other entity, other than a 100%
interest in [CONFIDENTIAL TREATMENT REQUESTED].

 11
 

CONFIDENTIAL TREATMENT
REQUESTED

8.8                               No
Insolvency. No insolvency proceeding of any character, including, without
limitation, bankruptcy, receivership, reorganization, composition, or
arrangement with creditors, voluntary or involuntary, affecting Seller or any
of its assets or properties is pending or, to the Best Knowledge of Seller Equityholder,
threatened. Neither Seller nor [CONFIDENTIAL TREATMENT REQUESTED] have taken
any action in contemplation of, or that would constitute the basis for, the
institution of any such insolvency proceedings. For the purposes of this
Agreement, the phrase Best Knowledge of Seller Equityholders means the
knowledge that the Seller Equityholder has or would have after due inquiry into
the matter in question.

8.9                               Permits
and Licenses. [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL
TREATMENT REQUESTED] have all necessary permits, certificates, licenses,
approvals, consents, and other authorizations required to carry on and conduct
the Business and to own, lease, use, and operate its assets at the place and in
the manner in which the Business is presently conducted. A complete list of all
permits, certificates, licenses, approvals, consents, and other authorizations
is included in Schedule 8.9.

8.10                         Financial
Statements. [To be reviewed by Seller’s accountants]Seller has delivered to
Buyer the financial statements for the Corporations listed in Schedule 8.10,
and Seller shall deliver, before the Closing, copies of financial statements
for each full month before the Closing after the periods reflected in such
listed financial statements (the “Financial Statements”). The Financial
Statements fairly and accurately present the financial position of
[CONFIDENTIAL TREATMENT REQUESTED] and its affiliates as of the dates indicated
and the results of its operations as of the dates indicated and for the periods
covered thereby, and are and will be true and correct in all material respects,
subject to year-end adjustments. All inventories reflected in the Financial
Statements have been and will be valued at the lower of cost or market value,
with cost determined using the last-in, first-out method; adequate provision
has been and will be timely made in the Financial Statements for doubtful
accounts or other receivables; sales are stated in the Financial Statements net
of discounts, returns, and allowances; all Taxes (as defined in Section 8.22)
due or paid are and will be timely reflected in the Financial Statements; and
all Taxes not yet due and payable are and will be fully accrued or otherwise
provided for in the Financial Statements. Any items of income or expense that
are unusual or of a nonrecurring nature during any such period or at any such
balance sheet date are and will be separately disclosed in the Financial
Statements. Except as otherwise disclosed on Schedule 8.10, Seller’s books,
records, and work papers are complete and correct and accurately reflect, and
will accurately reflect, in all material respects the basis for the financial
condition and the results of [CONFIDENTIAL TREATMENT REQUESTED] and
[CONFIDENTIAL TREATMENT REQUESTED]’s operations that are set forth in the
Financial Statements.

 12
 

CONFIDENTIAL TREATMENT
REQUESTED

8.11                         No
Undisclosed Liabilities. Except as otherwise disclosed on Schedule 8.11 or
in the Financial Statements, (none of which have or will have arisen as a
result of negligence, gross negligence, strict liability, tort, toxic tort,
environmental liabilities, violations of law, or default under any Contract or
Commitment attributable to [CONFIDENTIAL TREATMENT REQUESTED] or for which
[CONFIDENTIAL TREATMENT REQUESTED] shall be responsible), [CONFIDENTIAL
TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT REQUESTED] do not have any
debts, liabilities, or obligations or any kind or character whatsoever, whether
accrued, absolute, contingent, matured, not matured, known, unknown, or otherwise,
of a character as would be required to be reflected in any balance sheet
prepared in accordance with GAAP.

8.12                         Conduct
of Business. Except as otherwise disclosed on attached Schedule 8.12, since
the date of execution of the Letter Agreement dated June 7, 2007 (“the Letter
Agreement), [CONFIDENTIAL TREATMENT REQUESTED], and [CONFIDENTIAL TREATMENT
REQUESTED] have not:

a.                       Issued any capital stock or other
securities convertible into or exchangeable or exercisable for capital stock or
having voting rights; declared or paid any dividend; made any other payment
from capital or surplus or other distribution of any nature; or directly or
indirectly redeemed, purchased, or otherwise acquired, recapitalized, or
reclassified any of its capital stock.

b.                      Merged with any other entity.

c.                       Altered or amended its Articles of
Incorporation or Bylaws.

d.                      Entered into, materially amended, or
terminated any contract, license, lease, commitment or permit, except in the
ordinary course of business consistent with past practices.

e.                       Experienced any labor disturbance.

f.                         Incurred or become subject to any
obligation or liability (absolute, accrued, contingent or otherwise), matured,
not matured, except (i) in the ordinary course of business consistent with past
practices and (ii) in connection with the performance of this Agreement.

g.                      Discharged or satisfied any Encumbrance
or paid or satisfied any obligation or liability (absolute, accrued,
contingent, or otherwise) other than (i) liabilities shown or reflected in the
respective balance sheet dated                         
or (ii) liabilities incurred since the date of the balance sheet, in each such
case only in the ordinary course of business consistent with past practices and
in accordance with the express terms of such obligation or liability.

h.                      Mortgaged, pledged, or subjected to any
Encumbrance any of its assets.

 13
 

CONFIDENTIAL TREATMENT
REQUESTED

i.                          Sold, transferred, or agreed to sell or
transfer any asset or business; cancelled or agreed to cancel any debt or claim;
or waived any right, except in the ordinary course of business consistent with
past practices.

j.                          Disposed of or permitted to lapse any
Intellectual Property.

k.                       Granted any increase in employee rates
of pay or any increases in salary payable or to become payable to any officer,
employee, consultant, or agent, or by means of any bonus or pension plan,
contract, or other commitment increased the compensation of any officer,
director, employee, consultant, or agent, or hired any new officer, employee, consultant,
or agent, except in the ordinary course of business.

l.                          Made or authorized any capital
expenditures for additions to plant or equipment accounts in excess of
$10,000.00.

m.                    Entered into any transaction (including,
without limitation, any contract or other arrangement providing for employment,
furnishing of services, rental of real or personal property, or otherwise
requiring payments) with any shareholder, officer, or director of [CONFIDENTIAL
TREATMENT REQUESTED]; any member of their immediate families; or any of their
affiliates.

n.                      Experienced any material damage,
destruction, or loss (whether or not covered by insurance) affecting its
properties, assets, or Business.

o.                      Failed to regularly maintain and repair
its assets in the ordinary course of business consistent with past practices.

p.                      Instituted or settled any litigation,
action, or proceeding before any court or governmental body relating to it or
its property.

q.                      Made any change in any method of
accounting or any accounting practice or suffered any deterioration in
accounting controls.

r.                         Varied, cancelled, or allowed to expire
any insurance coverage, except as agreed by the parties in writing.

s.                       Made any payment or disbursement of
moneys or property or declared or paid any dividend or other distribution to or
on behalf of any officer, director, or shareholder of [CONFIDENTIAL TREATMENT
REQUESTED] or any member of the immediate families of any of the Seller
Equityholder, or any affiliate, other than for payment of compensation or reimbursement
of expenses in accordance with past practices.

t.                         Entered into any other transaction other
than in the ordinary course of business consistent with past practices.

u.                      Agreed or committed to do any of the
foregoing.

8.13                         No
Adverse Changes. Except as otherwise disclosed in Schedule 8.13, since 

 14
 

CONFIDENTIAL TREATMENT
REQUESTED

the date of execution of the Letter Agreement, there
has not been any occurrence, condition, or development that has adversely
affected, or is likely to adversely affect, the Seller, or its prospects,
condition (financial or otherwise), operations, assets, or the Business.

8.14                         Employees.
That except as disclosed on Schedule 8.14 (Schedule), there is not now, nor has
there been at any time during the past five years, any strike, lockout,
grievance filing, other similar labor dispute against [CONFIDENTIAL TREATMENT
REQUESTED] or that in any manner affects [CONFIDENTIAL TREATMENT REQUESTED].
[CONFIDENTIAL TREATMENT REQUESTED] is and has been, to the best of its
knowledge, in compliance with all rules regulating employee wages and hours.
Buyer acknowledges that [CONFIDENTIAL TREATMENT REQUESTED] has not treated the
entertainers as employees and that such treatment is of an uncertain nature.
This acknowledgement pertains to the entertainer/employee issue every where it
is mentioned in this Agreement. On or before the Closing Date, [CONFIDENTIAL
TREATMENT REQUESTED] shall have paid all its accrued obligations relating to
employees (whether arising by operation of law, by contract, or by past
service) or payments to trusts or other funds, to any governmental agency, or
to any individual employee (or his or her legal representatives) with respect
to unemployment compensation benefits, profit sharing, retirement benefits, or
Social Security benefits. [CONFIDENTIAL TREATMENT REQUESTED] has, to the best
of its knowledge, complied with all requirements of the U.S. Immigration and
Nationality Act, as amended, including without limitation all employment
verification and antidiscrimination provisions applicable to current and former
employees of [CONFIDENTIAL TREATMENT REQUESTED].

8.15                         Employee
Benefit Plans. [Subject to review by Seller’s accountants.]

a.                       Schedule 8.15 contains a true and
complete list of all plans, contracts, programs, and arrangements (including,
but not limited to, collective bargaining agreements, pensions, bonuses,
deferred compensation, retirement, severance, hospitalization, insurance,
salary continuation, and other benefit plans, programs, or arrangements)
maintained currently or at any time within the previous five years by
[CONFIDENTIAL TREATMENT REQUESTED] or under which [CONFIDENTIAL TREATMENT
REQUESTED] has had any obligations with respect to an employee, director, or
shareholder of [CONFIDENTIAL TREATMENT REQUESTED] (the “Plans”).

b.                      True, correct, and complete copies of
the following documents, wit respect to each of the Plans, if applicable, have
been made available or delivered to the Buyer: (i) any plans and related trust
documents, and amendments thereto; (ii) the two most recent Forms 5500; (iii)
the last IRS determination letter, if applicable; (iv) the most recent
actuarial report; (v) summary plan descriptions; (vi) the two most recent Forms
PBGC-1, and (vii) with respect to any Plan that is maintained pursuant to a
collective bargaining agreement, all collective bargaining agreements pursuant
to which

 15

CONFIDENTIAL TREATMENT
REQUESTED

                                                contributions
are being made or obligations are owed to such Plan, and all contracts with
third-party administrators, actuaries, investment managers, consultants, and
other independent contractors that relate to any such Plan.

c.                       Except as specifically set forth in
Schedule 8.15, (i) each Plan that is an employee pension benefit plan, (if any)
as defined in Section 3(2) of ERISA, 29 USC 1002(2), and its related trust (“Pension
Plan and Trust”) now meet, and since their inception have met, the requirements
for qualification under Sections 401(a) and, if applicable, 401(k) of the
Internal Revenue Code of 1986, as amended (the “Code”), and are now, and since
their inception have been, exempt from taxation under IRC 501(a), and the
Internal Revenue Service (IRS) has issued a current favorable determination
letter with respect to the qualified status of each Pension Plan and Trust and
has not taken any action to revoke such letter; (ii) [CONFIDENTIAL TREATMENT
REQUESTED] has performed all obligations required to be performed by it under
the Plans (including, but not limited to, the making of all contributions) and
is not in default under and has no knowledge of any default by any other party
to the Plans; (iii) each Plan is in material compliance as to form and
operation, in accordance with all applicable provisions of the Code and ERISA
and any other applicable federal and state laws (including rules and
regulations thereunder), and each Plan has been operated in compliance with such
laws and written plan documents; (iv) neither [CONFIDENTIAL TREATMENT
REQUESTED] nor, to the Best Knowledge of Seller Equityholder, any other
disqualified person or party in interest, within the meaning of IRC 4975 or
Section 3(14) of ERISA, 29 USC 1002(14), has engaged in any prohibited
transaction, as this term is defined in IRC 4975 or Section 406 of ERISA, 29
USC 1106, that could, following the Closing Date, subject any Plan (or its
related trust), Buyer, [CONFIDENTIAL TREATMENT REQUESTED], or any officer,
director or employee of Buyer or [CONFIDENTIAL TREATMENT REQUESTED], to any tax
or penalty imposed under the Code or ERISA; (v) there are no actions or claims
pending (other than routine claims for benefits) or, to the Best Knowledge of
Selling Equityholder, threatened against any Plan or against the assets of any
Plan; (vi) no Plan is subject to Part 3 of Title I of ERISA, Section 412 of the
Code, or Title IV of ERISA; (vii) each Plan’s plan official, as defined in
Section 412 of ERISA, 29 USC 1112, is bonded to the extent required by Section
412;(viii) no proceeding has been initiated to terminate any Plan, and any such
termination will not subject [CONFIDENTIAL TREATMENT REQUESTED] or Buyer to
liability to any person; (ix) no Plan is a multiemployer plan, as defined in
Section 3(37) of ERISA, 29 USC 1002(37); (  
x) no retiree benefits are payable under any Plan that is an employee
welfare benefit plan (“Welfare Plan”), as this term is defined in Section 3(1)
of ERISA, 29 USC 1002(1); and (xi) each Welfare Plan that is a group health
plan within the meaning of IRC 5000 complies with and in each case has complied
with the applicable requirements of Sections 601 through 608 of ERISA, 29 USC
1161–1168, and IRC 4980B.

d.                      [CONFIDENTIAL TREATMENT REQUESTED] has
not incurred or will not incur with respect to any Plan that is an employee
benefit plan, as defined in Section (3)(3) of ERISA, 29 USC 1002(3),any actual
or contingent liability, including, but not limited to, liability under Section
601 through 608 of ERISA, 29 USC 1161–1168,

 16
 

CONFIDENTIAL TREATMENT
REQUESTED

                        and
IRC 4980B, any withdrawal liability from any multiemployer pension plan, any
termination or withdrawal liability under Sections 4062, 4063, or 4064 of
ERISA, 29 USC 1362,1363, or 1364, any accumulated funding deficiency as such
term is defined in Section 302 of ERISA, 29 USC 1082, and IRC 412 (whether or
not waived), any requirement to make any contributions to any multiemployer
plan, solely as a result of Seller being a member of a controlled group of
corporations, or treated as a single employer with any other entity within the
meaning of IRC 414(b),414(c), 414(m), or 414(n) arising from or incurred with
respect to any period before the Closing Date.

8.16                        Certain
Employees. Each of the following is included in the list of agreements in
Schedule 8.15: all collective bargaining agreements, employment and consulting
agreements, executive compensation plans, bonus plans, deferred compensation
plans, pension or retirement plans, participation plans, tip-pooling
arrangements, profit-sharing plans, equity interest purchase and equity
interest option plans, hospitalization insurance, and other plans and
arrangements, providing for compensation and/or benefits to [CONFIDENTIAL
TREATMENT REQUESTED]’s employees, directors, or shareholders.

a.                       Schedule 8.16 contains a true and
complete list of the following: the names, positions, and compensation of the
present directors, officers, employees, and current independent contractors of
[CONFIDENTIAL TREATMENT REQUESTED]. Except as listed in Schedule 8.16, all
[CONFIDENTIAL TREATMENT REQUESTED]’s employees are employees-at-will, may be
terminated at any time in accordance with the written policies (copies of which
are contained in Schedule 8.16) of [CONFIDENTIAL TREATMENT REQUESTED] for any
lawful reason or for no reason, and are not entitled to employment by virtue of
any oral or written contract, employer policy, or otherwise.

b.                      No retired employees of [CONFIDENTIAL
TREATMENT REQUESTED] are receiving or are entitled to receive any payments or
health or other benefits from [CONFIDENTIAL TREATMENT REQUESTED].

c.                       Buyer agrees to continue employment of
all employees post closing as at-will employees. Seller Equityholder agrees
that he will not solicit/hire any employee provided that Buyer maintains its
current compensation program, and provided Buyer does so, then Seller
Equityholder may not solicit or hire any employee to work for him or any
related entity for 6 months from the Closing Date; furthermore, for the 6
months after such initial 6-month period, Seller Equityholder agrees that he
will consult with Buyer before soliciting/hiring any such employee. If Buyer
changes the Compensation Program and such change results in the Employee making
substantially less income, then the non-hiring provision shall not apply. The
same provisions shall apply to entertainers, except that if an entertainer
shows up unsolicited to another location owned or affiliated with Seller
Equityholder, they will be permitted to work. None of the above shall apply to
[CONFIDENTIAL TREATMENT REQUESTED], whom Buyer has agreed to pay a salary of
$2,500.00 a week for a minimum of 60 days, provided Mr. [CONFIDENTIAL TREATMENT

 17
 

CONFIDENTIAL TREATMENT
REQUESTED

                        REQUESTED]
agrees to work for this same period of time, and thereafter, an additional 30
days at Mr. [CONFIDENTIAL TREATMENT REQUESTED]’s option. Thereafter, Seller
Equityholder may solicit or hire Mr. [CONFIDENTIAL TREATMENT REQUESTED]. It is
the general intent of the Buyer and Seller that should any manager’s net income
be reduced by 10% or more on the average, during any forty-five (45) day
period, that the Seller would have the option of hiring such manager.

8.17                           Contracts
and Commitments.

a.                       Schedule 8.17 contains a true and complete
list of all of [CONFIDENTIAL TREATMENT REQUESTED], and [CONFIDENTIAL TREATMENT
REQUESTED]’s written, and a description of all of [CONFIDENTIAL TREATMENT
REQUESTED]’s unwritten, contracts, obligations, agreements, plans,
arrangements, and commitments of any kind or nature (the “Contracts and
Commitments”), except for

(i)            those
contracts that are described in another Schedule;

(ii)           each
purchase contract with a customer made in the ordinary course of business
consistent with past practices under which [CONFIDENTIAL TREATMENT REQUESTED]
or [CONFIDENTIAL TREATMENT REQUESTED] is obligated to deliver less than $500.00
in goods and/or services in each transaction or series of related transactions;
and

(iii)          each
purchase commitment made in the ordinary course of business at prevailing
prices, consistent with past practices, that is not in excess of $1000.00 in
each transaction or series of related transactions.

b.                      All Contracts and Commitments are in
full force and effect without amendment (unless the amendments are clearly
noted), and Buyer is and shall be entitled to all benefits from all Contracts
and Commitments.

c.                       True and complete copies of all
Contracts and Commitments have been delivered to Buyer. All Contracts and
Commitments are the result of bona fide, arm’s-length transactions and are
legal, valid, and binding obligations of the parties to them enforceable in
accordance with their respective terms, subject to laws generally governing
bankruptcy and the enforcement of creditors’ rights.

d.                      Except as set forth in attached Schedule
8.17, no default or alleged default exists on the part of [CONFIDENTIAL
TREATMENT REQUESTED] or [CONFIDENTIAL TREATMENT REQUESTED] nor, to the Best
Knowledge of Seller Equityholder, on the part of any other person or entity, under
any Contract or Commitment.

8.18                        Title
to Assets. Except as set forth in attached Schedule 8.18, [CONFIDENTIAL
TREATMENT REQUESTED] or [CONFIDENTIAL TREATMENT REQUESTED] is the sole and
absolute owner, lessee or

 18
 

CONFIDENTIAL TREATMENT
REQUESTED

                                                license
holder of all the assets used in the operation of the Business and/or purported
to be owned by [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT
REQUESTED], and has good and marketable title to all such assets, free from all
Encumbrances (or, in the case of its interest as lessee, a good leasehold
interest, and in the case of licenses, is the license holder). Schedule 8.18
lists or describes all property used in the conduct of the Business and/or
situated on the Premises that is owned by or an interest in which is claimed by
any other person or entity (whether a customer, supplier, or other person or
entity) for which [CONFIDENTIAL TREATMENT REQUESTED] or [CONFIDENTIAL TREATMENT
REQUESTED] is responsible, together with copies of all related agreements. All
such property is situated on the Premises and is in such condition that, upon
return to its owner, [CONFIDENTIAL TREATMENT REQUESTED] [CONFIDENTIAL TREATMENT
REQUESTED] will not be liable in any amount to the owner.

8.19                        Condition
of Assets. Each item situated at the Premises and listed on the respective
balance sheet is being sold as is, where is, with all defects. Between the date
of this Agreement and Closing, Seller agrees to reasonably maintain all
equipment and assets as may be need to reasonably operate the business.
Furthermore, Seller agrees not to commit waste.

8.20                        Receivables.
[CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT REQUESTED] are
entitled to all accounts receivable relating to activity prior to the Closing
Date and Buyer shall assist in collecting any such amounts and Buyer shall
promptly forward to Seller any such amounts that Buyer receives on or after the
Closing Date, which amounts shall be applied to the closing adjustments and any
net amount distributed to Equityholder.

8.21                        Sufficiency
of Assets. The assets reflected in the Financial Statements, constitute and
will constitute all of the property and assets, real, personal, and mixed,
tangible and intangible (including, without limitation, contract rights), that
are used or useful in, or are necessary for the conduct of, the Business in
accordance with present practices, other than (i) those permits and licenses
that Buyer will be obtaining as a condition to its obligation to close, (ii)
assets used or consumed in the ordinary course of business prior to the Closing
date, and (iii) the Excluded Assets that are referred to above and that Seller
shall be entitled to retain (including cash and receivables), and such assets
are sufficient for Buyer to continue to operate the Business in the ordinary
course of business after the Closing Date. By closing this agreement, the Buyer
shall be deemed to be satisfied with the assets of the Business.

8.22                           Taxes.
[To be reviewed by Seller’s accountants.]

a.                       For the purposes of this Agreement, Tax
or Taxes shall mean all federal, state, county, local, foreign, and other taxes
(including, without limitation, income taxes;

 19
 

CONFIDENTIAL TREATMENT
REQUESTED

                        premium
taxes; single-business taxes; excise taxes; sales taxes; use taxes; value-added
taxes; gross receipts taxes; franchise taxes; ad valorem taxes; real estate
taxes; severance taxes; capital levy taxes; transfer taxes; stamp taxes;
employment, unemployment, and payroll- related taxes; withholding taxes; and
governmental charges and assessments), and include interest, additions to tax,
and any penalties. For purposes of this Agreement, (i) a Tax is “imposed” upon
a person if such person is responsible under applicable law for the payment,
withholding, or collection of such Tax; (ii) a person is “subject to” a Tax if
such Tax is imposed on either (A) such person or (B) a third party based on the
activities or assets of such person; and (iii) a Tax is “of” a person if either
clause (i) or (ii) of this Section 8.22(a) pertains to such Tax and such
person.

b.                      For purposes of this Agreement, Tax
Return shall mean any return (including any information return), report,
statement, schedule, notice, form, or other document or information filed with
or submitted to, or required to be filed with or submitted to, any governmental
authority in connection with the determination, assessment, collection, or
payment of any Tax.

c.                       Except as otherwise disclosed on
Schedule 8.22, [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT
REQUESTED] has filed on a timely basis (within any applicable extension
periods) all Tax Returns it is required to file under any federal, state,
local, or foreign law and has paid or established an adequate reserve with
respect to all Taxes imposed on said corporation for the periods covered by
such returns. No claim has ever been made by a governmental authority in a
jurisdiction where [CONFIDENTIAL TREATMENT REQUESTED] does not file Tax Returns
that it is or may be subject to Taxes imposed by that jurisdiction. No
agreements have been made by or on behalf of [CONFIDENTIAL TREATMENT REQUESTED]
for any waiver or for the extension of any statute of limitations governing the
time of assessment or collection of any Taxes. [CONFIDENTIAL TREATMENT REQUESTED]
and its officers have receive d no notice of any pending or threatened audit by
the IRS or any state, local, or foreign agency related to [CONFIDENTIAL
TREATMENT REQUESTED]’s Tax Returns or Tax liability for any period, and no
claim for assessment or collection of Taxes has been asserted against
[CONFIDENTIAL TREATMENT REQUESTED]. There are no federal, state, or local Tax
Encumbrances outstanding against any of [CONFIDENTIAL TREATMENT REQUESTED]’s
assets. There are no outstanding powers of attorney issued by [CONFIDENTIAL
TREATMENT REQUESTED] with respect to any matter relating to Taxes.

d.                      [CONFIDENTIAL TREATMENT REQUESTED] has
withheld and paid all Taxes required to have been withheld and paid in
connection with amounts paid or owing to any employee, independent contractor,
creditor, stockholder, or other person or entity. [CONFIDENTIAL TREATMENT
REQUESTED] has, in accordance with Treasury Regulation Section 1.6662- 3(c), “adequately
disclosed” on its Tax Returns all positions taken therein that could give rise
to a substantial understatement of federal income Tax within the meaning of IRC
6662, or, as applicable, such disclosure would meet the conditions of any
provision analogous or similar to 

 20
 

CONFIDENTIAL TREATMENT
REQUESTED

                        Treasury
Regulation Section 1.6662-3(c) contained in any state, local, or foreign tax
law to which it is asserted that [CONFIDENTIAL TREATMENT REQUESTED] is or could
be subject. There are no Tax rulings or requests for rulings relating to
[CONFIDENTIAL TREATMENT REQUESTED] that could affect [CONFIDENTIAL TREATMENT
REQUESTED]’s Tax liability for any period (or portion of a period) after the
Closing Date.

e.                       Seller will as of the Closing Date
provide to Buyer its correct taxpayer identification number on executed IRS
Form W-9. Buyer is not required to withhold any Taxes on any payments under
this Agreement including, without limitation, any withholding pursuant to IRC
3406 or Chapter 3 of the Code. Seller and Seller is a United States person (as
defined in IRC 7701(a)(30)).

f.                         If Seller is an S corporation, Seller is
now and has been at all times since        N.A.       
a validly electing S corporation within the meaning of IRC 1361 and 1362 and
will be a validly electing S corporation up to and including the Closing Date.

g.                      No property of [CONFIDENTIAL TREATMENT
REQUESTED] is tax-exempt use property within the meaning of IRC 168(h) or
tax-exempt bond financed property within the meaning of IRC 168(g).
[CONFIDENTIAL TREATMENT REQUESTED] has not made, nor is obligated to make, any
payment nor is a party to any agreement that could obligate it to make any
payments that, under IRC 280G or IRC 162(m), were or will not be deductible for
Tax purposes.

h.                      [CONFIDENTIAL TREATMENT REQUESTED] is
not a United States real property holding corporation within the meaning of IRC
897.

i.                          [CONFIDENTIAL TREATMENT REQUESTED] is
not subject to any Tax sharing or similar agreement or arrangement (whether or
not written) pursuant to which it will have any obligation to make any payments
after the Closing Date.

j.                          [CONFIDENTIAL TREATMENT REQUESTED] will
not be required to include any item of income or gain in, or to exclude any
item of deduction or loss from, taxable income for any taxable period (or
portion thereof) ending after the Closing Date as a result of any (i) change in
method of accounting for a taxable period ending on or before the Closing Date
under IRC 481(c), or any corresponding or similar provision of state, local, or
foreign Tax law; (ii) closing agreement as described in IRC 7121, or any
corresponding or similar provision of state, local, or foreign Tax law,
executed on or before the Closing Date; or (iii) installment sale made on or
before the Closing Date.

k.                       Any adjustment of Tax of [CONFIDENTIAL
TREATMENT REQUESTED] made by the IRS in any examination that is required to be
reported to the appropriate state, local, or foreign taxing authorities has
been reported, and any additional Taxes due with respect thereto have been
paid, to the best knowledge of Seller.

l.                          (i) [CONFIDENTIAL TREATMENT REQUESTED]
has not, within the last six 

 21
 

CONFIDENTIAL TREATMENT
REQUESTED

years, been a member of
an affiliated group (as defined in IRC 1504(a)) filing a consolidated United
States federal income Tax Return, or similar Tax Return under the provisions of
state, local or foreign law; and (ii) no claim has been asserted against
[CONFIDENTIAL TREATMENT REQUESTED] based upon liability for the Taxes of
another person (A) under Treasury Regulation Section 1.1502-6 or any
corresponding or similar provisions of state, local, or foreign law, (B) as a
transferee or successor, or (C) by contract or otherwise. [CONFIDENTIAL
TREATMENT REQUESTED] does not have a subsidiary investment that could
reasonably be expected to be subject to the loss disallowance rules of
Temporary Treasury Regulation Section 1.337(d)-2T.

8.23                        Litigation.
There are no claims, disputes, actions, suits, proceedings, or investigations
pending or, to the Best Knowledge of the Seller Equityholder, threatened
against or affecting [CONFIDENTIAL TREATMENT REQUESTED], its business, or its
assets.

8.24                           INTENTIONALLY
DELETED.

8.25                           Environmental
Matters. INTENTIONALLY DELETED

8.26                        Compliance
with Laws. At all times before the Closing Date, [CONFIDENTIAL TREATMENT
REQUESTED] and [CONFIDENTIAL TREATMENT REQUESTED] have, to the best of its
knowledge, complied with all laws, orders, regulations, rules, decrees, and
ordinances affecting to any extent or in any manner any aspects of the Business
or its assets or, to the extent an issue has been raised, [CONFIDENTIAL
TREATMENT REQUESTED] has responded.

8.27                           Suppliers
and Customers.

a.                       A complete and accurate list of all
suppliers or vendors of products or services to [CONFIDENTIAL TREATMENT
REQUESTED] in connection with the Business (other than legal or accounting
services) aggregating more than $10,000.00 (at cost) annually during
[CONFIDENTIAL TREATMENT REQUESTED]’s last fiscal year, and the address of each
supplier or vendor and the amount sold to [CONFIDENTIAL TREATMENT REQUESTED]
during that period, is set forth in Schedule 8.27. The names of any suppliers
of goods or services with respect to which practical alternative sources of
supply are not available on comparable terms and conditions are separately
listed in Schedule 8.27.

b.                      [CONFIDENTIAL TREATMENT REQUESTED] does
not keep records of its customers.

c.                       Seller Equityholder has no information
that might reasonably indicate that any supplier of [CONFIDENTIAL TREATMENT
REQUESTED] intends to cease purchasing from, selling to, or dealing with
[CONFIDENTIAL TREATMENT REQUESTED]. No information has been brought to the
attention of Seller Equityholder that might reasonably lead any of him to
believe that any supplier

 22
 

CONFIDENTIAL TREATMENT
REQUESTED

                        intends
to alter, in any material respect, the amount of its sales or the extent of its
dealings with [CONFIDENTIAL TREATMENT REQUESTED], or would alter in any
material respect its sales to, or dealings with [CONFIDENTIAL TREATMENT
REQUESTED], in the event the transactions contemplated by this Agreement are consummated.

8.28                        No
Brokers. Neither Seller nor Seller Equityholder have engaged, or are
responsible for any payment to, any finder, broker, or consultant in connection
with the transactions contemplated by this Agreement, except for [CONFIDENTIAL
TREATMENT REQUESTED], who will be compensated by Buyer, pursuant to an
agreement exclusive between Buyer and Mr. [CONFIDENTIAL TREATMENT REQUESTED]
that is acceptable to Mr. [CONFIDENTIAL TREATMENT REQUESTED], as verified by a
letter from Mr. [CONFIDENTIAL TREATMENT REQUESTED].

8.29                        Insider
Transactions. Seller has furnished Buyer a complete and accurate list and a
brief description of all contracts or other transactions involving
[CONFIDENTIAL TREATMENT REQUESTED] in which any officer, director, employee, or
shareholder of [CONFIDENTIAL TREATMENT REQUESTED] or any member of their
immediate families; or any affiliate has any interest is set forth on Schedule
8.29.

8.30                        Bank
Accounts. The Buyer shall establish a new separate bank account in the name
of [CONFIDENTIAL TREATMENT REQUESTED]. However, Seller shall close its bank
accounts for [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT
REQUESTED] within 60 days after Closing.

8.31                        Intellectual
Property. Schedule 8.31 lists or briefly describes all of [CONFIDENTIAL
TREATMENT REQUESTED]’s material Intellectual Property (other than know-how,
trade secrets, and confidential and proprietary processes and technology) that
[CONFIDENTIAL TREATMENT REQUESTED] directly or indirectly owns, licenses, uses,
requires for use, or controls in whole or in part, including rights relating to
the playing of music and video, and all licenses and other agreements allowing
the [CONFIDENTIAL TREATMENT REQUESTED] to use the intellectual property of
third parties. [CONFIDENTIAL TREATMENT REQUESTED] does not own, directly or
indirectly, or use any patents, copyrights, trademarks, or service marks in the
Business, except as disclosed on Schedule 8.31. Except as set forth in Schedule
8.31, [CONFIDENTIAL TREATMENT REQUESTED] is the sole and exclusive owner of the
Intellectual Property, free and clear of all Encumbrances. [CONFIDENTIAL
TREATMENT REQUESTED]’s Intellectual Property, or its use by [CONFIDENTIAL
TREATMENT REQUESTED] or any activity of [CONFIDENTIAL TREATMENT REQUESTED] in
the conduct of the Business, does not infringe on any other person’s
intellectual property, and, to the Best Knowledge of the Seller Equityholder,
no activity of any other person

 23
 

CONFIDENTIAL TREATMENT
REQUESTED

                                                infringes
on any of the Intellectual Property. [CONFIDENTIAL TREATMENT REQUESTED] has
been and is now conducting the Business in a manner that has not been and is
not now in violation of any other- 20 - person’s intellectual property, and
[CONFIDENTIAL TREATMENT REQUESTED] does not require a license or other
proprietary right to so operate the Business. For the purposes of this
Agreement, Intellectual Property means all intellectual property and
intellectual property rights owned or licensed by [CONFIDENTIAL TREATMENT
REQUESTED] including, but not limited to, all inventions, discoveries,
improvements, designs, prototypes, trade secrets, manufacturing and engineering
drawings, process sheets, specifications, bills of material, patents, patent
applications, registered and unregistered copyrights and copyright rights in
both published and unpublished works, registered and unregistered trademarks,
registered and unregistered trade names, formulae and secret and confidential
processes, know-how, technology, process technology, customer lists, computer
software, data, databases and other industrial property (whether patentable or
unpatentable), all rights to sue for infringement of any of the foregoing, all
renewals or extensions of any of the foregoing, and all goodwill of
[CONFIDENTIAL TREATMENT REQUESTED]relating to any of the foregoing.

8.32                        Insurance.
All insurance policies covering [CONFIDENTIAL TREATMENT REQUESTED]’s property
or providing for business interruption, personal, and other insurance are
described in Schedule 8.32 (which specifies the insurer, policy number, type of
insurance, and any pending claims). Such insurance is in amounts [CONFIDENTIAL
TREATMENT REQUESTED] deems sufficient with respect to its assets, properties,
business, operations, products, and services as the same are presently owned or
conducted, and all such policies are in full force and effect and the premiums
have been paid. There are no claims, actions, suits, or proceedings arising out
of or based on any of these insurance policies, and no basis for any such
claim, action, suit, or proceeding exists. [CONFIDENTIAL TREATMENT REQUESTED]
is not in default with respect to any provisions contained in any such
insurance policies and has not failed to give any notice or present any claim
under any such insurance policy in due and timely fashion.

8.33                        Materiality.
No statement in this Agreement, in any schedule to this Agreement, or in any
certificate delivered to Buyer pursuant to this Agreement fails or will fail to
contain any material fact necessary to make the statement(s) not misleading.

9.                                    Buyer’s
Representations and Warranties. Each of VCG Holding Corporation and Buyer
represents and warrants to Seller Equityholders as of the date of this
Agreement and the Closing Date that:

9.1                              Organization
and Standing. Buyer is a corporation which will be formed and organized and
validly existing under the laws of the State of

 24
 

CONFIDENTIAL TREATMENT
REQUESTED

                                                [CONFIDENTIAL
TREATMENT REQUESTED], and Buyer will have all the requisite power and authority
to own its properties and to perform its obligations hereunder.

9.2                              Authorization.
VCG Holding Corporation has taken, and Buyer will have taken on or before the
Closing, all necessary action (a) to approve the execution, delivery, and
performance of this Agreement and each of the Related Agreements and (b) to
consummate the transactions contemplated under these agreements. VCG Holding
Corporation has duly executed and delivered this Agreement. This Agreement is,
and each of the Related Agreements when executed by the parties will be, the
legal, valid, and binding obligations of VCG Holding Corporation and Buyer,
enforceable against VCG Holding Corporation and Buyer in accordance with their
respective terms, except as such enforcement may be limited by bankruptcy,
insolvency, moratorium, or similar laws relating to the enforcement of
creditors’ rights and by general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity).

9.3                                 Existing
Agreements and Governmental Approvals.

a.                       Except as set forth on Schedule 8.6, the
execution, delivery, and performance of this Agreement and the consummation of
the transactions contemplated by it (i) do not and will not violate any
provisions of law applicable to VCG Holding Corporation or Buyer; (ii) do not
and will not conflict with, result in the breach or termination of any
provision of, or constitute a default under (in each case whether with or
without the giving of notice or the lapse of time, or both) VCG Holding
Corporation’s or Buyer’s Articles of Incorporation or Bylaws or any indenture,
mortgage, lease, deed of trust, or other instrument, contract, or agreement or
any order, judgment, arbitration award, or decree to which VCG Holding
Corporation or Buyer is a party or by which either of them or any of the
irrespective assets and properties are bound; and (iii) do not and will not
result in the creation of any Encumbrance on any of VCG Holding Corporation’s
or the Buyer’s properties, assets, or business.

b.                      Except as set forth on Schedule 8.6, no
approval, authority, or consent of, or filing by VCG Holding Corporation or
Buyer with, or notification to, any federal, state, or local court, authority,
or governmental or regulatory body or agency or any other corporation, limited
liability company, partnership, individual, or other entity is necessary to
authorize VCG Holding Corporation or Buyer’s execution and delivery of this
Agreement or the consummation of the transactions contemplated by this
Agreement.

9.4                              Investment
Intent. Buyer is acquiring the Purchased Equity Interests for its own
account, for investment, and without any present intention to resell the
Purchased Equity Interests.

 25
 

CONFIDENTIAL TREATMENT
REQUESTED

10.                                 Indemnification;
Limitation on Liability.

10.1                        Indemnification
by Seller. Seller represents to Buyer that, to the best of Seller’s
knowledge, at all times relevant to this agreement; the Seller has maintained
at least $1,000,000.00 in liability insurance, including liquor liability
insurance. Seller Equityholder shall pay, reimburse, indemnify, and hold
harmless Buyer, [CONFIDENTIAL TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT
REQUESTED] and their respective directors, officers, shareholders, successors,
and permitted assigns from and against any and all claims, suits, actions, assessments,
losses, diminution in value, liabilities, fines, penalties, damages
(compensatory, consequential, direct, indirect, and other), costs, and expenses
(including reasonable legal fees) (“Losses”), and including any Losses that
arise in the absence of a third-party claim, to the extent of a total aggregate
of $500,000.00 beyond the amount of insurance. In addition, Seller and Seller
Equity holder agree to indemnify Buyer for (a) Any inaccuracy in any
representation or breach of any warranty of the Seller Equityholders contained
in this Agreement (whether at the date of this Agreement or the Closing Date),
and (b) Seller Equityholders’ failure to perform or observe in full, or to have
performed or observed in full, any covenant, agreement, or condition to be
performed or observed by the Seller Equityholders under this Agreement or any
Related Agreement.

10.2                        Limitation
on Liability. Notwithstanding anything in this Agreement to the contrary,
Selling Shareholder shall have no personal liability for any matter arising
under or relating to this Agreement, beyond the amount of $500,000.00 for a
period of three years, which Seller Shareholder may permit to be offset, in
whole or in part against Rent to the Landlord. Seller and Selling Shareholder
acknowledge that they may have liability under one or more of the Related
Agreements, to the extent set forth therein, and this limitation applies only
to this Agreement.

10.3                        Waiver
of Claims Against Seller. Each Seller Equityholder irrevocably waives and
agrees that Seller Equityholders will make no claim against Seller of any kind
or character, whether by way of subrogation, indemnity, contribution, breach of
contract, or any other theory regarding any claim made by Buyer, Seller, or any
other person under Section 10 or otherwise, and each Seller Equityholder
irrevocably releases and discharges Seller from any such claim.

10.4                        Indemnification
by Buyer. Buyer shall pay, reimburse, indemnify, and hold harmless Seller
and Seller Equityholder and their respective directors, officers, shareholders,
heirs, successors, and permitted assigns from and against any and all Losses,
and including any Losses that arise in the absence of a third-party claim, in
connection with or resulting from any claim arising from or relating to Buyer’s
operation of the Seller or which arises from a claim that occurred after the
Closing Date. In addition, Buyer agrees to indemnify Seller and Seller
Equityholder Buyer from (a) Any inaccuracy in any representation or breach of
any warranty of the Buyer contained in this Agreement (whether at the date of
this Agreement or the Closing Date), and

 26
 

CONFIDENTIAL TREATMENT
REQUESTED

                                                (b)
Buyer’s failure to perform or observe in full, or to have performed or observed
in full, any covenant, agreement, or condition to be performed or observed by
the Buyer under this Agreement or any Related Agreement.

11.                                 Indemnification
for Taxes.

a.                       Seller and Seller Equityholder agree to
pay, reimburse, indemnify, and hold harmless Buyer and its directors, officers,
shareholders, successors, and permitted assigns, from and against any and all
Taxes imposed upon [CONFIDENTIAL TREATMENT REQUESTED] payable with respect to,
and any and all other Losses arising out of or in any manner incident,
relating, or attributable to Taxes imposed upon [CONFIDENTIAL TREATMENT
REQUESTED] payable with respect to, or Tax Returns required to be filed by
[CONFIDENTIAL TREATMENT REQUESTED] with respect to, income of [CONFIDENTIAL
TREATMENT REQUESTED] for (i) any taxable year (or other applicable reporting
period) (a “Reporting Period”) of [CONFIDENTIAL TREATMENT REQUESTED] ending on
or before the Closing Date (“Pre-closing Tax Period”) other than Losses arising
from transactions occurring after the Closing, and (ii) any Reporting Period of
[CONFIDENTIAL TREATMENT REQUESTED] that begins before the Closing Date and that
ends after the Closing Date (a “Straddle Period”), except that with respect to
any Straddle Period, Seller Equityholder shall be responsible for the payment
of such Taxes only to the extent that they relate to the portion of such
Straddle Period ending on the Closing Date. In addition, Seller shall be
responsible up to the aggregate amount set forth in Paragraph 10.1 above, for
any amounts which become due for the period of time that the Seller operated
the business as a result of any recharacterization of entertainers at the
business as employees.

b.                      Buyer and VCG Holding Corporation agrees
to pay, reimburse, indemnify, and hold harmless Seller and its directors,
officers, shareholders, successors, and permitted assigns (including any in
their capacities as officers or directors of [CONFIDENTIAL TREATMENT REQUESTED]
prior to the Closing) from and against any and all Taxes imposed upon
[CONFIDENTIAL TREATMENT REQUESTED] payable with respect to, and any and all
other Losses arising out of or in any manner incident, relating, or
attributable to (i) Taxes imposed upon [CONFIDENTIAL TREATMENT
REQUESTED]payable with respect to, or Tax Returns required to be filed by
[CONFIDENTIAL TREATMENT REQUESTED] with respect to, income of [CONFIDENTIAL
TREATMENT REQUESTED] for any Reporting Period of [CONFIDENTIAL TREATMENT
REQUESTED] beginning after the Closing Date, (ii) Taxes imposed upon income of
[CONFIDENTIAL TREATMENT REQUESTED] for the Straddle Period to the extent
attributable to the portion of the Straddle Period beginning on or after the
Closing Date, and (iii) Taxes imposed upon [CONFIDENTIAL TREATMENT REQUESTED],
or for which [CONFIDENTIAL TREATMENT REQUESTED] may otherwise be liable, as a
result of transactions occurring on or after the Closing .

c.                       The indemnities set forth in this
Section 11.1 shall survive, in each case, until the applicable statute of
limitations has expired for each respective fiscal tax year.

 27
 

CONFIDENTIAL TREATMENT
REQUESTED

11.2                           Preparation
of Tax Returns. [To be reviewed by Seller’s accountants]

a.                       Seller and Seller Shareholder shall
prepare or cause to be prepared all Tax Returns for income of [CONFIDENTIAL
TREATMENT REQUESTED] for any Pre-closing Tax Period of [CONFIDENTIAL TREATMENT
REQUESTED] (including amended Tax Returns) (“Pre-closing Period Returns”).
Seller shall timely file, or cause to be timely filed, all such Pre-closing
Period Returns that are due on or before the Closing Date (giving effect to any
extensions thereto). Seller shall timely pay, or cause to be paid, all Taxes
imposed upon Seller with respect to such Pre-closing Period Returns.

b.                      Seller shall prepare or cause to be
prepared and provide Buyer with Pre-closing Period Returns that are due after the
Closing Date (giving effect to any extensions thereto). Promptly upon the
finalization of such Tax Returns and in any case not later than 60 30 days
before the last date for timely filing of such Tax Returns (giving effect to
any valid extensions thereof), Seller shall deliver to Buyer (1) an original of
such Tax Return and (2) a check payable to the appropriate taxing authority in
the amount of any Taxes payable by [CONFIDENTIAL TREATMENT REQUESTED] shown as
due thereon in accordance with Article 7.5 hereinabove. Buyer shall cause such
Pre-closing Period Returns to be executed by the appropriate officer of Seller
and shall file such returns, together with the appropriate payment, if any, on
a timely basis. [Can we avoid this by doing a stub period filing?]

c.                       All Tax Returns that Seller is required
to prepare or cause to be prepared in accordance with this Section 11.2 shall
be prepared in a manner consistent with past practice, and on such Tax Returns
no positions shall be taken, elections made, or method adopted that is
inconsistent with positions taken, elections made, or methods used in preparing
and filing similar Tax Returns in prior periods (including, but not limited to,
positions that would have the effect of deferring income to periods for which
Buyer is liable or accelerating deductions to period for which [CONFIDENTIAL
TREATMENT REQUESTED] is liable).

d.                      Buyer shall prepare or cause to be
prepared all Tax Returns of [CONFIDENTIAL TREATMENT REQUESTED] for any and all
Reporting Periods ending on and after the Closing Date. Buyer shall timely
file, or cause to be timely filed, all such Tax Returns and Buyer shall timely
pay, or cause to be paid, all Taxes imposed upon with respect to such Tax
Returns.

e.                       Buyer shall prepare, or cause to be
prepared, all Tax Returns of [CONFIDENTIAL TREATMENT REQUESTED] for any and all
Straddle Periods. All Tax Returns for a Straddle Period shall be submitted to
Seller at least 45 days before the last date for timely filing of such Tax
Return (giving effect to any valid extensions thereof), accompanied by a
statement calculating in reasonable detail and in accordance with Section
11.2(f) any payments required of Seller with respect to the amounts payable by
[CONFIDENTIAL TREATMENT REQUESTED] shown as due on such Tax Returns after
giving effect to any Tax payments made before the Closing Date. The amount of
any Tax payment required of Seller under this Section 11.2(e)

 28
 

CONFIDENTIAL TREATMENT
REQUESTED

                        shall
be paid by Seller on or before the last date for timely filing such Tax Return
(including any valid extensions thereof).

f.                         With respect to any Straddle Period,
Seller shall be responsible only for such Taxes imposed upon income of
[CONFIDENTIAL TREATMENT REQUESTED] as are allocable to the portion of the
Straddle Period ending on the day before the Closing Date. Buyer shall be
responsible for, and shall timely pay, or cause to be paid, all other Taxes
with respect to all Straddle Periods. The Tax liabilities for each Straddle
Period for [CONFIDENTIAL TREATMENT REQUESTED] shall, except as otherwise
required by applicable law, be determined by closing the books and records of
[CONFIDENTIAL TREATMENT REQUESTED] as of the Closing Date by treating each such
Straddle Period as if it were a separate Reporting Period, and by employing
accounting methods that are consistent with those employed in preparing the Tax
Returns for [CONFIDENTIAL TREATMENT REQUESTED] in Pre-closing Period Returns
and that do not have the effect of distorting income, receipts, or expenses
(taking into account the transactions contemplated by this Agreement), except
that (a) transactions occurring on the Closing Date and after the Closing shall
be allocated to the taxable year or period that is deemed to begin at the
beginning of the day following the Closing Date, (b) exemptions, allowances, or
deductions that are calculated on an annual basis (including depreciation and
amortization deductions) shall be allocated between the period ending on the
Closing Date and the period after the Closing Date in proportion to the number
of days in each such period, and (c) in the case of any Tax imposed upon the
ownership or holding of real or personal property, such Taxes shall be prorated
based on the percentage of the actual period to which such Taxes relate that
precedes the Closing Date.

g.                      All Tax Returns that Buyer is required
to prepare or cause to be prepared in accordance with this Section 11.2 shall
be prepared in a manner consistent with past practice and, on such Tax Returns,
no positions shall be taken, elections made, or method adopted that is
inconsistent with positions taken, elections made, or methods used in preparing
and filing similar Tax Returns in prior periods (including, but not limited to,
positions that would have the effect of accelerating income to periods for
which Seller is liable or deferring deductions to period for which Buyer is
liable).

h.                      Seller shall be entitled to any credits,
rebates, or refunds of Taxes of [CONFIDENTIAL TREATMENT REQUESTED] payable with
respect to any Pre-closing Tax Period of [CONFIDENTIAL TREATMENT REQUESTED]
and, with respect to any Straddle Period, the portion of the Straddle Period
ending on and including the Closing Date. Buyer shall cause the amount of the
credits, rebates, or refunds of Taxes to which Seller is entitled under this
Section 11.2(h), but which were received by or credited to [CONFIDENTIAL
TREATMENT REQUESTED] after the Closing Date, to be paid to Seller within 10
Business Days following such receipt or crediting. Buyer shall send written notice
to Seller of any such credit, rebate, or refund as soon as possible after Buyer
becomes aware of them.

i.                          Buyer and Seller shall cooperate with
one another with respect to Tax matters as more fully set forth in this Section
11. Buyer and Seller shall cooperate fully as and to

 29
 

CONFIDENTIAL TREATMENT
REQUESTED

                        the
extent reasonably requested by the other party, at the other party’s expense,
in connection with the filing of Tax Returns pursuant to this Section 11 and
any audit, litigation, or other proceeding with respect to Taxes. Such
cooperation shall include the retention and (upon the other party’s request and
at the other party’s expense)the provision of records and information that are
reasonably relevant to any such Tax Return, audit, litigation, or other
proceeding and making employees available on a mutually convenient basis to
provide additional information and explanation of any material provided
hereunder. Buyer and Seller agree (i) to retain all books and records with
respect to Tax matters pertinent to [CONFIDENTIAL TREATMENT REQUESTED] relating
to any taxable period beginning before the Closing Date until the expiration of
the statute of limitations (and, to the extent notified by Buyer or Seller, any
extensions thereof) of the respective taxable periods, and to abide by all
record retention agreements entered into with any taxing authority, and (ii) to
give the other party reasonable written notice before transferring, destroying,
or discarding any such books and records and, if the other party so requests,
Buyer or Seller , as the case may be, shall allow the other party to take
possession of such books and records to the extent they would otherwise be
destroyed or discarded.

11.3                        Certificate
of Nonforeign Status. Each of the Seller and Seller Equityholder shall
deliver to Buyer at the Closing a certificate of nonforeign status (the “Certificate
of Nonforeign Status”) in accordance with Treasury Regulation Section 1.1445-
2(b)(2).

12.                              Expenses.
Each of the parties shall pay all of the costs that it incurs incident to the
preparation, execution, and delivery of this Agreement and the performance of
any related obligations, whether or not the transactions contemplated by this
Agreement shall be consummated, and Seller Equityholders shall pay all of the
cost and expenses incurred by Seller.

13.                                 Termination.

13.1                           This
Agreement may be terminated at any time before the Closing Date as follows:

a.                       By Buyer and Seller in a written
instrument.

b.                      By Buyer or Seller if the Closing does
not occur on the Closing Date or within a reasonable time thereafter.

c.                       By Buyer or Seller if there shall have
been a material breach of any of the representations or warranties set forth in
this Agreement on the part of the other, and this breach by its nature cannot
be cured before the Closing.

d.                      By Buyer or Seller if there has been a
breach of any of the covenants or agreements set forth in this Agreement on the
part of the other, and this breach is not cured within 10 Business Days after
the breaching party or parties receive written notice of the breach from the
other party.

 30
 

CONFIDENTIAL TREATMENT
REQUESTED

13.2                        If
terminated as provided in Section 13.1, this Agreement shall forthwith become
void and have no effect, except for Sections 13.3 and 14, and except that no
party shall be relieved or released from any liabilities or damages arising out
of the party’s breach of any provision of this Agreement.

13.3                        Buyer and
VCG Holding Corporation, jointly and severally, on the one hand, and the Seller
and Seller Equityholder, jointly and severally, on the other, agree that if
this Agreement is terminated, each party will not (and, in the case of Seller,
shall cause [CONFIDENTIAL TREATMENT REQUESTED] to not), during the one-year
period following the termination, directly or indirectly solicit any employee
of the other party to leave the employment of the other party.

14.                                 Miscellaneous
Provisions.

14.1                        Representations
and Warranties. All of the representations and warranties made by the Buyer
and Seller pursuant to this Agreement shall survive the consummation of the
transactions contemplated by this Agreement, except for those specifically
terminated at closing by this Agreement.

14.2                        Notices.
All notices, demands, and requests required or permitted to be given under the provisions
of this Agreement shall be in writing and shall be deemed given (a) when
personally delivered or sent by facsimile transmission to the party to be given
the notice or other communication or (b) on the business day following the day
such notice or other communication is sent by overnight courier to the
following:

if to Seller Equityholders:

Mr. [CONFIDENTIAL
TREATMENT REQUESTED]

[CONFIDENTIAL TREATMENT REQUESTED]

With a Copy to:

Mr. [CONFIDENTIAL
TREATMENT REQUESTED]

[CONFIDENTIAL TREATMENT
REQUESTED]

[CONFIDENTIAL TREATMENT
REQUESTED]

Facsimile: [CONFIDENTIAL TREATMENT REQUESTED]

if to Buyer:

Troy Lowrie

VCG Holding Corp.

390 Union St., Suite 540

Lakewood, CO  80228

Facsimile: (303) 922-0746

and

 31
 

CONFIDENTIAL TREATMENT
REQUESTED

Michael L. Ocello

VCG Holding Corp.

1401 Mississippi Avenue,
#10

Sauget, IL 62201

Facsimile: (681) 271-8384

With a Copy to

Allan S. Rubin, Esq.

Draper, Rubin &
Shulman, P.L.C.

29800 Telegraph Road

Southfield, Michigan
48034

Facsimile: 248-358-9729

or to such other address or facsimile number that the parties may
designate in writing.

14.3                        Assignment.
Neither Seller Equityholder nor Seller, on one hand,  nor VCG Holding Corporation or Buyer, on the
other, shall assign this Agreement, or any interest in it, without the prior written
consent of the other, except that VCG Holding Corporation may assign any or all
of its rights to any wholly owned subsidiary of VCG Holding Corporation,
without Seller’s or Seller Equityholder’s consent. In no event shall consent be
unreasonably withheld.

14.4                        Parties
in Interest and Expenses. This Agreement shall inure to the benefit of, and
be binding on, the named parties and their respective successors and permitted
assigns, but not any other person or entity. Each party to this agreement shall
be responsible for there own costs, expenses, and professional fees relating to
this agreement.

14.5                        Choice
of Law. This Agreement shall be governed, construed, and enforced in
accordance with the laws of the State of [CONFIDENTIAL TREATMENT REQUESTED].

14.6                        Counterparts/Fax
Signatures. This Agreement may be signed in any number of counterparts with
the same effect as if the signature on each counterpart were on the same
instrument. Fax signatures shall have the same force and effect as originals.

14.7                        Entire
Agreement. This Agreement and all related documents, schedules, exhibits,
or certificates represent the entire understanding and agreement between the
parties with respect to the subject matter and supersede all prior agreements
or negotiations between the parties. This Agreement may be amended,
supplemented, or changed only by an agreement in writing that makes specific
reference to this Agreement or the agreement delivered pursuant to it, and must
be signed by the party against whom enforcement of any such amendment,
supplement, or modification is sought. The terms of the

 32
 

CONFIDENTIAL TREATMENT
REQUESTED

                                             Letter
Agreement dated June 9, 2007 and attached hereto as Schedule 14.7 are
incorporated herein. To the extent that any provision of the Letter Agreement
contradicts any provision of this Agreement, then this Agreement shall control.

14.8                        Buyer and
Seller agree that this Agreement memorializes their binding agreement and
intent, as set forth in the Letter of Intent dated July 9, 2007 as “Schedule
14.7”. However, both Buyer and Seller acknowledge and agree that there may be
need for minor revisions to minor terms of the Agreement. Buyer and Seller
agree that they will in good faith cooperate with each other to modify or amend
this Agreement as may be necessary to accomplish the binding intent of the
parties. Any change that the Buyer or Seller might request shall be approved by
Buyer and Seller, acting in good faith, prior to closing. In the event the
Buyer and Seller are unable to agree and the requested change is not a material
item or material issue, the closing shall be completed on the closing date and
the issue shall be resolved by arbitration in accordance with the law of the
State of [CONFIDENTIAL TREATMENT REQUESTED].

 33

CONFIDENTIAL TREATMENT
REQUESTED

The parties have executed this Agreement on the date
set forth on the first page of this Agreement.

	
   

  	
  [CONFIDENTIAL TREATMENT
  REQUESTED]

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ [CONFIDENTIAL TREATMENT REQUESTED]

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Its: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [CONFIDENTIAL TREATMENT
  REQUESTED]

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ [CONFIDENTIAL TREATMENT REQUESTED]

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Its: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SELLER EQUITYHOLDER

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ [CONFIDENTIAL TREATMENT REQUESTED]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BUYER VCG HOLDING

  
	
   

  	
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: /s/ Troy Lowrie

  	
   

  	
   

  
	
   

  	
  Its: Chairman/CEO

  	
   

  
									

 

 34

CONFIDENTIAL
TREATMENT REQUESTED

EXHIBIT 2.3b

Pre-Paid Items

(To be supplied by
Seller Equityholders)

 35
 

CONFIDENTIAL
TREATMENT REQUESTED

EXHIBIT 2.4

Purchase Price
Allocation/Payment

	
  PAYEE

  	
   

  	
  AMOUNT

  	
   

  
	
  [CONFIDENTIAL TREATMENT
  REQUESTED]\

  Seller Equityholder

  	
   

  	
  $

  	
  3,950,000

  	
   

  
	
  [CONFIDENTIAL TREATMENT
  REQUESTED] 

  [CONFIDENTIAL TREATMENT REQUESTED]

  	
   

  	
  550,000

  	
   

  
	
  [CONFIDENTIAL TREATMENT
  REQUESTED] 

  Option Payment

  	
   

  	
  1,000,000

  	
   

  
					

 

 36
 

CONFIDENTIAL
TREATMENT REQUESTED

EXHIBIT 2.8

BALANCE SHEET AND
PHYSICAL INVENTORY

(To be supplied by
Seller Equityholders)

 37
 

CONFIDENTIAL
TREATMENT REQUESTED

EXHIBIT 3.1

NON-COMPETITION
AGREEMENT

Confidentiality
Agreement

 38
 

CONFIDENTIAL
TREATMENT REQUESTED

EXHIBIT 3.4

PROPOSED LEASE

 39
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 5.3

DUE DILIGENCE LIST

 40
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.2

[CONFIDENTIAL
TREATMENT REQUESTED], and [CONFIDENTIAL TREATMENT REQUESTED]

ARTICLES OF
INCORPORATION AND BY-LAWS

(To be supplied by
Seller Equityholders)

 41
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.3

[CONFIDENTIAL
TREATMENT REQUESTED] and [CONFIDENTIAL TREATMENT REQUESTED]

SHAREHOLDERS AND
STOCK CERTIFICATE NUMBERS

(To be supplied by
Seller Equityholders)

 42
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.6

GOVERNMENTAL AND
SHAREHOLDER APPROVALS

(To be supplied by
Seller Equityholders)

1. Governmental Approvals

a. The [CONFIDENTIAL TREATMENT REQUESTED] Alcoholic Beverage Commission
– Transfer of Liquor Licenses and Permits

b. City of [CONFIDENTIAL TREATMENT REQUESTED] – Adult Entertainment
Licenses

2. Shareholder Approvals

A. [CONFIDENTIAL
TREATMENT REQUESTED]

 43
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.9

Licenses and
Permits

(To be supplied by
Seller Equityholders)

 44
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.10

FINANCIAL
INFORMATION

(To be supplied by
Seller Equityholders)

 45
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.11

UNDISCLOSED
LIABILITIES

(To be supplied by
Seller Equityholders)

 46
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.12

CHANGES IN
ORDINARY COURSE OF BUSINESS

(To be supplied by
Seller Equityholders)

 47
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.13

ADVERSE CHANGES TO
BUSINESS

To be supplied by
Seller Equityholders)

 48
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.15

EMPLOYEE BENEFIT
PLANS

(To be supplied by
Seller Equityholders)

 49

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.16

LIST OF EMPLOYEES
AND INDEPENDENT CONTRACTORS

(To be supplied by
Seller Equityholders)

 50
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.17

Assumed Contracts

CONTRACTS AND
COMMITMENTS

(To be supplied by
Seller Equityholders)

 51
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.18

ASSETS NOT OWNED
BY SELLER USED IN BUSINESS

(To be supplied by
Seller Equityholders)

 52
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.22

TAX DISCLOSURES

(To be supplied by
Seller Equityholders)

 53
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.25

ENVIRONMENTAL
DISCLOSURES

(To be supplied by
Seller Equityholders)

 54
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.27

SUPPLIERS,
VENDORS, AND CUSTOMERS

(To be supplied by
Seller Equityholders)

 55
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.27a

VIP CUSTOMERS

(To be supplied by
Seller Equityholders)

 56
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.29

INSIDER
TRANSACTIONS

(To be supplied by
Seller Equityholders)

 57
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.30

BANK ACCOUNTS

(To be supplied by
Seller Equityholders)

 58
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.31

INTELLECTUAL
PROPERTY

(To be supplied by
Seller Equityholders)

 59
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 8.32

INSURANCE

(To be supplied by
Seller Equityholders)

 60
 

CONFIDENTIAL
TREATMENT REQUESTED

SCHEDULE 14.7

Letter Agreement
dated June 9, 2007

 61

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