Document:

EX-10.1

Exhibit 10.1

EXCLUSIVE LICENSE AGREEMENT

THIS EXCLUSIVE LICENSE AGREEMENT (this “Agreement”) is entered into on this 10th day of
September, 2010 (the “Effective Date”), by and between WILLIAM J. KITCHEN, an individual residing
at 11536 Lake Butler Blvd., Windermere, Florida 34786; facsimile: (407) 909-8899 (“Licensor”), US
THRILLRIDES, LLC, a Florida limited liability company, having its principal offices located at
11536 Lake Butler Blvd., Windermere, Florida 34786; facsimile: (407) 909-8899 (“ThrillRides”), and
CIRCLE ENTERTAINMENT SV-I, LLC, a Delaware limited liability company, having its principal offices
located at 650 Madison Avenue, 15th Floor, New York, New York 10022; facsimile: (212) 750-3034 (the
“Licensee”).

R E C I T A L S:

A. Licensor is the sole inventor of the invention(s) claimed in the patent applications as set
forth on Schedule A attached hereto (collectively, the “Inventions”), and is the sole and exclusive
owner of the Inventions and certain related technical specifications, functional specifications,
materials specifications, designs and plans, know-how and other related proprietary information
pertaining to substantial aspects of the engineering, design, development, construction, operation
and maintenance of an observation wheel amusement ride to be known as a SkyView (each being
referred to as a “SkyView”, and collectively as “SkyViews”), as more particularly described in the
patent filings and other documents and materials identified, described and/or attached as part of
Schedule A (with such Inventions and other matters being collectively referred to as the
“Technology”).

B. ThrillRides is the applicant and owner of U.S. trademark registration application serial no.
77-792,379 for the SkyViewTM trademark (the “Trademark”) filed based on a bona fide intent to use
said mark in connection with providing facilities for recreation activities and amusement park
rides, said application having been filed on July 29, 2009, and allowed on March 26, 2010.

C. Licensee desires to obtain from Licensor, and Licensor desires to grant to Licensee, the
exclusive worldwide right and license to use, market, sublicense, integrate, implement and
otherwise commercialize the Technology, and to construct, install, maintain, operate and/or sell
SkyViews, subject to and on the terms and conditions set forth herein.

D. Licensee desires to obtain from ThrillRides, and ThrillRides desires to grant to Licensee, the
exclusive right and license to all rights that Licensor has to use the Trademark on a worldwide
basis (subject, however, to any competing claims that may exist in the United States with respect
to the Trademark after the Effective Date hereof, or elsewhere in the world before or after the
Effective Date.

E. Concurrently herewith, Licensor and those persons specified on Schedule C attached hereto
(Licensor’s “Designees”) are being granted certain warrants in substantially the form attached
hereto as Exhibit A (the “Licensee Warrant”), pursuant to which Licensor and his Designees shall
have the right to acquire shares of common stock of Licensee from the Licensee, and Licensor
acknowledges and agrees that the grant of the exclusive license granted to Licensee under this
Agreement is a material inducement for Licensee’s issuance of the Licensee Warrant to Licensor and
his Designees.

F. Concurrently herewith, Licensee and ThrillRides are entering into a Development Agreement (the
“Development Agreement”), pursuant to which ThrillRides shall provide management and supervisory
services to Licensee with regard to the construction, development and installation of SkyViews to
be operated under the terms of the exclusive license granted to Licensee under this Agreement.

NOW, THEREFORE, in consideration for the mutual covenants and promises contained in this
Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by Licensor, ThrillRides and Licensee, the parties agree as follows:

1. GRANT OF EXCLUSIVE RIGHTS; AND LICENSES; ROYALTIES AND OTHER CONSIDERATION; DELIVERY OF
TECHNICAL INFORMATION.

a. Exclusive Technology License. Licensor hereby grants to Licensee the exclusive
right and license to use, market, sublicense, integrate, implement and otherwise commercialize and
exploit the Technology, as well as any and all modifications, enhancements, variations,
improvements and related technology, whether now existing or developed by or for Licensor or
ThrillRides or by or for Licensee in the future during the term of this Agreement, including,
without limitation, any such technology developed under the claims of any patents owned by Licensor
or any affiliate of Licensor now or in the future, and including, without limitation, the exclusive
right and license to market, distribute, sell, lease, construct, cause to be constructed, operate,
cause to be operated, use, make available for use and otherwise commercialize an unlimited number
of SkyViews utilizing and/or embodying the Technology and to make, use, market, distribute, sell,
lease, license and provide related products and services and to sublicense others to do any of the
same, in and throughout the world (the “Territory”), during the term of this Agreement. In
furtherance of same, but subject to the terms and conditions of this Agreement, including, without
limitation, the provisions of Sections 9 and 14 below, Licensee shall have the right to engage
subcontractors to use, implement, distribute, and otherwise commercialize the Technology and, as
between Licensor and Licensee, Licensee, at Licensee’s sole cost and expense, shall be responsible
for all sales, marketing, licensing, sublicensing, construction, installation, repair, replacement,
maintenance, operation, billing and collection activities with respect to commercialization of the
Technology in the Territory. For the avoidance of doubt and ambiguity, Licensee hereby
acknowledges and agrees that Licensor owns and is developing patents and other intellectual
property pertaining to other technologies that are separate and distinct from the patents upon
which the Technology is based and such patents and intellectual property, and their technologies,
are not being licensed hereunder to Licensee.

b. Exclusive Trademark License. Subject to the rights of any competing claimants
designated on Schedule B, or any third-party claimants (of which Licensor has no current, actual
knowledge after due inquiry in the United States only), ThrillRides hereby grants to Licensee the
exclusive right and license to use, and grant sublicensees all rights to use held by ThrillRides in
and to the Trademark throughout the Territory on or with respect to SkyViews and in connection with
the construction, marketing, offering for sale or lease, sale or lease, sublicensing, operation,
use and other commercialization of the Technology and SkyViews, including, without limitation, use
via the Internet and on print and electronic promotional and other materials. For the avoidance of
doubt and ambiguity, Licensee’s rights hereunder include the right to use the Trademark throughout
the Territory in conjunction with the operation of SkyViews. Licensee shall have the right to use
the Trademark in combination with logos, graphics and other marks, as part of Internet domain
names, and in such stylized forms and variations as Licensee may determine to be appropriate,
subject to ThrillRides’ prior approval as to the form thereof, which approval shall not be
withheld, conditioned or delayed unreasonably. Licensee shall submit a sample of each such
proposed logo, graphic, domain name, combination mark and other variation of the Trademark to
ThrillRides for approval prior to use, and such proposed uses shall be deemed approved unless
ThrillRides delivers to Licensee written notice of rejection within ten (10) days after ThrillRides
has received the applicable sample from Licensee. Licensee, Licensor and ThrillRides agree and
hereby acknowledge that the sole consideration for ThrillRides’ grant of the license to use the
Trademark is payment of the Advance Royalty (as defined below) and Licensor Advance (as defined
below) under subsection c(i) and c(ii), respectively, below.

c. Royalties. In consideration of the rights granted to Licensee hereunder, Licensee
agrees to pay to Licensor the advances and royalties provided below.

(i) Advance Royalty. Licensee shall pay to Licensor a monthly fee of Fifty
Thousand Dollars ($50,000) (each such monthly fee being referred to as an “Advance Royalty”)
with the first such Advance Royalty having been made on June 18, 2010, and with the next
such Advance Royalty being due and payable on July 18, 2010, and thereafter with each such
Advance Royalty being due and payable within thirty (30) days of the immediately preceding
Advance Royalty until the first to occur of: (A) a firm order and deposit is placed for the
construction of the first SkyView or (B) Licensee terminates this Agreement or the
Development Agreement. The total of all Advance Royalty payments made before the date of
execution of this Agreement (the “Effective Date”) and one-half (1/2) of each Advance
Royalty payment (i.e., Twenty-Five Thousand Dollars ($25,000)) made after the Effective Date
shall be deemed advances against the first “Construction Royalty” (as defined below)
payments and, as such, be credited against the first “Construction Royalty” payments to be
paid if, as, and when the first Sky View is ordered. In the event of termination of this
Agreement, such Advance Royalty payments shall not be refundable by Licensor, in whole or in
part, to Licensee, unless the reason that one or more SkyViews were not ordered is a result
of a “Material Fault” (as defined below) on the part of either Licensor or ThrillRides, in
which case any unrecouped Advance Royalty payments shall be promptly refunded in full by
Licensor to Licensee. As used herein, “Material Fault” means fault by a party that is a
material proximate cause of an event.

(ii) Construction Royalty. Licensee shall pay to Licensor an amount equal to
five percent (5%) of the “Total Cost” (as defined below) of “Construction and Installation”
(as defined below) of each SkyView (whether owned or operated by Licensee or sold or leased
to a third party by Licensee) (each such payment being referred to as a “Construction
Royalty”), subject to application of the credits for the Advance Royalty payments referred
to in Section 1.b.(i) above and the credits for the Licensor Advance (as defined below) as
prescribed in the following sentence. The Licensor Advance shall be credited incrementally
as payments against the Construction Royalty payments in increments equal to one-third
(1/3), with the first one-third (1/3) increment being credited against the Construction
Royalty payments relating to the first SkyView ordered, the second one-third (1/3) increment
being credited against the Construction Royalty payments relating to the second SkyView
ordered and the third one-third (1/3) increment being credited against the Construction
Royalty payments relating to the third SkyView ordered. Notwithstanding the foregoing
sentence, if or to the extent that three (3) SkyViews are not built due to no Material Fault
on the part of either Licensor or ThrillRides, any increment of the Licensor Advance which
has not yet been credited against the Constructions Royalty payments specified in the
preceding sentence shall be deemed forfeited by Licensee and neither Licensor or ThrillRides
shall have any obligation to repay any unrecouped portions of the Licensor Advance to
Licensee. For purposes hereof, the “Licensor Advance” is the sum of $250,000 advanced by
Licensee to Licensor in four (4) equal installments prior to the Effective Date, the receipt
of which is hereby acknowledged and confirmed by Licensor. As used herein, the cost of
“Construction and Installation” shall mean and include the total aggregate amount of costs
and expenses incurred or to be incurred by Licensee (including, without limitation, any and
all amounts paid or payable by Licensee to vendors, contractors, subcontractors for or with
regard to the plans, specifications, manufacture, transportation, materials, labor,
shipping, delivery installation and related out-of-pocket costs and expenses) to be able to
construct, develop and complete the installation of the subject SkyView, including all cost
and expenses of the construction of the observation wheel itself and all elements,
components, parts, equipment and machinery required for the operation thereof, together with
the cost and expenses of construction and installation of the related ancillary electrical
equipment, utilities, lighting, foundation, spare parts and directly attached or adjacent
ticket or queuing facilities, and other areas, if dedicated substantially only for the
subject SkyView and its related operations and for which the planning, design, and
supervision of construction and installation is the responsibility of and performed by
ThrillRides under the Development Agreement (collectively, the “Direct SkyView Facilities”),
but excludes any costs or expenses of any buildings, structures, facilities, or other
improvements unrelated to the Direct SkyView Facilities, whether stand-alone or as part of
any larger complex. “Construction and Installation” only includes those costs or expenses
incurred through completion of the subject SkyView to the point of being fully operational
and ready for opening to the public, and does not include any subsequent alterations,
repairs, replacements or maintenance, but would include any subsequent substantial additions
or improvements to the subject SkyView required as a result of Technology upgrades or
changes. As used herein, “Total Cost” of Construction and Installation of any specific
SkyView on which the Construction Royalty is to be calculated shall mean and include the
cost of “Construction and Installation”, as defined above, plus all costs and expenses paid,
to be paid, or payable by Licensee (including, without limitation, any reimbursements paid
or payable to Licensor) with respect to any R&D Services under the Development Agreement
(the “R&D Costs”); provided, however, that after a Construction Royalty payment shall have
been made to Licensor with respect to any R&D Costs, such R&D Costs shall not be included in
the Total Cost of any subsequent SkyView for the purpose of calculating the Construction
Royalty thereon. The Construction Royalty payment applicable to each SkyView shall be paid
in increments as construction and development of the applicable SkyView progresses, at the
same time as payments are made to vendors and contractors working on such construction and
development, in the same ratio as the payments to such vendors and contractors bear to the
total budgeted cost of construction and development of the applicable SkyView.

(iii) Profit Royalty. Licensee shall pay to Licensor a profit royalty (the
“Profit Royalty”) equal to five percent (5%) of the “Profit” (as defined below) derived by
Licensee from its sale of each SkyView to an unaffiliated third party. The Profit Royalty
payment(s) applicable to each SkyView shall be paid in increments as and when any portion of
the purchase price under the related purchase and sale agreement is paid to Licensee under
the applicable “Purchase Agreement” (as defined below), including, without limitation, any
nonrefundable deposits or advance payments released to Licensee and any deposits or partial
payments which can and are being used by Licensee in the construction and installation of
the subject SkyView. Any incremental or partial payment of the Profit Royalty to be paid to
Licensor hereunder shall be based upon the projected “Profit” (as defined below) of the
subject SkyView, provided that the aggregate amount of such incremental or partial payments
shall be limited to and not exceed eighty percent (80%) of the projected Profit. Within
thirty (30) days of the Licensee’s receipt of the complete purchase price under the related
purchase and sale agreement by and between Licensee and such unaffiliated thirty party
(each, a “Purchase Agreement”), the actual Profit with respect to the subject SkyView shall
be determined by Licensee and a final payment or increment of the balance of the Profit
Royalty owing to Licensor on the subject SkyView shall be made by Licensee to Licensor. In
the event that any partial or incremental payment of any Profit Royalty shall have been made
to Licensor and Licensee is thereafter required under the applicable Purchase Agreement to
refund all or any portion of the Purchase Price upon which the partial or incremental
payment of the Profit Royalty was made to Licensor, Licensor shall promptly refund upon
written notice from Licensee to Licensor that portion of the partial or incremental payment
of Profit Royalty which pertains to that portion of the Purchase Price being refunded by
Licensee. For purposes hereof, “Profit” shall mean the Purchase Price (as defined in an
applicable Purchase Agreement) plus any other amounts or reimbursements payable by the
purchaser to Licensee in consideration for the purchase and sale of the SkyView, excluding
the payment of any future royalties and excluding all third-party, out-of-pocket costs and
expenses incurred by Licensee and directly related to such sale, including, without
limitation, the Construction Royalty, direct manufacturing, construction, installation,
labor, shipping, delivery, selling, marketing, and third-party commissions, but excluding
any salaries, administrative costs, overhead or any allocation of other indirect costs or
expenses, all as determined in accordance with generally accepted accounting principles then
in effect in the United States (“GAAP”).

(iv) Operating Royalty. Licensee shall pay to Licensor an operating royalty
(the “Operating Royalty”) equal to two percent (2%) of the “Gross Revenues” (as defined
below) received by Licensee from operation of each SkyView owned by Licensee or sublicensed
to any subsidiary of Licensee or to any entity in which Licensee or any subsidiary or
affiliate has a direct or indirect material economic or other management interest (each, a
“Licensee Affiliate”). As used in this subsection (iv), “Gross Revenues” shall mean and
include all income and revenues derived directly from (i) the operations of the subject
SkyView, (ii) the sale of photographs and branded merchandise pertaining to the subject
SkyView, (iii) payments received from any corporate, institutional or other sponsors, or
advertisers of the subject SkyView itself, whose sponsorship or advertising is included on
the SkyView, in the cars or gondolas, on the tickets or other literature provided to patrons
or customers, or displayed on or with respect to the building(s), structure(s), improvements
or facilities for intake or outflow of customers or patrons, restrooms, queing facilities,
photo or branded merchandise sold or other concession areas within the SkyView ride, but not
from sponsors or advertisers of or on other areas of a larger complex of which the SkyView
is only one part or component, (iv) income from admissions and attraction ticket sales to
the SkyView, including the fair and reasonable allocable share of any bundled packages,
admissions to a larger facility of which the SkyView is only a part, whether paid to or
received directly by Licensee, the Parent Company, or any Affiliate of the Licensee or the
Parent Company. For the avoidance of doubt and ambiguity, Gross Revenue shall not include,
(a) food and beverage sales and merchandise sales (except for photographs and branded
merchandise as indicated above), or (b) sales or use taxes payable with respect to any items
included within Gross Revenues.

(v) Sublicense Royalty. Licensee shall pay to Licensor an amount equal to
twenty-five percent (25%) of the gross revenues received by Licensee from unaffiliated third
party sublicensees of Licensee pursuant to the applicable sublicense agreement entered into
in connection with a sale of a SkyView to such third party (the “Sublicense Royalty”). Each
such Sublicense Royalty shall be paid by Licensee to Licensor within thirty (30) days of
Licensee’s receipt of the associated gross revenues.

(vi) Orlando SkyView Exception. Notwithstanding the provisions of subsections
1.b.(iv) and (v) above, the Licensee shall not be required to pay any Operating Royalty or
Sublicense Royalty with respect to the SkyView to be located in the Orlando, Florida market
(the “Orlando SkyView”) if a management agreement is entered into with respect to the
Orlando SkyView by and between Licensee and a management company owned in whole or in part
by Licensor (the “Orlando Management Agreement”) and for so long as the Orlando Management
Agreement remains in effect. In the event of termination of the Orlando Management
Agreement, Licensee or any successor owner of the Orlando SkyView shall be required to pay
the Operating Royalty or the Sublicense Royalty, as applicable, with respect to the Orlando
SkyView commencing on the effective date of termination of the Orlando Management Agreement
and continuing for as long as the Orlando SkyView remains in operation.

d. Licensor Audit and Inspection Rights. Licensee shall maintain complete and
accurate records and books of account relating to expenditure of funds and its receipt of revenues
from the sale and operation of SkyViews and sublicensing the Technology (collectively referred to
as “Licensee’s Books and Records”) for a period of five (5) years after the end of the calendar
year to which they pertain, in accordance with GAAP. Licensor shall have the right, exercisable
not more frequently than once every twelve (12) months, upon not less than five (5) business days
prior notice delivered to Licensee, to have its auditors audit and inspect Licensee’s Books and
Records. Such audit shall take place in Licensee’s main accounting offices where Licensee’s Books
and Records are maintained during Licensee’s regular business hours and with Licensee
representatives present during such audit and inspection. Licensor shall bear all expenses incurred
in connection with such inspection and audit, except as provided herein. Should any audit by
Licensor determine an underpayment of five percent (5%) or more of any Construction Royalty, Profit
Royalty, Operating Royalty or Sublicensee Royalty in the amount paid to Licensor with respect to
the applicable Royalty, then Licensee shall repay Licensor for the cost of such audit, and, in any
event, shall immediately pay any and all underpayments discovered, regardless of amount, as a
condition for the continuance of this Agreement. Licensor hereby agrees that any financial
information furnished by Licensee in any such audit or inspection shall be held in confidence and
Licensor’s auditors shall be required to execute and deliver a reasonably acceptable
confidentiality agreement as a condition to being granted access to review Licensee’s Books and
Records. If, upon any audit and inspection of Licensee’s Books and Records pursuant hereto,
Licensor shall discover any royalty underpayment by Licensee, Licensor shall make a written request
for recovery of such underpayment, which request shall set forth the amount and basis for the claim
of underpayment. Licensee shall have thirty (30) days from the date of receipt to evaluate and
contest Licensor’s written request by providing Licensor with a written objection citing the basis
for objection. If Licensee does not contest such written request within such 30-day period,
Licensee shall be deemed to have agreed to such underpayment and Licensee shall remit such
underpayment to Licensor within five (5) business days after such thirty (30) day period. If
Licensee does contest such written request within such thirty (30) day period, Licensee and
Licensor shall negotiate in good faith to resolve the dispute. In the event that the dispute only
pertains to a portion of the amount, Licensee shall pay the undisputed portion to Licensor on or
before the end of said thirty (30) day period.

e. Licensee Warrant. Licensee shall issue to Licensor and to his Designees the
Licensee Warrant upon execution and delivery of this Agreement by Licensor.

f. Full Consideration. Licensor and Licensee each hereby acknowledge and agree that
the advance payments, royalties and the Licensee Warrant each constitute part of the consideration
bargained for by Licensor and given by Licensee in exchange for the rights granted to Licensee by
Licensor hereunder and such consideration, together with the other consideration given by Licensee
to Licensor as expressly provided hereunder, constitutes fair, full and adequate consideration for
the rights granted to Licensee hereunder and no additional consideration of any kind is required to
be given to Licensor in exchange for the rights granted to Licensee under this Agreement.

g. Delivery of Technical Information Regarding the Technology. Within twenty (20)
days after the Effective Date of this Agreement, Licensor shall provide and disclose to or make
available for inspection and copying by Licensee any and all functional and technical
specifications, engineering, component and part specifications and sourcing information, design and
construction plans, and all other technical information, know-how and trade secrets forming part of
or relating to the Technology currently within the knowledge, possession or control of Licensor or
ThrillRides which has not already been provided and disclosed to Licensee and which is necessary or
would be helpful to Licensee in the use, implementation or commercialization of the Technology and
exercise of the rights licensed hereunder. Licensor further agrees to provide continued and prompt
disclosure of same to Licensee with respect to any future developments, improvements,
modifications, enhancements, new inventions, know-how, trade secrets, sources of parts, components
or other materials and related technology developed or otherwise acquired by Licensor while this
Agreement is in effect, all of which shall be deemed to constitute a part of the Technology owned
by Licensor and licensed to Licensee pursuant to this Agreement. The disclosure and access shall
take place at Licensor’s option, either at Licensor’s or Licensee’s offices or telephonically, or
as otherwise mutually agreed to by the parties. Licensor shall, while this Agreement is in effect,
cause its employees and any third parties who are employed or engaged to do research, development
or other inventive work relating to the Technology to disclose all inventions, discoveries,
know-how, trade secrets and other work product resulting therefrom to Licensor and to assign to
Licensor all rights with respect to same to Licensor such that Licensee shall receive, by virtue of
this Agreement, the exclusive license with respect thereto throughout the Territory as agreed
hereunder. All of the reasonable costs and expenses incurred or paid by Licensor in order to
comply with disclosures to Licensee under this Section 1.d. shall be paid by Licensee or reimbursed
to Licensor, by Licensee, if previously paid by Licensor.

	 	2.	 	LICENSEE UNDERTAKINGS; LICENSOR COOPERATION; TECHNOLOGY TESTING.

a. Patent and Trademark Notices. Licensee agrees to mark, as appropriate, brochures,
manuals and other materials describing the Technology with appropriate patent pending notices
and/or patent numbers, as applicable, in conformity with applicable law. Licensee agrees to use
the “TM” symbol or, if and when the Trademark is registered in a relevant jurisdiction, the “®”
symbol or other symbol as required or allowed by applicable local law, adjacent to its use of the
Trademark.

b. Governmental Compliance and Protection. The parties acknowledge that certain
regulatory licenses and approvals may be required to be obtained with respect to the Technology
from appropriate government authorities in various locations in the Territory from time to time
during the Term (as defined below). Licensee will obtain and maintain all such licenses and
approvals in Licensor’s or Licensee’s name, if required, at its sole cost and expense. Licensor
will make available to Licensee information and assistance as requested by Licensee and/or
necessary to complete all applications and requests for approval or protection. Each party shall
comply with all applicable laws in exercising its respective rights and performing its respective
obligations hereunder. Licensee acknowledges that fully complying in all material respects with
all such governmental laws, licenses and approvals is required for appropriate quality control of
the SkyView and that failure to maintain and comply in all material respects with appropriate
safety standards devised on its behalf by third party service providers recommended by Licensor
shall be a default by Licensee under Section 6.b.(i) below (subject to all applicable curative
periods under said Section).

c. Technology Testing. Licensee shall have the right, at its sole cost and expense,
to cause to be performed any and all tests to evaluate and measure the performance and commercial
viability of the Technology and SkyViews constructed from the use thereof. Licensee may engage
third parties in connection with such testing and shall have the right to disclose the Technology
to such third parties for such purposes, subject, however, to the provisions of Section 15.k below.

d. Performance Standards. Licensee shall be required to have three (3) SkyViews under
a binding agreement to be sold, or have three (3) SkyViews built or under construction (meaning
that a firm order and a deposit shall have been placed) within thirty (30) months after the
Effective Date (the “Initial Performance Standard”). In addition, Licensee shall be required to
have three (3) additional SkyViews under a binding agreement to be sold, or have three (3)
additional SkyViews built or under construction (meaning that a firm order and a deposit shall have
been placed) within sixty-six (66) months after the Effective Date (the “Subsequent Performance
Standard”).

3. REPRESENTATIONS, WARRANTIES AND OTHER COVENANTS.

a. Representations and Warranties of Licensor. Licensor and ThrillRides, jointly and
severally, represent and warrant to Licensee that:

(i) Licensor is the sole owner of all rights, title and interests, including all
intellectual property rights, in and to the Technology in the United States free and clear
of liens, claims, licenses, options or other encumbrances, and ThrillRides is the sole owner
of all rights, title and interests with respect to the Trademark in the United States free
and clear of liens, claims, licenses, options or other encumbrances;

(ii) Licensor’s and ThrillRides’ execution and delivery of this Agreement does not
require any third party consent or approval that has not already been obtained;

(iii) Licensor and ThrillRides each have full legal power and authority to grant the
rights granted by each of them hereunder to Licensee;

(iv) Licensor is the first and sole inventor of the Inventions;

(v) Neither Licensor nor ThrillRides has previously commercialized or granted any
rights with respect to the Technology or the Trademark to any third party, and neither
Licensor nor ThrillRides shall, while this Agreement is in effect, use or commercialize the
Technology or the Trademark except as permitted or required to do so under this Agreement or
the Development Agreement, without the prior written approval of Licensee, nor grant any
rights with respect to the Technology or the Trademark to any third party, other than to
Licensee anywhere in the Territory during the Term hereof;

(vi) This Agreement and all other agreements to be executed by Licensor and/or
ThrillRides in connection herewith constitute the valid and binding obligations of Licensor
and/or ThrillRides, as applicable, enforceable against Licensor and/or ThrillRides, as
applicable, in accordance with their respective terms;

(vii) (a) Licensor is not aware, after due inquiry only in the United States, of any
third party that has any rights in the Trademark as of the Effective Date, other than those
specific exclusions listed in Schedule B; and (b) to Licensor’s knowledge, after due inquiry
only in the United States, neither the Inventions nor the Trademark infringe or otherwise
violate any third party intellectual property right or other right; and (c) to Licensor’s
knowledge, the Technology does not infringe or otherwise violate any third party
intellectual property right or other right and (d) except for any of the matters referenced
in Section 2.b. above, to Licensee’s knowledge, no third party intellectual property license
or consent of any kind is required in order for Licensee to exercise the rights granted to
it hereunder throughout the Territory; (e) to Licensor’s knowledge, no suit, action, or
claim has been instituted or threatened by any third party involving the Technology, the
Trademark or any of the rights licensed hereunder or involving infringement of any third
party intellectual property right or other right anywhere in the Territory; and (f) to
Licensor’s knowledge, there is no basis for any such suit, action or claim;

(viii) (a) Schedule A includes a complete list of all patent applications filed by or
otherwise owned by Licensor with respect to the Technology, all registrations and
applications filed by or otherwise owned by ThrillRides with respect to the Trademark and
any other filings owned by either Licensor or ThrillRides relating to the Technology or the
Trademark; and, (b) after due inquiry only in the United States, Licensor has no knowledge
of any third party rights with respect to either the Invention(s) claimed in the patent
applications listed on Schedule A, or in the Trademark, except as listed in Schedule B and
(c) Licensor has no knowledge of any third party rights with respect to any other part of
the Technology. Notwithstanding the foregoing, or anything else contained in this Agreement
to the contrary, Licensor hereby discloses to Licensee, and Licensee hereby acknowledges and
agrees, that: (i) Licensor has not made or caused to be made any patent, trademark or other
intellectual property searches with respect to the Invention(s) claimed in the patent
applications listed in Schedule A or the Trademark anywhere in the Territory except the
United States, (ii) Licensor has not made or caused to be made any searches of any kind in
any part of the Territory with regard to the Inventions, the Trademark or any other part of
the Technology, except for the usual and customary searches in the United States required
before filing bona fide patent and trademark applications in the United States; (iii) any
representations or warranties of Licensor made herein about the Inventions, the Technology
or the Trademark are solely based upon the usual and customary searches in the United States
performed prior to the filing of the patent and Trademark applications listed on Schedule A,
as well as any additional actual knowledge the Licensor has obtained from other sources; and
(iv) Licensor has not made, will not make, and shall not be deemed to have made any
representation or warranty about or concerning the Inventions, the Technology or the
Trademark, express or implied, or based on any imputed or constructive knowledge or notice,
except for those expressly made and contained in this License Agreement.

(ix) Licensor has not made and will not make any commitments to others inconsistent
with or in derogation of Licensee’s rights granted hereby; and

(x) Licensor has been the principal developer and designer of numerous rides for the
amusement ride industry that are currently in use or which have been used in the past at
amusement and theme parks in the United States and abroad. In addition, Licensor has
extensive experience and know-how in making such rides commercially feasible. Licensor has
developed and designed the Technology for the SkyViews and, as of the Effective Date,
Licensor has no reason to believe (by virtue of being actually aware of any fact,
circumstance, development, event or occurrence) that the SkyViews are not able to function
and operate substantially as described in and intended by the Technology or that the
SkyViews, if properly manufactured, constructed, installed, maintained and operated, will
not be commercially feasible.

b. Representations and Warranties by Licensee. Licensee represents and warrants to
Licensor and ThrillRides that:

(i) Licensee’s execution, delivery and performance of this Agreement, its execution,
delivery and performance of the Development Agreement and the Licensor Warrants, do not
require any third party consent or approval that has not already been duly and validly
obtained. As of the Effective Date, Licensee is a wholly-owned subsidiary of FX Real Estate
and Entertainment, Inc.

(ii) Licensee has full legal power and authority to grant the rights granted by it
hereunder to Licensee;

(iii) Licensee has been afforded a reasonable amount of time by Licensor prior to the
execution hereof to investigate, evaluate and otherwise conduct such due diligence
activities as Licensee, in its sole and absolute discretion, deemed necessary, appropriate
or desirable about and with regard to the Inventions and the Trademark, Licensor’s patent
applications with regard thereto, and the ownership thereof, and the feasibility and utility
of the SkyView (collectively, the “Due Diligence”), and is satisfied with the results of
such Due Diligence;

(iv) During its Due Diligence, Licensee has not discovered any information that
indicates that Licensor will not be recognized under the federal laws of the United States
as the first and sole inventor of Inventions, or that any other representation or warranty
made herein by Licensor relating to the Inventions and Trademark is untrue or misleading in
any material respect;

(v) This Agreement and all other agreement to be executed by Licensee in connection
herewith constitute the valid and binding obligations of Licensee, enforceable against
Licensee in accordance with their respective terms;

(vi) Licensee, based on its Due Diligence, is not aware of any third party that has any
rights under the federal laws of the United States in any material aspect of the Inventions
or the Trademark as of the Effective Date, other than those specific exclusions listed in
Schedule B, or any claim that or facts which would indicate that any material aspect of the
Inventions or the Trademark infringes or otherwise violates any third party intellectual
property rights recognized under the federal laws of the United States or other right
recognized under the federal laws of the United States or that any third party intellectual
property license or consent of any kind is required in order for Licensee to exercise the
rights granted to it hereunder throughout the United States;

(vii) (a) Licensee is not aware of any information which indicates that Licensor has
made any representation or warranty relating to the Technology that is untrue or misleading
in any material respect; (b) nor is Licensee aware of any third party that has any right in
any material aspect of the Technology (other than the Licensor with respect to the
Inventions) as of the Effective Date or any claim that or facts that would indicate that any
material aspect of the Technology infringes or otherwise violates any third party rights;
and

(viii) Licensee has not made and will not make any commitments to others inconsistent
with or in derogation of Licensor’s or ThrillRides’ rights hereunder.

c. Maintenance of Exclusivity; Noncompetition. Neither Licensor nor ThrillRides
shall, directly or indirectly through third parties (other than Licensee), exercise any rights with
respect to the Technology or the Trademark within the Territory while this Agreement is in effect
other than any enforcement of intellectual property rights with respect to the Technology as
provided in Section 4 below or as is otherwise permitted or required in this Agreement or the
Development Agreement. Specifically, but without limitation, neither Licensor nor ThrillRides, nor
their respective affiliates, successors, assigns, nor their respective officers, directors,
managers, members, shareholders, principals, employees, agents, independent contractors or other
representatives shall, directly or indirectly through others, grant any right or license with
respect to the Technology or the Trademark, or market or sell any SkyViews or otherwise
commercialize the Technology, or otherwise compete with Licensee or any of Licensee’s sublicensees
or their respective successors or assigns, or engage in any activities that diminish or could
reasonably be expected to diminish the value or utility of the Technology, the Trademark or any of
the intellectual property licensed hereunder or Licensee’s exploitation of same, in any part of the
Territory while this Agreement is in effect without the prior written consent of Licensee.

d. Provision of Information for Regulatory Approvals. Upon reasonable advance request
by Licensee, Licensor shall provide or make available to Licensee all pertinent and necessary
information within Licensor’s possession or control in order for Licensee to apply for and obtain
any required safety or other regulatory approvals to commercially market, sell and otherwise
exploit the Technology for pecuniary gain.

e. Duty to Notify Licensee of Any Material Developments. Licensor hereby covenants
and agrees that he shall promptly notify Licensee in writing of any fact, circumstance,
development, event or occurrence he becomes aware of after the Effective Date which has rendered,
or would reasonably be expected to render, the representation and warranty set forth in the last
sentence of Section 3.a.(x) untrue in any material respect. Licensor hereby further covenants and
agrees that he shall promptly notify Licensee in writing of any patent or other intellectual
property right of any third party he becomes aware of by reason of Licensor and/or ThrillRides
performing their respective obligations under the Development Agreement or any Statement of Work
(as defined in the Development Agreement) or otherwise which requires, or would reasonably be
expected to require, the SkyViews to be manufactured, constructed, installed, maintained and/or
operated in any manner materially different from any such manner described in and intended by the
Technology in order to avoid potential or actual infringement of such patent or other intellectual
property. Any written notice required to be provided by Licensor hereunder shall include complete
and detailed disclosure of all relevant facts and circumstances as well as how Licensor became
aware of such facts and circumstances.

4. INFRINGEMENT BY THIRD PARTIES.

a. Notification of Infringements. Should Licensor, ThrillRides or Licensee become
aware of any infringement or alleged infringement or violation of any intellectual property rights
with respect to any portion of the Technology, the party becoming aware of same shall immediately
notify the other parties in writing of the name and address of alleged infringer, the alleged acts
of infringement, and any available evidence of infringement.

b. Enforcement of Rights. Licensee, with the full support and assistance of Licensor
and ThrillRides, and if and to the extent necessary in the name of Licensor and/or ThrillRides, as
applicable, but at Licensee’s sole cost and expense, shall be responsible for enforcing any patent,
trade secret or other intellectual property rights relating to the Technology, and the trademark
rights with respect to the Trademark, as well as any “Improvements” (as defined in Section 14.d.
below) during the Term hereof in each case against any third parties and shall have the right and
obligation during the Term hereof to bring legal action against such third parties to enforce such
rights. If Licensee fails to take action against any such third parties within ninety (90) days of
becoming aware of or being notified regarding same, Licensor may, at Licensor’s option, bring legal
action against such third parties in the name of Licensor to enforce such rights. In the event
that Licensor brings such legal action, Licensee shall, upon request by Licensor, reimburse
Licensor for any and all costs and expenses suffered or incurred in the enforcement of such rights,
including, without limitation, reasonable legal fees and expenses.

5. INDEMNIFICATION.

a. Indemnification by Licensor and ThrillRides. Licensor and ThrillRides, jointly and
severally, shall, at their sole expense, indemnify, defend and hold harmless Licensee, its
affiliates, successors, assigns, sublicensees and subcontractors, and each of their respective
officers, directors, managers, members, shareholders, employees, independent contractors, agents
and other representatives (each, a “Licensee Indemnified Party” and collectively, the “Licensee
Indemnified Parties”) from and against any and all claims and causes of action of any nature made
or lawsuits or other proceedings filed or otherwise instituted against any of the Licensee
Indemnified Parties proximately caused by or directly resulting from any breach by Licensor of any
of Licensor’s representations, warranties or covenants hereunder. Licensor and ThrillRides, jointly
and severally, shall be responsible for and shall pay all reasonable costs and expenses suffered or
incurred by any of the Licensee Indemnified Parties related to such claims and proceedings,
including but not limited, to the payment of all reasonable legal fees and costs of litigation,
defense and/or settlement of same (collectively, “Indemnified Costs”). Notwithstanding anything
contained in this Section 5.a. or otherwise in this Agreement, in no event shall Licensor’s and
ThrillRides’ aggregate liabilities or obligations under this or any other provision of this
Agreement exceed the limitation of liability specified in Section 15.j. below.

b. Indemnification by Licensee. Licensee shall, at Licensee’s sole cost and expense,
indemnify, defend, and hold Licensor, ThrillRides, and each of their respective officers,
directors, managers, members, shareholders, employees, independent contractors, agents,
representatives, successors and assigns (each a “Licensor Indemnified Party”), harmless from and
against any and all claims and causes of action of any nature made or lawsuits or other proceedings
filed or otherwise instituted against Licensor, ThrillRides or any of the Licensor Indemnified
Parties proximately caused by or directly resulting from any breach by Licensee of any of its
representations, warranties or obligations hereunder. Licensee shall be responsible for and shall
pay all reasonable costs and expenses suffered or incurred by any of the Licensor Indemnified
Parties related to such claims and proceedings, including but not limited to, the payment of all
reasonable legal fees and costs of litigation, defense and/or settlement of same. Notwithstanding
anything contained in this Section 5.b. or otherwise in this Agreement, in no event shall Licensor
and ThrillRides aggregate liabilities or obligations under this or any other provision of this
Agreement exceed the limitation of liability specified in Section 15.j. below.

c. Indemnification Procedures. In claiming any indemnification hereunder, the party
seeking indemnification shall promptly provide to the other party written notice of any claim that
it believes entitles it to indemnification. The party seeking indemnification may, at its own
expense, assist in the defense if it so chooses. No settlement intended to bind the indemnified
party shall be finalized without the indemnified party’s written consent, which consent shall not
be unreasonably withheld, conditioned or delayed.

d. Set-Off Right. In the event that (i) a claim which is subject to indemnity by
ThrillRides and/or Kitchen shall have been asserted against a Licensee Indemnified Party in an
action filed in any legal or quasi-legal proceeding by a third Person (a “Third-Party Claim”); (ii)
Licensee shall have provided written notice of such claim to Licensor, (iii) the extent (including,
applicable deductibles) to which such Third-Party Claim is not covered under any insurance policy
obtained or which FXRE was required to obtain under Section 10.a of this Agreement and which
insurance was available but which insurance FXRE failed to obtain, unless, if covered, all
applicable insurance providers have denied coverage for such Third-Party Claim; (iv) such
Third-Party Claim was of a nature or for an amount which, if decided adversely to the FXRE
Indemnified Party or Parties, would have a material adverse effect on the financial condition or
business of the Parent Company; and (v) such claim is required to be and has been reported to the
Securities and Exchange Commission by the Parent Company, then, but only if all the foregoing
conditions precedent have been satisfied, and if FXRE shall have provided to ThrillRides such
documentation as may be commercially reasonable to evidence the satisfaction of all of said
conditions precedent, FXRE shall have the right to set-off any Indemnified Costs actually incurred
by any Licensee Indemnified Party, against fifty percent (50%) of any amounts payable to Kitchen
hereunder or under any other agreement between FXRE and either or both of ThrillRides or Kitchen;
provided, however, that prior to setting off any such amounts, Licensee shall give Licensor written
notice of such costs and expenses, together with commercially reasonable documentation thereof. In
addition to the right of set-off set forth above, so long as Licensee give Licensor prior written
notice of Licensee’s intention to do so and a reasonable estimate of the amount (subject to change
from time to time) to be deposited in the “Reserve Account” (as defined below), Licensee shall
have the right to establish an escrow account (the “Reserve Account’) with a third party escrow
agent (the “Escrow Agent”) and pursuant to an escrow agreement (the “Escrow Agreement”) (with the
Escrow Agent and with the terms and conditions of the Escrow Agreement to be mutually agreed upon
and reasonably acceptable to both Licensor and Licensee and to deposit into such Reserve Account up
to fifty percent (50%) of the amounts otherwise payable to Licensor hereunder, with such fifty
percent (50%) being reduced by any amounts set-off for costs incurred as set forth above. The
amount to be deposited into the Reserve Account shall be such amount as Licensee shall have
determined in good faith to constitute a reasonable reserve against potential losses, taking into
account the amount claimed against any Licensee Indemnified Party in the subject claim. At such
time as the Third-Party Claim has been settled or otherwise conclusively and finally decided and
resolved, and after application of any available insurance proceeds, this right of set-off shall be
first applied against the Reserve Escrow (which shall then be automatically released) and then may
also be used with respect to any of the amounts which are or which become payable to Licensor under
this Agreement to the extent that any final award or settlement exceeds available insurance
proceeds plus the Reserve Account. Unless ThrillRides shall have defaulted on its obligations
under Section 5.a. above, no Licensee Indemnified Party shall have any right to settle any such
Third-Party Claim without waiving any claim of indemnity against Licensor without the prior written
consent of Licensor, which consent shall not be unreasonably withheld, delayed or conditioned. In
the event FXRE validly exercises the right of set-off under this Section 5.d., Kitchen shall have
the right to challenge such right and have any disputes concerning the satisfaction of the
conditions precedent or the applicability of this Section 5.d. to the Third Party Claim resolved by
arbitration pursuant to the provisions of Section 12 below immediately upon demand and without
awaiting the final settlement, resolution or adjudication of the Third-Party Claim, but during the
pendency of the arbitration, the set-off right shall remain in effect. This Section 5 and the
parties’ indemnification obligations hereunder shall survive termination of this Agreement for any
reason whatsoever.

6. TERM, RENEWAL AND TERMINATION.

a. Term. The term of this Agreement shall commence on the Effective Date and continue
in effect for an initial term of twenty (20) years unless sooner terminated as provided below (the
“Term”). Thereafter this Agreement shall be renewed automatically for successive additional five
(5) year periods, at Licensee’s option, unless Licensee provides notice of nonrenewal to Licensor
not less than one hundred ninety (90) days prior to the expiration of the Term or the then current
renewal period, as applicable.

b. Termination by Licensor and ThrillRides. Licensor and ThrillRides shall have the
right to terminate this Agreement by providing written notice thereof to Licensee describing the
basis for such termination if any of the following events occur: (i) if any representation or
warranty made herein by Licensee is or shall become untrue or misleading in any material respect or
if Licensee defaults in performing any of its obligations under this Agreement or under the
Development Agreement, and such default is not cured or corrected on or before the expiration of
the applicable grace or curative period, if any; (ii) if a proceeding is commenced against Licensee
seeking liquidation, conservatorship or other relief with respect to Licensee or its assets under
any bankruptcy, insolvency or other similar law, or seeking the appointment of a trustee, receiver
or other similar official with respect to Licensee and/or a substantial portion of its assets, and
such default is not cured, or such proceeding is not dismissed, within ninety (90) days after such
proceeding shall have been instituted; or (iii) if Licensee commences or agrees or consents to or
participates in the commencement of a proceeding seeking liquidation, conservationship, protection,
reorganization, or other relief with respect to any state or federal bankruptcy, insolvency or
other similar law, or seeking the appointment of a trustee, receiver or other similar official with
respect to Licensee and/or a substantial or material portion of its assets. With regard to a
default as described in Section 6.b.(i) above, if the default involves the payment of any royalties
or any other monies due to Licensor hereunder, the curative period shall be ten (10) business days
after the Licensor gives the Licensee written notice of the default. If the default under Section
6.b.(i) does not involve the payment of royalties or other monies, the curative period shall be
fifteen (15) days after written notice thereof is given by Licensor to Licensee, provided, however,
if (x) the default is curable, (y) is of a nature which cannot reasonably be cured or corrected
within said fifteen (15) day period, and (z) will not result in irreparable harm or injury to
Licensor, then Licensee shall have additional time as may reasonably be required to cure such
default, so long as Licensee commences any necessary curative or corrective action within the
original fifteen (15) day period and thereafter diligently and continuously pursues such curative
or corrective actions until the default has been cured or corrected. With respect to the matters
addressed in Section 6.b.(ii), the ninety (90) day period described therein shall be the only
curative period, and no notice of such default from Licensor shall be required. With regard to the
defaults described in Section 6.b.(iii), no notice of default from Licensor is required, no
curative period is allowed, and termination of this Agreement shall occur automatically upon the
commencement of any such proceeding. Additionally, Licensor and ThrillRides shall have the right
to terminate this Agreement if the Initial Performance Standard or the Subsequent Performance
Standard shall not have been satisfied due to any cause other than Material Fault of Licensor or
ThrillRides or any Force Majeure Event (as defined below); provided that in the event that such
Initial Performance Standard is not achieved within the thirty (30) month period for achieving same
or such Subsequent Performance Standard is not achieved within the sixty-six (66) month period for
achieving same, as the case may be, due to a Force Majeure Event, the thirty (30) month period or
sixty-six (66) month period, as the case may be, shall be extended only for such period of time
that such Force Majeure Event delayed the sale, construction or development of SkyView(s).

c. Termination by Licensee. Licensee shall have the right to terminate this Agreement
by providing written notice thereof to Licensor and ThrillRides if any of the following events
occur: (i) if any of its representations, warranties or obligations made herein by Licensor or
ThrillRides is or shall become untrue or misleading in any material respect or if Licensor or
ThrillRides defaults in performing any of its obligations under this Agreement or the Development
Agreement, and such default is not cured or corrected on or before the expiration of the applicable
grace or curative period, if any; or (ii) if a proceeding is commenced against Licensor or
ThrillRides seeking liquidation, rehabilitation, reorganization, conservatorship or other relief
with respect to Licensor or ThrillRides or their assets under any bankruptcy, insolvency or other
similar law, or seeking the appointment of a trustee, receiver or other similar official with
respect to Licensor or ThrillRides and/or a substantial portion of their respective assets and such
default is not cured, or such proceeding is not dismissed, within ninety (90) days after such
proceeding shall have been instituted; or (iii) if Licensor and/or ThrillRides commences or agrees
or consents to or participates in the commencement of a proceeding seeking liquidation,
conservationship, protection, reorganization, or other relief with respect to any state or federal
bankruptcy, insolvency or other similar law, or seeking the appointment of a trustee, receiver or
other similar official with respect to Licensor and/or ThrillRides and/or a substantial or material
portion of its assets. With regard to a default as described in Section 6.c.(i) above, if the
default involves the payment of any monies due to Licensee hereunder, the curative period shall be
ten (10) business days after the Licensee gives the Licensor and ThrillRides written notice of the
default. If the default under Section 6.c.(i) does not involve the payment of monies, the curative
period shall be fifteen (15) days after written notice thereof is given by Licensee to Licensor,
provided, however, if (x) the default is curable, (y) is of a nature which cannot reasonably be
cured or corrected within said fifteen (15) day period, and (z) will not result in irreparable harm
or injury to Licensee, then Licensor and/or ThrillRides shall have additional time as may
reasonably be required to cure such default, so long as Licensor and/or ThrillRides commences any
necessary curative or corrective action within the original fifteen (15) day period and thereafter
diligently and continuously pursues such curative or corrective actions until the default has been
cured or corrected. With respect to the matters addressed in Section 6.c.(ii), the ninety (90) day
period described therein shall be the only curative period, and no notice of such default from
Licensee shall be required. With regard to the defaults described in Section 6.c.(iii), no notice
of default from Licensee is required, no curative period is allowed, and termination of this
Agreement shall occur automatically upon the commencement of any such proceeding. Additionally,
Licensee shall have the right to terminate this Agreement in the event that the Initial Performance
Standard or Subsequent Performance Standard shall not have been satisfied due to any cause other
than due to a Material Fault of Licensee or any Force Majeure Event; provided that in the event
that such Initial Performance Standard is not achieved within the thirty (30) month period for
achieving same or such Subsequent Performance Standard is not achieved within the sixty-six (66)
month period for achieving same, as the case may be, due to a Force Majeure Event, the thirty (30)
month period or sixty-six (66) month period, as the case may be, shall be extended only for such
period of time that such Force Majeure Event delayed the sale, construction or development of
SkyView(s). Additionally, Licensee shall have the right to terminate this Agreement in the event
that the Initial Performance Standard or Subsequent Performance Standard is not achieved due to a
Material Fault of Licensor or Thrill Rides, in which event, Licensor and ThrillRides shall be
required to promptly refund to Licensee the portions of the Advance Royalty that have not been
credited against Construction Royalty payments and Licensor and any Designees shall assign back to
Licensee the Licensee Warrant and/or shares of Licensee’s common stock issued upon exercise of the
Licensee Warrant then beneficially owned by Licensor and/or any Designee and their respective
transferees and assigns (it is understood and agreed, however, that purchasers of any such shares
in open market transactions through a national securities exchange or any other automated quotation
system shall not be deemed to be transferees or assigns of Licensor or any Designee for purposes of
this subsection c., and any such shares sold in such open market transactions shall not be limited
or restricted in any way). Additionally, at any time after the initial thirty (30) months of term
of this Agreement, in the event that Licensee makes a good faith determination that some other
product available in the marketplace is superior to or has a competitive advantage over Sky View,
then Licensee shall have to right to terminate this Agreement by providing written notice thereof
to Licensor, which notice of termination shall constitute a simultaneous termination of the
Development Agreement (except with respect to any royalties, payment, reimbursements or other
amounts which are due, or which are to become due and payable by Licensee to Licensor or
ThrillRides under this Agreement or under the Development Agreement with respect to any SkyViews
which have been completed, ordered or which have been sold or leased, which are under construction,
or which are under binding agreement for sell or lease as of the effective date of termination, or
with respect to any other provisions which by these terms survive a termination or express
termination of this Agreement and/or the Development Agreement). For avoidance of doubt, the
non-compete provision in Section 6.h. shall no longer be applicable in such event. In the event of
termination of this Agreement by Licensor or Licensee under Section 6, such termination shall also
constitute a termination of the Development Agreement and, if applicable, the Orlando Management
Agreement.

d. Post-Termination Obligations. In the event of termination of this Agreement by
Licensor and ThrillRides, all correspondence, research, contacts, sales leads or inquiries or other
documentation or information in whatever format shall be provided by Licensee to Licensor and/or
ThrillRides at no expense to Licensor or ThrillRides, and neither Licensor nor ThrillRides shall
have any obligation to repay any monies previously paid or advanced to either of them by Licensee.
In the event that this Agreement is terminated by Licensor and ThrillRides due to Licensee’s
failure to achieve the Initial Performance Standard, regardless of the reason for such failure, any
unexercised portion of the Licensee Warrant shall be terminated and Licensor and any Designees and
their respective transferees and assigns shall be required to sell and Licensee shall be required
to purchase any common stock of Licensee acquired by Licensor and any Designees (including their
respective transferees and assigns) pursuant to the Licensee Warrant at the price paid by Licensor
and any Designees for such common stock (it is understood and agreed, however, that purchasers of
any such shares in open market transactions through a national securities exchange or any other
automated quotation system shall not be deemed to be transferees or assigns of Licensor or any
Designee for purposes of this subsection d., and any such shares sold in such open market
transactions shall not be limited or restricted in any way). In the event of termination of this
Agreement by Licensee under Section 6.c.(i), such termination shall also constitute a termination
of the Development Agreement and, if applicable, the Orlando Management Agreement. In the event
that there are no SkyViews built or under development or under agreement to be sold as of the
effective date of termination, neither Licensee nor any successor or assign, nor any affiliate
thereof, shall thereafter use, exploit or infringe upon any of Licensor’s intellectual property
rights with respect to the Technology or use, exploit, sell, license or disclose any part of the
Technology, except as and to the extent permitted under any existing sublicense. To the extent
that any Intellectual Property right in a given country or jurisdiction was applied for in the name
of, or transferred to Licensee, as required by the laws of such country or jurisdiction, Licensee
shall execute and deliver all necessary documents and shall pay any and all costs and expenses
necessary to have all such rights transferred to Licensor or such other person or entity as may be
directed by Licensor or ThrillRides.

e. Non-Exclusive License for SkyViews Built or Under Development as of Termination of this
Agreement. To the extent that any SkyViews have been built, or are under development, or are
under a binding agreement with deposit to be sold at the time of any termination of this Agreement,
such SkyView(s) shall be allowed to continue to be developed, sold, delivered and operated pursuant
to a non-exclusive license agreement for the Technology and the Trademark substantially on the same
terms and conditions which were applicable to such SkyViews under this Agreement prior to
termination, except that such non-exclusive license shall have a term of thirty (30) years and
shall have a protected geographic area of exclusivity with a radius of one hundred fifty (150)
miles (the “Protected Area”). Neither Licensor nor ThrillRides, nor their respective successors,
assigns, nor their respective affiliates or their respective officers, directors, managers,
members, principals, employees, independent contractors, agents or other representatives shall,
directly or indirectly through others, grant any right or license with respect to the Technology or
the Trademark or otherwise directly or indirectly commercialize the Technology or the Trademark, or
market or sell any SkyViews produced using the Technology or bearing the Trademark, or otherwise
compete with Licensee or any of Licensee’s sublicensees or affiliates or their respective
successors or assigns or otherwise engage in any activities that materially diminish or could
reasonably be expected to materially diminish the value or utility of the Technology or the
Trademark or any of the intellectual property licensed hereunder or Licensee’s exploitation of same
in any material respect, in any part of the Protected Area while the non-exclusive license
agreement referred to above with respect to such Protected Area is in effect .

f. Effect of Termination. Nothing herein shall be construed to release any party from
any obligation which matured prior to the effective date of such termination or which may continue
beyond such termination. Subsequent to the termination of this Agreement, Licensor and ThrillRides
acknowledge and agree that this Agreement and all rights and licenses granted under or pursuant to
this Agreement by Licensor and ThrillRides to Licensee are, and shall otherwise be deemed to be
licenses of rights to intellectual property. Licensor and ThrillRides agree that Licensee, as a
licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights
and elections under applicable bankruptcy, insolvency or other similar law, including specifically
but without limitation, Section 365(n) of the U.S. Bankruptcy Code, as amended. Licensor and
ThrillRides further agree that, in the event of the commencement of a voluntary or involuntary
proceeding against Licensor or ThrillRides seeking liquidation, rehabilitation, reorganization,
conservatorship or other relief with respect to either or both of them or their respective assets
under any bankruptcy, insolvency or other similar law, Licensee, in addition to its right to
terminate this Agreement, shall also have the right, at its election, to retain all of its rights
under this Agreement.

g. Rights of Sublicensees after Termination of this Agreement. Unless otherwise
provided in the applicable sublicense agreement, the termination of this Agreement shall not affect
the continued effectiveness of any sublicenses previously granted by Licensee with respect to the
Technology and/or the Trademark pursuant to this Agreement and still in effect as of the effective
date of such termination, provided that the sublicensee is in full compliance with the terms of the
applicable sublicense agreement then in effect with respect to the Technology and/or the Trademark.
In the event of termination of this Agreement for any reason other than by Licensee due to an
uncured breach by Licensor or ThrillRides, all sublicense agreements with sublicenses with respect
to the Technology and/or the Trademark entered into by Licensee pursuant to this Agreement shall
thereupon automatically be deemed assigned to Licensor and each sublicense agreement entered into
and/or granted by Licensee shall so provide. Licensor and ThrillRides shall be thereafter be
deemed the licensors under same under all such agreements and Licensee shall be released from any
and all further obligations under such sublicenses, except with respect to claims arising prior to
termination of this Agreement. Said substitution shall be effective and self-operative, without
the execution of any other instrument to the full extent allowed or permitted under applicable laws
of the appropriate jurisdiction, and the sublicenses shall continue in accordance with their terms
between the sublicensee and Licensor and ThrillRides; provided that Licensor and ThrillRides shall
not be liable for any prior act, omission or breach of any duty or obligation by Licensee. If the
laws of a given jurisdiction require that a new license or sublicense be executed and/or that any
further transfer documents be executed, obtained and/or recorded, Licensee agrees to fully
cooperate in the execution, delivery and/or recordation of all such documents, and shall bear and
pay any and all costs or expenses with regard to such execution, delivery and/or recordation as set
forth above. In the event that Licensor or any sublicensee requests direct confirmation or any
further documentation affirming or agreeing to any of the foregoing, the Licensee shall promptly
execute and deliver to Licensor and such sublicensee any such documentation reasonably requested by
either of them.

h. Non Competition. Each of Licensee, Licensor and ThrillRides hereby expressly
agrees that, during the term of this Agreement, neither Licensor or ThrillRides or its Affiliates
nor Licensee or any company that is an Affiliate of Licensee, shall manage, advise, consult,
license, sublicense, sell or otherwise transfer intellectual property or know-how relating to the
SkyView, serve as a contractor for, provide services or deliverables or have any other form of
participation with, a third party directly in furtherance of such third party’s engagement in the
business of the production, development, construction, installation or operation of SkyViews or
other Ferris wheel-type products now known or hereafter to become known that directly compete with
SkyViews (unless permitted under the terms of this Agreement), without first obtaining written
approval from the other parties, which approval each other party may grant or withhold in its sole
and absolute discretion. In the event this Agreement expires or is terminated, then Licensor and
ThrillRides hereby further agree to continue to comply with the terms of this Section to the extent
required hereby for the benefit of Licensee and/or any sublicensee, so long as Licensee or the
sublicensee performs its obligations under the applicable agreements. For the avoidance of doubt,
the foregoing provision shall not prohibit any party from conducting business with a third party,
so long as such business does not relate to the operation of SkyViews or other Ferris wheel type
products that would now or hereafter compete with SkyViews.

7. TAXES, GOVERNMENTAL APPROVALS.

a. Taxes. Licensee shall be solely responsible for the payment and discharge of any
taxes relating to any amounts received by Licensee in connection with the commercialization or
exploitation of the Technology and the Trademark. Licensor shall be solely responsible for any and
all taxes or fees relating to its ownership of intellectual property rights in and to the
Technology, including but not limited to taxes on all amounts paid to Licensor hereunder.
ThrillRides shall be solely responsible for the payment and discharge of any taxes or fees relating
to its ownership of the Trademark, including, but not limited to, taxes relating to any amounts
received by ThrillRides in connection with the commercialization and exploitation of the Trademark.

b. Government Approvals. Licensee shall, at its own expense, be responsible for
applying for and obtaining any regulatory approvals, authorizations or permits relative to
Licensee’s use of the Technology in the Territory as required by applicable law.

8. INDEPENDENCE OF THE PARTIES. This Agreement creates no relationship of
partnership, joint venture, employment, franchise, or agency between the Licensor and ThrillRides
as counterparties of Licensee, and Licensee. Licensor and ThrillRides, as counterparties of
Licensee, and Licensee are independent contractors. This Agreement shall not constitute the
designation of Licensor or ThrillRides as the representative or agent of Licensee, nor shall
Licensor or ThrillRides have the right or authority to make any promise, guarantee, warranty, or
representation, or to assume, create, or incur any liability or other obligation of any kind,
express or implied, against or in the name of, or on behalf of, Licensee.

9. SUBLICENSING AND ASSIGNMENT.

a. Sublicensing. Licensor and ThrillRides authorize Licensee to grant sublicenses of
the rights granted to Licensee hereunder in connection with the sale or lease of any SkyView to any
Licensee Affiliate or other third party without the prior written consent of Licensor or
ThrillRides being required, provided that in connection with such sale or lease Licensor receives
all applicable royalties payable hereunder in conjunction therewith and ThrillRides receives the
Construction Payment (as such term is defined in the Development Agreement), as applicable.
Licensee shall also have the right to grant sublicenses of the rights granted to it hereunder to
any of its Affiliates and to its contractors and other third parties but only to the extent
reasonably necessary for Licensee to exercise the rights with respect to the Technology and the
Trademark and/or perform its obligations hereunder, without the prior written consent of Licensor
or ThrillRides being required. Licensee is and shall be authorized, but not required, to grant to
sublicensees the right to use the Trademark in conjunction with the operation of the Technology as
an amusement ride. If such rights are granted, the sublicense shall contain any and all
limitations and controls on the quality of the goods and services necessary to maintain the
trademark rights in the applicable jurisdiction. Notwithstanding anything to the contrary set
forth in this Agreement, Licensee shall have the right, without the consent of Licensor or
ThrillRides being required, to permit a sublicensee to obtain financing from one or more lenders
for funding the commercialization of the sublicense granted to it hereunder and granting any such
lender or its agent, a sublicense to use the Technology and the Trademark and otherwise exercise
the rights of the sublicensee hereunder in the event of default by sublicensee in connection with
such financing to the extent that such lender or its agent reasonably deems it necessary in
connection with the exercise of its rights and remedies, for the purpose of selling or otherwise
disposing of, or dealing with, any of the physical assets and properties of sublicensee relating to
the Technology or the SkyViews. Licensor and ThrillRides each agrees to execute and deliver such
additional agreements or acknowledgements of the foregoing provision in favor of any such lender or
its agent as may be reasonably requested by such sublicensee, lender or its agent in connection
with providing such sublicense or financing to sublicensee.

b. Assignment. Neither Licensor nor ThrillRides shall have the right to assign any of
its rights hereunder or delegate any of its duties hereunder, in whole or in part, or otherwise
transfer this Agreement, in whole or in part, to any third party other than Licensee, without the
prior written consent of Licensee, which consent shall not be unreasonably withheld, provided,
however, that (i) either Licensor or Thrill Rides shall have the right, without requiring the
consent of Licensee to collaterally assign, grant a security interest in, or otherwise encumber all
or any part of its or their right, title or interest in this Agreement to any lender providing
funds to Licensor or ThrillRides to be used with regard to the performance of their respective
duties and obligations hereunder or under the Development Agreement or with respect to the
Technology, research and development in connection therewith, or other related commercial or
business activities. In the event that any such lender to Licensor or ThrillRides requires
affirmation of such rights, Licensee shall promptly execute and deliver such documentation as may
be reasonably requested by such lender so long as any such documentation recognizes that Licensee’s
rights hereunder shall be unaffected by any default by Licensor or ThrillRides under such loan; and
(ii) Licensor shall have the right to assign the right to receive any payments due to Licensor
hereunder to any person or entity without Licensee’s consent, so long as such assignee agrees in
writing that any and all such rights are and shall be subject to any and all terms and conditions
of this Agreement. Any other assignment or transfer shall not be deemed effective unless such
assignee or transferee has agreed in writing to acknowledge Licensee’s rights hereunder and be
bound by the terms and provisions of this Agreement. Licensee shall not have the right to assign
this Agreement or any rights, benefits or privileges hereunder without the prior written approval
of Licensor and ThrillRides, which approval shall not be unreasonably withheld, delayed or
conditioned, except that Licensee shall have the right to assign this Agreement to an Affiliate
without requiring the prior written consent of Licensor or ThrillRides so long as: (iii) Licensee
shall provide written notice to Licensor and ThrillRides of any such assignment, and (ii) the
assignee shall accept, acknowledge and agree to be bound by all of the terms and conditions of this
Agreement and to assume and agree to pay and perform all duties, obligations, liabilities, and
responsibilities of Licensee hereunder. Notwithstanding anything to the contrary set forth in this
Agreement, Licensee shall have the right, without the consent of Licensor or ThrillRides being
required, in connection with obtaining financing from one or more lenders for funding to
commercialize the Technology, to assign this Agreement or grant a nonexclusive license to any such
lender or its agent to use the Technology and the Trademark and otherwise exercise the rights of
Licensee hereunder in the event of a default by Licensee in connection with such financing, to the
extent that such lender or its agent reasonably deems necessary or desirable in connection with the
exercise of its rights and remedies, for the purpose of selling or otherwise disposing of, or
dealing with, any of the physical assets and properties of Licensee relating to the Technology or
the SkyViews so long as such assignment or nonexclusive license to any such lender or its agent is
subject to and conditioned upon all of the terms and conditions of this Agreement. Notwithstanding
any right granted to Licensee, or its successors or assigns, to assign this Agreement, in whole or
in part, or to grant any sublicense under this Agreement, with or without the consent of Licensor
and /or ThrillRides, no such assignment or sublicense shall release Licensee from any of its
duties, obligations or liabilities hereunder. Licensor and ThrillRides each agrees to execute and
deliver such additional agreements or acknowledgements of the foregoing provision in favor of any
such lender or its agent as may be reasonably requested by such lender or its agent in connection
with providing such financing to Licensee. As used herein, “Affiliate” means any person or entity
directly or indirectly controlling or having the power to control, or controlled by or being under
common control with another person or entity. For this purpose, “control” means the direct or
indirect possession of power to direct or cause the direction of the management or policies of such
party, whether through ownership or stock or other securities, by contract or otherwise. Ownership
of more than fifty percent (50%) of the beneficial interest of an entity shall be conclusive
evidence that control exists.

c. Right of First Refusal. In the event that Licensor or ThrillRides shall at any
time receive a bona fide executed written offer (a “Third Party Offer”) from a proposed transferee
to acquire all or part of Licensor’s rights with respect to the Technology or ThrillRides’ rights
with respect to the Trademark, Licensor and/or ThrillRides shall submit an exact copy of such offer
to Licensee. Licensee shall have the right, exercisable by written notice delivered to Licensor
and ThrillRides within thirty (30) days from the date of delivery of such offer to Licensee, to
purchase such rights and interests for the same price and on the same terms and conditions as are
contained in such offer, provided, however, that Licensee shall not have less than ninety (90) days
to prepare for closing. If Licensee does not exercise the above-described right of first refusal
by delivering written notice and an offer to purchase in the same form and upon the same terms and
conditions as are contained in the Third Party Offer, Licensor and ThrillRides may complete the
sale to such third party proposed transferee pursuant to and on the terms of such Third Party
Offer, provided that if the sale to such proposed transferee is not completed in substantial
accordance with the terms and conditions of such Third Party Offer or if there is a material change
in the terms of the proposed transaction from those contained in the Third Party Offer, Licensee
shall again have the right of first refusal herein provided.

10. INSURANCE.

a. Licensee agrees to maintain, at all times during the Term of this Agreement, at its own
expense, one or more comprehensive general liability insurance policies, approved by Licensor
(approval not to be unreasonably withheld, conditioned or delayed), without a design defect
exclusion and with blanket broad form contractual liability coverage, covering all liability
arising out of bodily injury and/or property damage due to the sale of SkyViews. Licensor and
ThrillRides shall be named as an additional insured party with coverage effective as of the first
date of operation, use, lease or sale of any SkyView. Such policies shall provide a minimum total
insurance coverage equal to $5,000,000.00 U.S. per occurrence and $5,000,000.00 U.S. per year
aggregate, net of all claims and expenses paid and reserved for in any policy period. Licensee
shall provide evidence of such insurance to Licensor and ThrillRides before commencing operation,
use, lease or sale of any SkyView, and promptly provide notice to Licensor of any claims made
pertinent to the same, and report expenses paid and reserved against the policy which may lower the
available insurance limits. Such policies shall not provide the issuing insurance company, its
Affiliates or assigns with subrogation rights or any other recourse against Licensor, ThrillRides,
or any of their respective successors, assigns, representatives, officers, directors, employees,
agents and/or shareholders.

b. With respect to insurance described in paragraph b above, Licensee or its insurance
carriers shall provide Licensor and ThrillRides, with a certificate of insurance and a copy of each
policy renewal, rewriting or change. Licensee or its insurance carrier shall further provide
written notice to Licensor at least thirty days prior to any insurance policy cancellation, lapse
or termination for any reason whatsoever.

c. Licensee hereby agrees and stipulates that failure to comply with the terms of this Section
10 shall constitute a material breach of this Agreement and will result in irreparable harm to
Licensor.

11. NOTICES. Any notice, consent, approval or other communication permitted or
required under this Agreement shall be in writing and shall be delivered in person, by courier with
receipt for delivery, or by facsimile, or shall mailed by certified or registered mail, postage
prepaid, return receipt requested, and addressed or sent to facsimile number as set forth for the
intended recipient in the first paragraph of this Agreement, to the attention of the President of
the intended recipient party if that party is an entity, and/or to such other or additional
address(es) or facsimile number(s) as shall be given in accordance with this Section 10. If any
such communication is given by respectable overnight courier or by facsimile, or by certified or
registered mail, it shall be deemed to have been given when properly sent or transmitted. In the
event that such communication is given by personal delivery, it shall be deemed given when actually
delivered to the addressee, or when delivery is attempted during normal business hours and delivery
is refused. For all other means of transmission, receipt shall be deemed to have occurred (i) in
the case of facsimile, when successfully transmitted during normal business hours, with electronic
confirmation of successful transmission, (ii) in the case of delivery by overnight courier, upon
delivery or refusal of delivery during normal business hours; (iii) in the case of certified or
registered mail, upon receipt or refusal of delivery during normal business hours.

12. ARBITRATION; GOVERNING LAW.

a. Arbitration. Any dispute, controversy or claim arising out of or relating to this
Agreement or the interpretation, breach, termination or validity thereof, other than those for
which injunctive relief or specific performance is appropriate and is actually being sought in good
faith, shall be finally settled in accordance with the Commercial Arbitration Rules of the American
Arbitration Association (the “AAA”) then obtaining, by a panel of three (3) arbitrators. Each
party shall have the right to appoint one (1) arbitrator from the list of arbitrators supplied to
the parties by the AAA, and the two (2) arbitrators so appointed shall appoint the third. The
parties may agree to a single arbitrator in lieu of a panel of three arbitrators.

The place of arbitration shall be Orlando, Florida, U.S.A. and each party hereto irrevocably
consents and submits to the exclusive jurisdiction of such arbitration panel in such venue. The
language of the arbitration shall be in English. The arbitrators shall determine the matters in
dispute in accordance with the internal laws of the State of New York without reference to the
Convention on Contracts for the International Sale of Goods. The parties agree that the award of
the arbitrators shall be the sole and exclusive remedy between them regarding any claims,
counterclaims, issues or accountings presented or pled to the arbitrators, that the award shall be
made and shall be promptly payable in U.S. dollars, and that any costs, fees or taxes instant to
enforcing the award shall, to the maximum extent permitted by law, be charged against the party
resisting such enforcement. The award shall include interest from the date of damages incurred for
breach or other violation of this Agreement, and from the date of the award until paid in full, at
a rate to be fixed by the arbitrators. The arbitrators shall have the right to award reasonable
costs and expenses of enforcement, reasonable attorneys’ fees and costs and interest as provided in
Section 13 below. The parties further agree that either party shall have the right to seek
injunctive relief, specific performance or other equitable relief in the state or federal courts
located in Orlando, Florida and each party irrevocably submits and consents to personal
jurisdiction exclusively in such courts with respect to such legal proceedings and waives any claim
or argument that such courts constitute an inconvenient or improper venue for such legal
proceedings.

b. Governing Law. This Agreement shall for all purposes be governed by and
interpreted in accordance with the laws of the State of Florida without application of conflicts of
laws principles or any other rule or interpretation that would result in the application of the
laws of another state or a foreign country.

13. ATTORNEYS’ FEES; INTEREST.

a. Attorneys’ Fees. In the event that there is a default under this Agreement and it
becomes reasonably necessary for any party to employ the services of any attorney, either to
enforce or terminate this Agreement, with or without arbitration, the non-defaulting party shall be
entitled to collect from the defaulting party its reasonable attorneys’ fees and such other
reasonable costs and expenses as are incurred by it in enforcing or terminating this Agreement.

b. Interest. In the event that any royalty, fee, charge, reimbursement or other
amount of money due or payable hereunder is not paid (i) in the case of any royalty or other
regularly scheduled or recurring payment hereunder, within ten (10) days of the date that such
amount was due or upon which it should have been paid, or (ii) in the case of any other amounts
payable hereunder, within ten (10) days of written demand therefor, then, in either such event, the
amount owing shall bear interest at the rate of eight percent (8%) per annum from and after the
date originally due until paid in full. In the event that any such amount is not paid within sixty
(60) days of the date originally due and payable, such interest rate should increase from eight
percent (8%) to fifteen percent (15%) per annum until paid in full. Any payments made and/or
received shall be first applied to any accrued and unpaid interest and then to principal.

	 	14.	 	INTELLECTUAL PROPERTY PROTECTION; IMPROVEMENTS AND NEW TECHNOLOGY.

a. Intellectual Property Rights, Ownership and Protection. From and after the
Effective Date of this Agreement, and to and until this Agreement shall be terminated in accordance
with the terms and conditions hereof, Licensee shall pay any and all costs and expenses of any kind
or nature, including, without limitation, reasonable attorneys’ fees and expenses, which are
incurred either by Licensee or any Licensor or ThrillRides, in order to file, prosecute and
maintain any and all legal protections which are necessary or desirable with respect to the
Technology, and any parts thereof, and the Trademark, and any improvements, additions, advances,
extensions or modifications of either, including, without limitation, all patent and other
intellectual property rights in and to the Technology throughout the Territory in the countries or
jurisdictions designated by the Parties, and any pending patent applications and/or new patent
applications necessary in order to obtain patent protection for the Technology throughout the
Territory in the countries or jurisdictions designated by the Parties. Licensor shall have the
primary duty, obligation and responsibility through counsel of Licensor’s choosing to diligently
file, seek, obtain and prosecute such applications and other documents as may be required to seek,
obtain, protect, maintain and extend all such patent and other intellectual property rights in and
to the Technology throughout the Territory, including the filing and/or prosecuting of any pending
and/or new patent applications as may be necessary to obtain, protect, and maintain such
intellectual property rights, provided, however, all such actions shall be at Licensee’s sole cost
and expense, and, upon request by Licensor, Licensee shall promptly pay or reimburse any and all
such costs or expenses as may be incurred by Licensor with regard thereto. Licensor will not
abandon or permit the expiration or abandonment of any such patent before its full term has
elapsed, or abandon any pending or new patent application relating to the Technology, without
consulting with Licensee first, unless so directed by a court of law or other relevant authority.
Upon the consent of both parties, any given intellectual property right can be abandoned in a
single country for any reason. Licensee shall also have the right, on behalf of and in the name of
Licensor, to maintain or cause to be maintained, such patents and prosecute such pending or new
patent applications should Licensor fail or be unable to do so, and upon written request, Licensor
shall provide all necessary cooperation and assistance and shall execute and deliver all necessary
powers of attorney, declarations and other documents and instruments necessary for Licensee to take
such actions. Licensee shall provide reasonable cooperation, documentation and assistance,
including, without limitation, execution and delivery of oaths, declarations, powers of attorney,
affidavits, testimony and any other documents or instruments that may be required or requested by
Licensor in connection therewith, as well as in connection with Licensor’s enforcement of such
rights against third parties. ThrillRides shall seek to register the Trademark in all
jurisdictions in which Licensee notifies ThrillRides that SkyViews are to be marketed, developed
and operated and shall maintain all such registrations in full force and effect during the Term,
subject, however, to the payment or reimbursement to ThrillRides of all costs and expenses in
connection therewith. Licensee shall have the right to register and/or maintain the registrations
for the Trademark on behalf of ThrillRides should ThrillRides fail or be unable to do so, upon
written request, and ThrillRides shall provide all necessary cooperation and assistance and shall
execute and deliver all necessary powers of attorney, declarations and other documents and
instruments necessary for Licensee to take such actions. Licensee shall provide reasonable
cooperation, documentation and assistance, including, without limitation, execution and delivery of
oaths, declarations, powers of attorney, affidavits, testimony and any other documents or
instruments that may be required or requested by ThrillRides in connection therewith, as well as in
connection with ThrillRides’ enforcement of such rights against third parties. In any jurisdiction
that requires the recordation of licenses to any of the intellectual property rights to be recorded
with the relevant authority, Licensee shall provide all necessary cooperation and assistance and
shall execute and deliver all necessary powers of attorney, declarations and other documents and
instruments necessary for Licensor to take such actions, and Licensee shall promptly pay or
reimburse any and all such costs or expenses as may be incurred by Licensor with regard thereto.

b. Jurisdictions that Intellectual Property Rights Are To Be Obtained. The Parties
acknowledge that there will be deadlines for mutually deciding which jurisdictions to seek to
obtain intellectual property rights within. Licensor and/or ThrillRides will inform Licensee as
such deadlines approach and request a list from Licensor of countries/regions to apply for the
given intellectual property rights. Licensor will file through counsel in those jurisdictions as
Licensee directs, so long as the instructions arrive in sufficient time before the relevant
deadline. Licensee must provide any such instructions in good time before any such deadline to
allow for counsel in said jurisdictions to file the needed documents. Licensee shall bear the risk
that any such instruction delivered less than seven (7) calendar days before any such deadline to
Licensor may not be timely. Licensee acknowledges that failure to seek protection in a given
country or jurisdiction by the applicable deadline may result in the loss of the ability to obtain
any protection for the intellectual property rights in that jurisdiction. The failure to obtain
rights in any given country or region will not affect the right of the Licensor or ThrillRides to
all of the royalties due for any SkyView built, sold, leased or sublicensed by Licensee in such a
country.

c. Communication With Licensor’s Counsel By Licensee. Licensee may communicate
directly with Licensor and/or ThrillRide’s United States counsel as to countries and/or
jurisdictions to seek intellectual property rights and/or the status of a specific application,
patent or registration. Parties acknowledge that any such communication will not create any
attorney-client relationship between Licensee and counsel and will not act as a waiver of any
attorney-client privilege between Licensor and/or ThrillRide and their counsel as to such
information.

d. Pre-Existing Licensor Technology; Improvements to the Technology; New Inventions.
All technology and intellectual property that has previously been developed or created by or for
Licensor or ThrillRides relating to SkyViews is and shall be deemed to form part of and constitute
Technology licensed exclusively to Licensee under this Agreement. In the event that Licensee or
Licensor or ThrillRides or any of their respective affiliates, through their employees or
independent contractors, invents or causes to be invented any improvements, refinements or
modifications to the Technology or new products related to the Technology (collectively,
“Improvements”), Licensor shall own all intellectual property and other rights with respect thereto
and all such Improvements shall be deemed to form part of and constitute part of the Technology
licensed exclusively to Licensee hereunder and shall, in all respects, be subject to the terms this
Agreement. Licensee agrees to promptly inform Licensor of all such Improvements before any public
disclosure of the Improvement occurs to ensure all possible patent rights are maintained. If
Licensor decides to seek patent protection on a given Improvement, Licensee agrees to delay
disclosure for a reasonable amount of time to allow the necessary patent applications to be filed.

15. GENERAL PROVISIONS.

a. Entire Agreement. The parties hereto have read this Agreement and agree to be
bound by all its terms. The parties further agree that this Agreement, including the recitals,
schedules, the Licensee Warrant and other exhibits hereto, all of which are hereby incorporated
herein by reference and made a part hereof, together with the Development Agreement, and, if and
when entered into, the Orlando Management Agreement, shall constitute the full, complete and
exclusive statement of the agreement between them and supersedes all proposals, oral or written,
and all other communications between them relating to the subject matter of this Agreement and the
Development Agreement.

b. Modifications. No agreement changing, modifying, amending, extending, superseding,
discharging, or terminating this Agreement or any provisions hereof shall be valid unless it is in
writing and is dated and signed by duly authorized representatives of the party or parties against
which enforcement is sought.

c. Severability. Should any term or provision of this Agreement be finally determined
by an arbitration panel or court to be void, invalid, unenforceable or contrary to law or equity,
the offending term or provision shall be modified and limited (or if strictly necessary, deleted)
only to the extent required to conform to the requirements of law and the remainder of this
Agreement (or, as the case may be, the application of such provisions to other circumstances) shall
not be affected thereby but rather shall be enforced to the greatest extent permitted by law.

d. Waiver. Failure of any of the parties hereto to enforce any of the provisions of
this Agreement or any rights with respect thereto or to exercise any election provided for therein,
shall in no way be considered a waiver of such provisions, rights, or election or in any way to
affect the validity of this Agreement. No term or provision hereof shall be deemed waived and no
breach excused, unless such waiver or consent shall be in writing and signed by the party claimed
to have waived or consented. Any consent by any party to, or waiver of, a breach by the other,
whether express or implied, shall not constitute a consent or waiver of, or excuse for any other,
different or subsequent breach. All remedies herein conferred upon any party shall be cumulative
and no one shall be exclusive of any other remedy conferred herein by law or equity.

e. Currency; Days; Time of the Essence. All monetary amounts referred to herein are
in U.S. Dollars and all references to days mean calendar days unless expressly specified otherwise.
Time is of the essence in the performance of each and every obligation and covenant imposed by
this Agreement.

f. Binding Agreement. This Agreement shall be binding not only upon the parties
hereto, but also upon their respective successors and permitted assignees, and with respect to
Licensor, his heirs.

g. Force Majeure. No party shall be liable to the other parties on account of any
loss, damage, or delay or failure of performance of any obligation hereunder to the extent that
such loss, damage or delay or failure of performance is proximately caused by strikes, riots,
insurrection, terrorist attacks, war, the elements, fires, floods, earthquakes, windstorms,
epidemics, pandemics, embargoes, failure of carriers, failures or unavailability of electrical
power or other utility services, inability to obtain material or transportation facilities, acts of
God or of the public enemy, compliance with any law, regulation or other governmental order, or any
other causes beyond the reasonable control of such party, whether or not similar to the foregoing,
but expressly excluding lack or unavailability of funding or general economic conditions (“Force
Majeure” or “Force Majeure Event”). Every reasonable effort shall be made by the party claiming
Force Majeure to avoid delay or suspension of performance hereunder, but such party shall not be
required to do so in any manner in which such party does not deem to be in its best interest in
order to be able to perform its obligations hereunder. As soon as practicable after occurrence of
any Force Majeure Event, the party claiming Force Majeure shall notify the other parties in writing
of such Force Majeure Event and, to the extent possible, inform the other parties of the expected
duration of the Force Majeure Event and the performance to be affected by the suspension or
curtailment under this Agreement. After the termination of any Force Majeure Event, as soon as
practicable, the party claiming Force Majeure shall notify the other parties in writing of the
termination of such Force Majeure Event and of the anticipated timing of the resumption of
performance.

h. Expenses. Except as provided elsewhere in this Agreement, all of the legal,
accounting, and other miscellaneous expenses incurred in connection with this Agreement and the
performance of the various provisions of this Agreement shall be paid by the party who incurred the
expense.

i. Survival. All covenants, agreements, representations, warranties, indemnities and
provisions of this Agreement which by their nature are intended survive the termination of this
Agreement (including, without limitation, Sections 3, 5, 6.d.-g., 7.a., 8, 9 and 11 through 15)
shall so survive after the effective date of termination of this Agreement.

j. Disclaimer of Warranties; Limitation of Liability. EXCEPT FOR THE WARRANTIES
EXPRESSLY PROVIDED HEREIN, NO PARTY HERETO MAKES ANY WARRANTIES AND DISCLAIMS ANY IMPLIED
WARRANTIES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE OR AGAINST INFRINGEMENT WITH REGARD TO THE TECHNOLOGY, THE
TRADEMARK, OR THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER. EXCEPT FOR CLAIMS INVOLVING ACTUAL
FRAUD OR GROSS NEGLIGENCE, NO PARTY SHALL BE LIABLE TO ANY OTHER PARTY WITH RESPECT TO ANY
PUNITIVE, SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES, INCLUDING WITHOUT LIMITATION,
LOST PROFITS ARISING OUT OF THE PERFORMANCE OF NONPERFORMANCE OF THIS AGREEMENT, EVEN IF THE
PARTIES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. EXCEPT FOR CLAIMS INVOLVING ACTUAL
FRAUD OR GROSS NEGLIGENCE, IN NO EVENT SHALL KITCHEN’S OR THRILLRIDES’ LIABILITY UNDER THIS
AGREEMENT EXCEED THE TOTAL AGGREGATE AMOUNT OF ROYALTIES AND ADVANCES PAID OR PAYABLE BY LICENSEE
TO LICENSOR HEREUNDER AS PROVIDED IN SECTION 1.c. ABOVE. EXCEPT FOR CLAIMS INVOLVING ACTUAL FRAUD
OR GROSS NEGLIGENCE, IN NO EVENT SHALL FXRE’S LIABILITY UNDER THIS AGREEMENT, OTHER THAN INDEMNITY
CLAIMS, EXCEED THE TOTAL AMOUNT OF ROYALTIES AND ADVANCES PAID OR PAYABLE BY LICENSEE TO LICENSOR
HEREUNDER PURSUANT TO SECTION 1.c. ABOVE. ANY CLAIMS FOR INDEMNITY BY A LICENSOR INDEMNIFIED PARTY
AGAINST LICENSEE SHALL ALSO BE LIMITED TO AN AMOUNT EQUAL TO THE TOTAL AMOUNT OF ROYALTIES AND
ADVANCES PAID OR PAYABLE BY LICENSEE HEREUNDER PURSUANT TO SECTION 1.c. ABOVE, BUT ANY AMOUNTS PAID
OR PAYABLE BY LICENSEE TO A LICENSOR INDEMNIFIED PARTY PURSUANT TO SECTION 5.b. ABOVE, SHALL IN NO
WAY REDUCE OR LIMIT LICENSEE’S OBLIGATIONS OR LIABILITY TO PAY ANY ROYALTIES TO LICENSOR UNDER
SECTION 1.c. ABOVE.

k. Confidentiality. Each party acknowledges that it has in the past and may in the
future receive “Confidential Information” (as defined below) belonging to, and disclosed to it, by
the other parties and/or their authorized representatives, and that all of the other parties’
Confidential Information is material and confidential and greatly affects the goodwill and the
effective and successful conduct of such parties and their respective businesses and operations,
and that maintaining confidentiality of such parties’ Confidential Information is necessary to
protect the legitimate business interests of such parties. Accordingly, each party hereby agrees
to receive all such Confidential Information provided by another party hereto in strict confidence
and that neither it nor any of its officers, directors, representatives, employees or agents
(including any consultants, subcontractors or advisors) shall, at any time while this Agreement is
in effect or thereafter, directly or indirectly, divulge, reveal or communicate any such
Confidential Information to any person, firm, corporation or entity whatsoever, or use, pursue or
exploit any such Confidential Information for its own benefit or for the benefit of others. Each
party agrees not to infringe any other party’s intellectual property or other rights in its
Confidential Information, and nothing herein shall be construed as expressly or impliedly granting
a license or right to use such Confidential Information by such party, except with regard to and
for so long as this Agreement is in effect, the rights granted to Licensee with respect to the
Technology and the Trademark and as otherwise expressly provided herein and/or as reasonably
necessary for Licensee to engage and utilize subcontractors for testing, manufacturing,
distribution, sale and other use and commercialization of the Technology and the Trademark and
SkyViews constructed, operated and maintained utilizing the Technology and the Trademark as
contemplated hereunder. Further, if Licensee chooses to incorporate any of Licensee’s intellectual
property and/or confidential information into a SkyView and this agreement is terminated, Licensor
shall have a license to use said intellectual property solely in conjunction with the SkyView into
which the item in question is incorporated. Each party shall disclose to and enforce the
confidentiality provisions of this Agreement in writing with respect to all of its officers,
directors, representatives, employees or agents (including any consultants, subcontractors or
advisors), as applicable. The foregoing restrictions shall not apply to Licensee to the extent
that such information comprises aspects of the Technology disclosed or claimed in a published
patent application has been filed for the Technology, or to the extent that, with respect to either
party, such information:

(i) is or becomes public knowledge (other than by breach of that restriction);

(ii) was obtained by the recipient party from a third party having the right to
disclose it, without the obligation to keep such information confidential;

(iii) is not a part of the Technology and is not deemed by the terms and conditions of
this Agreement to become a part of the Technology and was independently developed by the
recipient party without the use of such Confidential Information and without the
participation of individuals who have had access to such Confidential Information; or

(iv) is required to be provided by law, legal process (including subpoena, civil
investigative demand or similar process) or any regulatory authority; provided, that the
recipient party shall promptly notify the disclosing party in writing so the disclosing
party may seek a protective order and/or other motion to prevent the production of such
Information.

For purposes of this Agreement, “Confidential Information” means any and all information which
is a part of or which is deemed to become a part of the Technology pursuant to the terms and
conditions of this Agreement, and any information relating to a party hereto and its assets,
operations, clients, and past, present, and future businesses, including but not limited to
know-how, drawings, manuals, reports, formulae, algorithms, processes, trade secrets, computer
software, computer data bases, computer software documentation, research products, inventions,
technical data, specifications, designs, ideas, product plans, research and development efforts,
personal and customer information, financial information, quotations, price lists, customer lists,
business methods and operations and marketing programs, all of which are proprietary with such
party and involve trade secrets, know-how, techniques, and combinations of known information of a
character regarded by such party as confidential, except as otherwise provided above with respect
to the Technology.

l. Further Assurances. Each party agrees to execute and deliver such other and
further documents and instruments as reasonably may be necessary to effectuate the intent and
purposes of this Agreement upon request by the other parties.

m. Construction; Counterparts. The headings used in this Agreement are for reference
purposes only and shall not be considered a part of this Agreement. This Agreement may be executed
and delivered (including by execution and delivery by facsimile transmission or other electronic
means) in one or more counterparts, each of which shall be deemed to be an original and all of
which shall constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto have executed or caused this Agreement to be executed
as of the Effective Date.

	 	 	 
	LICENSOR:

	 	LICENSEE:
	WILLIAM J. KITCHEN, an individual

Florida resident

THRILLRIDES:

US THRILLRIDES, LLC, a Florida limited

	 	CIRCLE ENTERTAINMENT SV-I, LLC,

a Delaware limited liability

company

By:
	liability company

By:

—

William J. Kitchen, Manager

	 	—

Name: Paul C. Kanavos

Title: President

SCHEDULE A

Description of Technology

	I.	 	The Invention:

Patent applications

	 	 	 	 	 
	Title

	 	Application number
	 	Filing date
	 

	 	 
	 	 
	Stationary Track with Gimbaled Rider

Carriages Amusement Ride

	 	US 61/239,852

	 	2009-09-04

	 

	 	 
	 	 
	Stationary Track with Gimbaled Rider

Carriages Amusement Ride

	 	US 61/295,000

	 	2010-01-14

	 

	 	 
	 	 

	II.	 	The Trademark:

Trademark applications

	 	 	 	 	 
	Mark

	 	Application number
	 	Filing date
	 

	 	 
	 	 
	SKYVIEW

	 	77/792,379
	 	2009-07-29
	 

	 	 
	 	 

III. The Balance of the Technology:

Certain related technical specifications, functional specifications, materials specifications,
designs and plans, know-how and other proprietary information pertaining to substantial aspects of
the engineering, design, and development of the SkyViews as described in the patent filings set
forth in Section I above and as generally described and depicted in six (6) pages of designs and
layouts which has been separately transmitted pursuant to correspondence from counsel for Licensor
to counsel for Licensee. The Technology includes a drive system and evacuation system for a
stationary track amusement ride known as SkyView, as well as a method of assembly and manufacturing
as claimed and disclosed in the patent applications listed in Section I above, but neither the
Invention nor the Technology is intended to claim exclusive invention of or encompass the concept
of stationary track wheeled amusement rides, nor any parts purchased or to be purchased from
suppliers that are to be incorporated into the SkyView without substantial modification.

SCHEDULE B

Rights of Third Parties in the Trademark

Australian Tourist Attractions Pty Ltd owns and operates a moveable Ferris wheel in Australia under
the name “SkyView”.

SCHEDULE C

Designees

FXRE Shareholder List

	 	 	 
	Cynthia W. Kitchen

5724 Hollywood Blvd. #107

Los Angeles, CA 90028

	 	100,000 Shares

	Michael A. Kitchen

1645 North Vine St. Unit 1004

Hollywood, CA 90028

	 	100,000 Shares

	Camilo F. Espinel

11536 Lake Butler Blvd.

Windermere, FL 34786

	 	100,000 Shares

	David A. Gust

13543 Banana Bay Dr.

Winter Garden, FL 34787

	 	100,000 Shares

	Gary L. Nelson

222 Acadia Terrace

Celebration, FL 34747

	 	100,000 Shares

	Alan Putter

1930 Lansdown Dr.

Carrolton, TX 75010

	 	50,000 Shares

	Philip J. Quattrone

216 S.E. 10th Terrace

Ft. Lauderdale, FL 33301

	 	50,000 Shares

	Franklin J. Chapman

216 S.E. 10th Terrace

Ft. Lauderdale, FL 33301

	 	50,000 Shares

	Eric Deem Hogan

2305 Edgewater Dr. #7215

Orlando, FL 32084

	 	100,000 Shares

	Timothy O’Leary

506 Long Meadow St.

Celebration, FL 34747

	 	100,000 Shares

	Todd C. Warnock

1185 N.E. 104 St.

Miami Shores, FL 33138

	 	100,000 Shares

	John A. Kirst Jr.

	 	100,000 Shares

301 East Pine St. STE 1400

PO Box 3068

Orlando, FL 32801

EXHIBIT A

LICENSEE WARRANT

COMMON STOCK PURCHASE WARRANT

NEITHER THE WARRANT REPRESENTED BY THIS CERTIFICATE NOR THE SHARES ISSUABLE UPON EXERCISE HEREOF
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF
ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT
BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE
SKY LAWS.

FX REAL ESTATE AND ENTERTAINMENT INC.

No. [      ] [      ] Shares

THIS CERTIFIES that, for value received, William J. Kitchen [and/or the Designees specified in
the License Agreement] (the “Holder”), is entitled to subscribe for and purchase from FX Real
Estate and Entertainment Inc., a Delaware corporation (the “Company”), upon the terms and
conditions set forth herein, at any time after the date hereof (the “Initial Issue Date”), and
before 5:00 p.m., New York City time, on September   , 2015 (the “Exercise Period”) up to Three
Million Seven Hundred Fifty Thousand (3,750,000) shares, $0.01 par value, of the Company (“Common
Stock”), at an exercise price of $0.20 per share (the “Exercise Price”). As used herein the term
“this Warrant” shall mean and include this Warrant and any Warrant or Warrants hereafter issued as
a consequence of the exercise or transfer of this Warrant in whole or in part. All capitalized
terms used in this Warrant but not otherwise defined herein shall have the meanings ascribed to
them in the License Agreement (as defined below).

This Warrant is being issued pursuant to that certain Exclusive License Agreement dated the
date even herewith by and between Circle Entertainment SV-I, LLC, the Holder and US ThrillRides,
LLC (the “License Agreement”).

The number of shares of Common Stock issuable upon exercise of the Warrant (the “Warrant
Shares”) and the Exercise Price may be adjusted from time to time as hereinafter set forth.

1. This Warrant may be exercised, at any time or times and from time to time, during the
Exercise Period (unless such period is earlier terminated in accordance with Section 18 hereof), as
to the whole or any lesser number of the respective whole Warrant Shares, as follows:

(a) By the surrender of this Warrant (with the Form of Election attached hereto duly executed)
to the Company at its office as set forth in the Form of Election attached hereto, or at such other
place as is designated in writing by the Company, together with payment to the Company of an amount
equal to the then applicable Exercise Price multiplied by the number of respective Warrant Shares
for which this Warrant is being exercised. Such payment may be made by certified or bank cashier’s
check payable to the order of the Company or by wire transfer of immediately available funds to an
account or accounts specified in advance by the Company; or

(b) By surrender of this Warrant (with the Notice of Cashless Exercise attached hereto duly
executed) to the Company at its office as set forth in the Notice of Cashless Exercise attached
hereto, or at such other place as is designated in writing by the Company, in which event the
Company shall issue to the Holder the number of Warrant Shares determined as follows:

X = Y (A-B)/A

where:

X = the number of Warrant Shares to be issued to the Holder.

Y = the number of Warrant Shares with respect to which this Warrant is being
exercised.

A = the last sale price of the Common Stock for the trading day immediately
prior to the date of exercise, as reported on any national securities
exchange, market or quotation system on which the Common Stock is then
listed for trading or quoted.

B = the Exercise Price.

2. Upon the exercise of the Holder’s rights to purchase Warrant Shares, either pursuant to
Section 1(a) or 1(b) above, the Holder shall be deemed to be the holder of record of the Warrant
Shares issuable upon such exercise, notwithstanding that the transfer books of the Company shall
then be closed or instruments representing such Warrant Shares shall not then have been actually
delivered to the Holder. For purposes of Rule 144 promulgated under the Securities Act of 1933, as
amended (the “Act”), it is intended, understood and acknowledged that the Warrant Shares issued in
a cashless exercise transaction pursuant to Section 1(b) above shall be deemed to have been
acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have
commenced, on the issue date of this Warrant. As soon as practicable after the exercise of this
Warrant either pursuant to Section 1(a) or 1(b) above, the Company shall cause a statement from its
transfer agent and registrar for the Common Stock (the “Transfer Agent”) evidencing ownership of
the Warrant Shares issuable upon such exercise, registered in the name of the Holder or its
designee on the Transfer Agent’s records in book-entry form under The Direct Registration System,
to be issued by the Transfer Agent to the Holder. If the Warrant should be exercised in part only,
the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a new
Warrant evidencing the right of the Holder to purchase the balance of the Warrant Shares (or
portions thereof) subject to purchase hereunder.

3. The Company shall register this Warrant, upon records to be maintained by the Company for
that purpose (the “Warrant Register”), in the name of the record holder from time to time. The
Company shall be entitled to treat the registered holder of any Warrant on the Warrant Register as
the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or
other claim to or interest in such Warrant on the part of any other person, and shall not be liable
for any registration or transfer of Warrants which are registered or to be registered in the name
of a fiduciary or the nominee of a fiduciary unless made with the actual knowledge that a fiduciary
or nominee is committing a breach of trust in requesting such registration or transfer, or with the
knowledge of such facts that its participation therein amounts to bad faith. This Warrant shall be
transferable only on the books of the Company upon delivery thereof duly endorsed by the Holder or
by his duly authorized attorney or representative, or accompanied by proper evidence of succession,
assignment, or authority to transfer. In all cases or transfer by an attorney, executor,
administrator, guardian, or other legal representative, duly authenticated evidence of his or its
authority shall be produced. Upon any registration of transfer, the Company shall promptly deliver
a new Warrant or Warrants to the person entitled thereto. The Company shall have no obligation to
cause Warrants to be transferred on its books to any person if, in the opinion of counsel to the
Company, such transfer does not comply with the provisions of the Act, and the rules and
regulations promulgated thereunder.

4. The Company shall at all times reserve and keep available out of its authorized and
unissued Common Stock, solely for the purpose of providing for the exercise of the rights to
purchase all Warrant Shares granted pursuant to this Warrant, such number of shares of Common Stock
as shall, from time to time, be sufficient therefor. The Company covenants that all shares of
Common Stock issuable upon exercise of this Warrant, upon receipt by the Company of the full
Exercise Price therefor if such exercise is pursuant to Section 1(a) above, or upon receipt by the
Company of the Notice of Cashless Exercise duly executed if such exercise is pursuant to Section
1(b) above, shall be duly authorized, validly issued, fully paid, nonassessable, and free of
preemptive rights.

5. (a) In case the Company shall at any time after the date this Warrant was first issued (i)
declare a dividend on the outstanding shares of its Common Stock payable in shares of its capital
stock, (ii) subdivide the outstanding shares of its Common Stock, (iii) combine the outstanding
shares of its Common Stock into a smaller number of shares, or (iv) issue any shares of its capital
stock by reclassification of the Common Stock (including any such reclassification in connection
with a consolidation or merger in which the Company is the continuing corporation), then, in each
case, the Exercise Price, and the number of Warrant Shares issuable upon exercise of this Warrant,
in effect at the time of the record date for such dividend or of the effective date of such
subdivision, combination, or reclassification, shall be proportionately adjusted so that the Holder
after such time shall be entitled to receive the aggregate number and kind of shares which, if such
Warrant had been exercised immediately prior to the record date therefor, he would have owned upon
such exercise and been entitled to receive by virtue of such dividend, subdivision, combination, or
reclassification. Such adjustment shall be made successively whenever any event listed above shall
occur.

(b) No adjustment in the Exercise Price shall be required if such adjustment is less than
$.01; provided, however, that any adjustments which by reason of this Section 5 are not required to
be made shall be carried forward and taken into account in any subsequent adjustment. All
calculations under this Section 5 shall be made to the nearest cent or to the nearest
one-thousandth of a share, as the case may be.

(c) In any case in which this Section 5 shall require that an adjustment in the Exercise Price
be made effective as of a record date for a specified event, the Company may elect to defer, until
the occurrence of such event, issuing to the Holder, if the Holder exercised this Warrant after
such record date, the shares of Common Stock, if any, issuable upon such exercise over and above
the shares of Common Stock, if any, issuable upon such exercise on the basis of the Exercise Price
in effect prior to such adjustment; provided, however, that the Company shall deliver to the Holder
a due bill or other appropriate instrument evidencing the Holder’s right to receive such additional
shares upon the occurrence of the event requiring such adjustment.

(d) Whenever there shall be an adjustment as provided in this Section 5, the Company shall
promptly cause written notice thereof to be sent by registered mail, postage prepaid, to the
Holder, at its address as it shall appear in the Warrant Register, which notice shall be
accompanied by an officer’s certificate setting forth the number of Warrant Shares purchasable upon
the exercise of this Warrant and the Exercise Price after such adjustment and setting forth a brief
statement of the facts requiring such adjustment and the computation thereof, which officer’s
certificate shall be conclusive evidence of the correctness of any such adjustment absent manifest
error.

6. (a) In case of any consolidation with or merger of the Company with or into another entity
(other than a merger or consolidation in which the Company is the surviving or continuing entity),
or in case of any sale, lease, or conveyance to another entity of the property and assets of any
nature of the Company as an entirety or substantially as an entirety, before the Company is
permitted to complete or consummate any such merger, consolidation, sale, lease or conveyance, the
Company shall cause such successor, leasing, or purchasing entity, as the case may be, to (i)
execute with the Holder an agreement providing that the Holder shall have the right thereafter to
receive upon exercise of this Warrant solely the kind and amount of shares of stock and other
securities, property, cash, or any combination thereof receivable upon such consolidation, merger,
sale, lease, or conveyance by a holder of the number of shares of Common Stock for which this
Warrant might have been exercised immediately prior to such consolidation, merger, sale, lease, or
conveyance and (ii) take or cause to be taken all necessary equity holder and corporate action,
including amending its Certificate of Incorporation or otherwise, required to effect such
agreement. Such agreement shall provide for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 5.

(b) In case of any reclassification or change of the shares of Common Stock issuable upon
exercise of this Warrant (other than a change in par value, or from no par value to a specified par
value that is less than the Exercise Price, as the same may be adjusted from time to time
hereunder, or as a result of a subdivision or combination, but including any change in the shares
into two or more classes or series of shares), or in case of any consolidation or merger of another
entity into the Company in which the Company is the continuing entity and in which there is a
reclassification or change (including a change to the right to receive cash or other property) of
the shares of Common Stock (other than a change in par value, or from no par value to a specified
par value that is less than the Exercise Price, as the same may be adjusted from time to time
hereunder, or as a result of a subdivision or combination which is subject to the provisions of
Section 5 of this Warrant, but including any change in the shares into two or more classes or
series of shares), the Holder shall have the right thereafter to receive upon exercise of this
Warrant solely the kind and amount of shares of stock and other securities, property, cash, or any
combination thereof receivable upon such reclassification, change, consolidation, or merger by a
holder of the number of shares of Common Stock for which this Warrant might have been exercised
immediately prior to such reclassification, change, consolidation, or merger. Thereafter,
appropriate provision shall be made for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 5.

(c) In the event that the Company (i) issues as a dividend or other similar distribution (an
“Extraordinary Dividend”) on all of its then outstanding Common Stock, (A) securities of the
Company of a class other than Common Stock, (B) rights, warrants or options (individually, a
“Right” and collectively, the “Rights”) to acquire any securities of the Company (including Common
Stock) or (C) evidences of its indebtedness or assets, or (ii) issues any dividend or other similar
distribution (a “Secondary Extraordinary Dividend”) on any such securities in the form of
securities of the Company (including Common Stock) (any securities (other than Rights) issued as an
Extraordinary Dividend or Secondary Extraordinary Dividend or issued upon exercise of any Rights
issued as an Extraordinary Dividend or Secondary Extraordinary Dividend shall be referred to as
“Dividend Securities”):

(x) this Warrant shall thereafter be exercisable for (1) the
original number of shares of Common Stock (subject to adjustment as
herein provided), (2) such Dividend Securities and Rights as would
theretofore have been issued in respect of such shares (adjusted as
herein provided) had such shares been outstanding at the time of
such Extraordinary Dividend, and (3) any Dividend Securities that
would theretofore have been issued as a Secondary Extraordinary
Dividend in respect of such Dividend Securities had such Dividend
Securities been outstanding at the time of such Secondary
Extraordinary Dividend; and

(y) any Right issued as an Extraordinary Dividend or a Secondary
Extraordinary Dividend shall (1) expire upon the later of (a) the
original expiration date of such Right or (b) the 180th day
following the exercise of this Warrant, and (2) be exercisable for
(a) the Dividend Securities issuable upon exercise of such Right and
(b) any property theretofore issued as a Secondary Extraordinary
Dividend in respect of such Dividend Securities.

(d) In the event that at any time while this Warrant is outstanding, the Company shall offer
to sell to all of the holders of Common Stock as a class, rights or options to purchase Common
Stock or rights or options to purchase any stock or securities convertible into or exchangeable for
Common Stock (such exchangeable or convertible stock or securities being herein called “Convertible
Securities”), whether or not such rights or options are immediately exercisable, and the price per
share for which Common Stock is issuable upon the exercise of such rights or options or upon
conversion or exchange of such Convertible Securities (determined by dividing (i) the total amount
received or receivable by the Company upon issuance and sale of such rights or options, plus the
aggregate amount of additional consideration payable to the Company upon the exercise of all such
rights or options, plus, in the case of rights or options which relate to Convertible Securities,
the aggregate amount of additional consideration, if any, payable upon the conversion or exchange
of all such Convertible Securities, by (ii) the total maximum number of shares of Common Stock
issuable upon the exercise of all such rights or options or upon the conversion or exchange of all
such Convertible Securities issuable upon the exercise of all such rights or options) shall be less
than the Exercise Price in effect immediately prior to the initial sale of any such rights or
options, the Company shall offer to sell to the Holder, at the price and upon the terms at which
such rights or options are offered to holders of its Common Stock, such number of such rights or
options as the Holder would have been entitled to purchase had the Holder exercised this Warrant
immediately prior to the commencement of the offering of such rights or options.

(e) The above provisions of this Section 6 shall similarly apply to successive
reclassifications and changes of shares of Common Stock and to successive consolidations, mergers,
sales, leases, and/or conveyances.

7. In case at any time the Company shall propose:

(a) to pay any dividend or make any distribution on shares of Common Stock in shares of Common
Stock or make any other distribution (other than regularly scheduled cash dividends which are not
in a greater amount per share than the most recent such cash dividend paid prior to the date this
Warrant was issued) to all holders of Common Stock; or

(b) to issue any rights, warrants, or other securities to all holders of Common Stock
entitling them to purchase any additional shares of Common Stock or any other rights, warrants, or
other securities; or

(c) to effect any reclassification or change of outstanding shares of Common Stock, or any
consolidation, merger, sale, lease, or conveyance, described in Section 6; or

(d) to effect any liquidation, dissolution, or winding-up of the Company; or

(e) to take any other action which under the express terms of this Warrant would cause an
adjustment to the Exercise Price and/or to which the provisions of Section 5 and/or Section 6
apply;

then, and in any one or more of such cases, the Company shall give written notice thereof, by
registered mail, postage prepaid, to the Holder at the Holder’s address as it shall appear in the
Warrant Register, mailed at least 30 days prior to (i) the date as of which the holders of record
of shares of Common Stock to be entitled to receive any such dividend, distribution, rights,
warrants, or other securities are to be determined, (ii) the date on which any such
reclassification, change of outstanding shares of Common Stock, consolidation, merger, sale, lease,
conveyance, liquidation, dissolution, or winding-up is expected to become effective, and the date
as of which it is expected that holders of record of shares of Common Stock shall be entitled to
exchange their shares for securities or other property, if any, deliverable upon such
reclassification, change of outstanding shares, consolidation, merger, sale, lease, conveyance of
property, liquidation, dissolution, or winding-up, or (iii) the date of such action which would
require an adjustment to the Exercise Price.

8. The issuance of any Warrant Shares or other securities upon the exercise of this Warrant,
and the delivery of certificates or other instruments representing such shares or other securities,
shall be made without charge to the Holder for any tax or other charge in respect of such issuance.
The Company shall not, however, be required to pay any tax which may be payable in respect of any
transfer involved in the issue and delivery of any certificate or other instrument in a name other
than that of the Holder and, if the transfer is subject to withholding, the Company shall not be
required to issue or deliver any such certificate or instrument unless and until the person or
persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall
have established to the reasonable satisfaction of the Company that such tax has been paid.

9. Any certificate evidencing the Warrant Shares issued upon exercise of the Warrant and
registered in the name of the Holder on the Transfer Agent’s records in book-entry form under The
Direct Registration System shall contain the following notation:

“THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE
SECURITIES LAWS OR BLUE SKY LAWS.”

10. (a) If, at any time after the issuance of this Warrant, the Securities Act or any rules or
regulations promulgated thereunder shall be amended to prevent or limit the ability of a Holder to
be able to acquire the Warrant Shares through a cashless exercise, as contemplated by Sections 1(b)
and 2 above, and thereafter to sell the Warrant Shares so acquired after a holding period not
exceeding one year without registration, then, but only then, the Company agrees the Holder shall
have “piggy-back” registration rights, provided that: (i) such rights do not require the Company
to suffer or incur any material costs or liabilities it would not otherwise suffer or incur; and
(ii) such rights shall provide that they cannot be exercised at any time or in any manner which
would materially impede or interfere with the ability of the Company to raise necessary capital.
Such registration rights shall be exercisable by the Holder and/or his designee until all Warrant
Shares issuable hereunder are sold or may be resold under Rule 144 without limitations.

(b) The Company has and does hereby represent and warrant to the Holder that the Company does
not currently have any Warrants outstanding as of the date of this Warrant which contain any
economic anti-dilution provisions which are not included in this Warrant. If, at any time after
the issuance of this Warrant, the Company issues any other Warrants which do contain any such
economic anti-dilution provisions not contained in this Warrant, the Company agrees, at no cost to
the Holder, to reissue this Warrant to add such economic anti-dilution provisions to this Warrant.

11. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction, or mutilation of any Warrant (and upon surrender of any Warrant if mutilated), and
upon reimbursement of the Company’s reasonable incidental expenses, the Company shall execute and
deliver to the Holder thereof a new Warrant of like date, tenor, and denomination.

12. The Holder of any Warrant shall not have, solely on account of such status, any rights of
a stockholder of the Company, either at law or in equity, or to any notice of meetings of
stockholders or of any other proceedings of the Company, except as provided in this Warrant.

13. Any notice or other communication required or permitted to be given hereunder shall be in
writing and shall be mailed by certified mail, return receipt requested or sent by Federal Express,
Express Mail, or similar overnight delivery or courier service or delivered (in person or by
telecopy, telex, or similar telecommunications equipment) against receipt to the party to whom it
is to be given, if sent to the Company, at: 650 Madison Avenue, New York, NY 10022, Attention:
Corporate Secretary; or if sent to the Holder, at the Holder’s address as it shall appear on the
Warrant Register; or to such other address as the party shall have furnished in writing in
accordance with the provisions of this Section 12. Any notice or other communication given by
certified mail shall be deemed given five days after the time of certification thereof, except for
a notice changing a party’s address which will be deemed given at the time of receipt thereof. Any
notice given by other means permitted by this Section 12 shall be deemed given at the time of
receipt thereof.

14 This Warrant shall be binding upon the Company and its successors and assigns and shall
inure to the benefit of the Holder and his permitted successors and assigns. This Warrant may not
be assigned by the Holder in whole or in part without the prior written consent of the Company,
which consent shall not be unreasonably withheld, conditioned or delayed, and without compliance
with the Act and applicable state securities laws (such compliance to be evidenced to the Company’s
reasonable satisfaction).

15. This Warrant shall be construed in accordance with the laws of the State of New York
applicable to contracts made and performed within such State, without regard to principles of
conflicts of law, except to the extent that the Delaware General Corporation Law may govern by
virtue of the fact that the Company is incorporated under the laws of the State of Delaware.

16. The Company irrevocably consents to the jurisdiction of the US District Court for the
Southern District of New York and courts located in New York County in connection with any action
or proceeding arising out of or relating to this Warrant, any document or instrument delivered
pursuant to, in connection with or simultaneously with this Warrant, or a breach of this Warrant or
any such document or instrument. In any such action or proceeding, the Company waives personal
service of any summons, complaint or other process.

17. The Company shall not be required to issue or cause to be issued fractional Warrant Shares
on the exercise of this Warrant. If any fraction of a Warrant Share would, except for the
provisions of this Section, be issuable upon exercise of this Warrant, the number of Warrant Shares
to be issued will be rounded up to the nearest whole share.

18. In the event the License Agreement is validly terminated by the Holder as a result of the
failure of the Company (due to no Material Fault of either the Holder or ThrillRides) to meet the
Initial Performance Standard, this Warrant shall automatically terminate and be null and void
effective on the date of termination of the License Agreement. This Warrant shall be subject to
the provisions of the License Agreement. To the extent any provision of this Warrant conflicts with
any provision of the License Agreement, the provision of the License Agreement shall prevail and
govern.

	 	 	 
	Dated: September      , 2010
	 	FX REAL ESTATE AND ENTERTAINMENT

INC.

	 	 	By:

	 	 	 

	 	 	Name:

	 	 	 

	 	 	Title:

	 	 	 

[WARRANT SIGNATURE PAGE]

1

FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the attached Warrant,
subject to compliance with Section )

FOR VALUE RECEIVED,        hereby sells, assigns, and transfers
unto        a Warrant to purchase shares of common stock, $0.01 par value,
of FX Real Estate and Entertainment Inc., a Delaware corporation (the “Company”), together with all
right, title, and interest therein, and does hereby irrevocably constitute and appoint
     attorney to transfer such Warrant on the books of the Company, with
full power of substitution.

Dated:      

Signature:

NOTICE

The signature on the foregoing Assignment must correspond to the name as written upon the face
of this Warrant in every particular, without alteration or enlargement or any change whatsoever.

2

	 	 	 
	To:
	 	FX Real Estate and Entertainment Inc.

650 Madison Avenue

New York, New York 10022

Attention: Corporate Secretary

ELECTION TO EXERCISE

The undersigned hereby exercises its rights to purchase        Warrant Shares covered
by the within warrant and tenders payment herewith in the amount of $      in accordance with
the terms thereof, and requests that such Warrant Shares be issued and registered in the name of
the person specified below on the Transfer Agent’s records in book-entry form under The Direct
Registration System:

(Print Name, Address and Social Security

or Tax Identification Number)

and, if such number of Warrant Shares shall not be all the Warrant Shares covered by the within
Warrant, that a new Warrant for the balance of the Warrant Shares covered by the within Warrant be
registered in the name of, and delivered to, the undersigned at the address stated below.

	 	 	 	 	 
	Dated:

	 	Name:
	 	

	 

	 	 	 	 
	
 
	 	 	 	(Print)
	Address:

	 	

	 	

	
 
	 	 
	 	 

(Signature)

3

	 	 	 
	To:
	 	FX Real Estate and Entertainment Inc.

650 Madison Avenue

New York, New York 10022

Attention: Corporate Secretary

NOTICE OF CASHLESS EXERCISE

(To be executed upon exercise of Warrant

pursuant to Section 1(b))

The undersigned hereby irrevocably elects to exchange its Warrant for        Warrant
Shares pursuant to the cashless exercise provisions of the within Warrant, as provided for in
Section 1(b) of such Warrant, and requests that a certificate or certificates for such Warrant
Shares be issued in the name of and delivered to:

(Print Name, Address and Social Security

or Tax Identification Number)

and, if such number of Warrant Shares shall not be all the Warrant Shares which the undersigned is
entitled to purchase in accordance with the within Warrant, that a new Warrant for the balance of
the Warrant Shares covered by the within Warrant be registered in the name of, and delivered to,
the undersigned at the address stated below.

	 	 	 	 	 
	Dated:

	 	Name:
	 	

	 

	 	 	 	 
	
 
	 	 	 	(Print)
	Address:

	 	

	 	

	
 
	 	 
	 	 

(Signature)

4EX-10.2

Exhibit 10.2

DEVELOPMENT AGREEMENT

THIS DEVELOPMENT AGREEMENT (as hereafter amended or supplemented, this “Agreement”) is dated
and effective as of September 10, 2010 (the “Effective Date”), by and between CIRCLE ENTERTAINMENT
SV-I, LLC, a Delaware limited liability company (“FXRE”), and US THRILLRIDES, LLC, a Florida
limited liability company (“ThrillRides”).

R E C I T A L S:

A. ThrillRides is in the business of providing design and research and development services,
as well as various supervisory, management, administrative and oversight functions with respect to
the engineering, construction, installation, operation, and maintenance of amusement rides,
including specifically, but without limitation, the observation wheel amusement ride known as the
SkyViewTM (“SkyView”).

B. FXRE is the exclusive licensee of intellectual property rights and technology relating to
SkyView (as further defined below, the “SkyView Technology”) as well as the trademark “SkyView”
(the “Trademark”), pursuant to the Exclusive License Agreement entered into by and among FXRE, as
Licensor, and William J. Kitchen (“Kitchen”) and ThrillRides simultaneously herewith and effective
as of the Effective Date (the “License Agreement”).

C. Kitchen is the sole member of ThrillRides and is the sole owner of the SkyView Technology.

D. FXRE desires to engage ThrillRides, and ThrillRides desires to be engaged by FXRE, to act
in an advisory, supervisory, managerial and procurement capacity with respect to the “Services” (as
defined below), and to perform the “R&D Services” (as defined below), in each case subject to and
in accordance with the standard of care specified in Section 2.4 of this Agreement.

NOW, THEREFORE, in consideration of the foregoing premises and the mutual obligations of the
parties herein, and other good and valuable consideration, the receipt and sufficiency of which are
acknowledged by the parties, the parties agree as follows:

Section 1. Recitals; Exhibits; Schedules; Definitions. The parties
acknowledge and agree that the foregoing recitals are true and correct and, together with the
exhibits and schedules attached hereto, are incorporated herein and made a part of this Agreement.
In addition to other capitalized terms defined elsewhere herein, as used in this Agreement, the
following terms have the meanings set forth below:

1.1 “Affiliate” means a person, corporation, partnership or other entity directly
controlling, controlled by, or under common control with another person, corporation, partnership
or other entity. Ownership of more than fifty percent (50%) of the equity ownership interests in
an entity or the possession of the power to direct or cause to be directed the management and
policy of an entity by contract or otherwise shall be conclusive evidence of control of such
entity.

1.2 “Confidential Information” means any and all tangible or intangible information
furnished to or by FXRE, ThrillRides or Kitchen, or to or by any of their respective
Representatives, whether furnished before or after the Effective Date, whether oral, written, or
recorded/electronic, and regardless of the manner in which it is furnished, relating to FXRE,
ThrillRides, or Kitchen, or to any of their respective Affiliates or sublicensees, and relating to
FXRE’s, ThrillRides’ or Kitchen’s or any of their respective Affiliates’ or sublicensees’ assets,
operations, products, technologies, past, present, and future businesses, including, without
limitation, proprietary and non-public aspects of the SkyView Technology, the “Deliverables” to be
(as defined below) developed for FXRE pursuant to this Agreement, product plans, research and
development, personnel information, financial information, customers, customer lists, business
methods, operations and marketing programs, as well as the terms of this Agreement, including the
exhibits and schedules hereto, portions of which involve trade secrets, know-how, intellectual
property, techniques, and combinations of known information in and of a character regarded by FXRE,
ThrillRides and/or Kitchen and/or their respective Affiliates or sublicensees as confidential.

1.3 “Construction Documentation” means all plans, blueprints, manuals, instructions,
procedures, technical and functional specifications, maintenance, troubleshooting and repair
procedures and other documentation necessary or desirable for the construction, installation,
assembly, use, maintenance and repair of SkyViews.

1.4 “Deliverables” means the Documentation and any other documentation of the results
of the Services or of the R&D Services, SkyView parts and components procured by ThrillRides and
purchased or paid for by FXRE pursuant to this Agreement and any other work product resulting from
the Services.

1.5 “Development Services” means those design, research and development services to be
procured by ThrillRides for FXRE in connection with its use of the SkyView Technology and the
engineering, development, construction, installation, operation, maintenance and repair work
relating to SkyViews, which work is also to be procured by ThrillRides for FXRE.

1.6 “Documentation” means the Construction Documentation and Quality Control
Documentation.

1.7 “Enhancements” means any and all adaptations, alterations enhancements,
improvements, modifications, revisions, advancements, defect corrections, repairs or other changes
made to SkyView Technology or SkyViews during the term hereof.

1.8 “Key-Man Obligations” means the direct involvement by Kitchen in those certain
critical aspects of ThrillRides’ performance of its obligations hereunder specified below in this
Section 1.8 to the extent necessary to facilitate FXRE’s optimal commercial realization of the
SkyView Technology and SkyViews. The specific Key Man Obligations are the following: (i) being
principally responsible for recommending and identifying the “Providers” (as defined in Section
1.13 below) and assisting FXRE with its retention of such Providers; (ii) acting as the principal
liaison between FXRE and any Provider; (iii) being principally responsible for supervising,
managing and monitoring the performance of the Services by the Providers; (iv) being principally
responsible for conferring with any Provider in order to seek to resolve any technical and/or
logistical issues affecting the manufacture, development, construction, installation and/or
operation of any SkyView; (v) being principally responsible for providing periodic updates and
reports on the performance and progress of the Providers and the Services; and (vi) performing such
other tasks as FXRE may reasonably designate and to which Kitchen shall accept and agree, in
writing, with such acceptance and agreement by Kitchen not to be unreasonably withheld, conditioned
or delayed from time to time. For the avoidance of doubt or ambiguity, the provisions of this
Section 1.8 are not intended to require that Kitchen personally perform or personally supervise the
performance of ThrillRides of routine obligations or duties, or obligations or duties of
ThrillRides under this Agreement or any Statement of Work which can be performed by other employees
or Representatives of ThrillRides with substantially the same level of performance that Kitchen
could provide. It is rather intended that Kitchen’s Key-Man Obligations hereunder require the
personal involvement of Kitchen in the performance of ThrillRides of its obligations under this
Agreement and each Statement of Work at a level which meets or exceeds the “Standard of Care” as
specified in Section 2.4 below, and that Kitchen will be personally involved in the performance by
ThrillRides under this Agreement and each Statement of Work to the extent that Kitchen’s personal
expertise, experience, relationships or other qualifications make him the Person most qualified to
perform the particular function, duty or obligation.

1.9 “Person” means any individual, general partnership, limited partnership,
corporation, limited liability company, joint venture, trust, business trust, cooperative or
association or any other legal entity.

1.10 “Quality Control Documentation” means all data and documentation constituting a
quality control program for SkyView construction, installation, operation, use, maintenance and
repair, including, but not limited to: (a) quality and reliability related information such as
quality plans, specifications, instructions, procedures, test plans, test records and regulatory
documentation; and (b) all notifications or reports received from FXRE, its Representatives or any
third party manufacturer or operator of a SkyView or components or parts thereof, indicating (i)
complaints, problems, variations to specifications or other unanticipated results relating to the
SkyView Technology, parts or components used in SkyViews, or construction, installation, operation,
use, maintenance and repair of SkyViews, or (ii) variations from or modifications to designs,
specifications or other aspects of SkyViews, the Construction Documentation or otherwise relating
to the construction, installation, operation, use, maintenance and repair of SkyViews.

1.11 “Representatives” means a Person’s Affiliates and the Person’s and the Person’s
Affiliates’ respective directors, officers, employees and agents (including, without limitation,
financial advisors, legal counsel and accountants).

1.12 “R & D Services” means the ongoing research and development activities to be
conducted or procured by ThrillRides, and provided to FXRE with regard to the SkyView ride,
generally, during the term of this Agreement, but shall not include any research and development
activities necessary with respect to any specific SkyView(s) sold, leased, sublicensed or operated.
As used and defined herein, general, ongoing, conceptual research and development activities with
regard to the SkyView and improvements, enhancements or additions to the SkyView Technology,
generally, are intended to be covered by the defined term “R&D Services”, on the one hand, whereas,
any research and development services which are necessitated or required in order to be able to
construct, develop, install, operate, maintain and repair any one or more specific SkyViews,
whether performed or occurring before, during or after an order is placed or completed, whether
performed or occurring before, during, or after the completion of a sale, lease or other
disposition of one or more SkyViews, or whether ancillary to either or any of the aforesaid
processes or activities, are not intended to be included in or covered by the defined term “R&D
Services”, but rather is intended to be contained within the defined term “Development Services.”

1.13 “Services” means those services necessary for the construction, development,
installation and operation of SkyViews on behalf of FXRE, including, but not limited to, the
creation and/or provision of the Documents, the Construction Documentation, the Quality Control
Documentation, Deliverables, the Development Services, the R&D Services and other services
requested or required by FXRE pursuant to Section 3 below. For the purpose of clarity and the
avoidance of doubt or ambiguity, it is hereby understood, acknowledged and agreed by FXRE that,
except with respect to those R&D Services that ThrillRides actually performs itself, if any,
ThrillRides’ obligations with respect to the Services is not as a contractor which is retained to
actually perform or provide such Services, but rather is to: (i) seek out, identify and report to
FXRE and assist FXRE in the selection of those Persons which ThrillRides reasonably believes to be
qualified to provide any of the Services requested or required by FXRE (a “Provider”); (ii) to act
as a liaison between FXRE and any Provider selected by FXRE; (iii) to manage, supervise and monitor
the performance of the Services by the Providers selected by FXRE; (iv) to confer with any Provider
to resolve any technical and/or logistical issues affecting the manufacture, development,
construction, installation and/or operation of any SkyView; (v) to provide periodic updates or
reports on the performance and progress of the Services; and (vi) to perform such other tasks with
respect to ThrillRides’ obligations under this Agreement and each Statement of Work to the extent
necessary to reasonably ensure that the Services are being performed in accordance with the
provisions hereof. FXRE further hereby acknowledges and agrees that ThrillRides shall not in any
event be liable with respect to the performance results of the Services, the accuracy, reliability
or usefulness or merchantability of any of the Deliverables, Documents or Services, and that
ThrillRides has not given or made, will not give or make, and shall not be deemed to have given or
made any representation, or warranty of any kind or nature, express or implied, about or with
regard to any Provider, any Documents, any Deliverables, any Services, or the work performed by or
in accordance with or with regard to any of them. ThrillRides is obligated to perform its
obligations under this Agreement in substantial accordance with the Standard of Care specified in
Section 2.4 below.

1.14 “SkyView Technology” means all technical specifications, functional
specifications, materials specifications, designs and plans, know-how and other related proprietary
information pertaining to all aspects of the engineering, design, development, construction,
operation, maintenance and repair of SkyViews, as further described in the License Agreement, and
in the patent filings and other documents and materials identified, described and/or attached as
part of Schedule A to the License Agreement, and the Documentation to be created pursuant to this
Agreement and/or the License Agreement, all of which are licensed exclusively by Kitchen to FXRE
pursuant to the License Agreement.

Section 2. Engagement — Statements of Work.

2.1 Engagement. Subject to the terms and conditions of this Agreement, FXRE hereby
engages ThrillRides to advise FXRE with regard to the procurement of the Services and to perform
the R&D Services, and ThrillRides hereby accepts such engagement. The details regarding the
Services requested or required by FXRE from time to time shall be set forth in one or more
Statements of Work formulated and agreed to by the parties in the form attached as Schedule A
hereto. The initial Statement of Work, as executed by FXRE and ThrillRides on the Effective Date
(the “Initial Statement of Work”), governs the initial Services to be procured, as further
described in Section 3 below. In the event of any conflict or inconsistency between the terms
contained in the body of this Agreement and the terms contained in a Statement of Work, the terms
contained in the Statement of Work shall control with respect to the Services and/or Deliverables
covered by such Statement of Work. ThrillRides agrees to seek to procure one or more Providers to
perform the Services covered by the Initial Statement of Work as expeditiously as practicable, but
in any event by no later than the mutually agreed-upon completion date specified in the Initial
Statement of Work. ThrillRides acknowledges and agrees that Kitchen shall be involved in the
day-to-day operations of ThrillRides, that Kitchen shall devote his efforts to ThrillRides’
performance of its obligations under this Agreement and each Statement of Work to the extent
required for prompt, complete and proper performance of same, and that Kitchen shall personally
perform all of the Key-Man Obligations to the extent and as required under Section 1.8 above.

2.2 Contents of Statements of Work. The Statements of Work shall contain or
incorporate as attachments or by reference: (i) a reference to this Agreement; (ii) a designation
of the names and addresses of the contact person for each of FXRE and ThrillRides, who shall be
responsible for all administrative matters pertaining to the subject Statement of Work, in
particular, and to this Agreement, in general (each, a “Contract Coordinator”); (iii) a detailed
description of the Services to be undertaken and provided by the selected Provider; (iv) a
description of the specific work location for the Services; (v) a schedule for the performance and
completion of the Services; (vi) a description of any Deliverables to be created or otherwise
provided by the Provider; (vii) a budget for procurement and supply of any third party services,
materials, parts and components and any and all other expenses pertaining to the subject Statement
of Work; (viii) the duration of the term for Services to be performed on a regular periodic basis,
if any; (ix) the proposed completion date for the Services pertaining to the subject Statement of
Work; and (x) performance, acceptance or approval criteria for the Services and any Deliverables,
all of which shall be subject to the mutual agreement of FXRE and ThrillRides.

2.3 Reports. ThrillRides agrees to provide FXRE periodic written reports of the
progress of the work, any anticipated problems (resolved or unresolved), and any indication of
delay in fixed or tentative schedules. During any period in which any material work is being
conducted or Services provided under any Statement of Work, on a monthly basis (or more frequently
at the Contract Coordinator’s request), the Contract Coordinator for each of FXRE and ThrillRides
agree to confer (in person, telephonically or otherwise, as may be appropriate) for a formal
progress presentation, during which the Contract Coordinator for ThrillRides shall describe the
progress and status of the work and/or Services. Such presentation shall provide projections of the
time of completion and shall address any problems that have come to ThrillRides’ attention and
ThrillRides’ views as to how such problems may be resolved.

2.4 Standard of Care. ThrillRides hereby covenants and agrees that it shall devote
such time, personnel and other resources and exert such efforts as are reasonably necessary for it
to perform its obligations under this Agreement and each Statement of Work with the degree of
expertise, care and professionalism that are customary for an undertaking of this nature (the
“Standard of Care”). The Standard of Care shall include the performance of the Key Man Obligations
by Kitchen as and to the extent required under Section 1.8 above, provided, however, in the event
that FXRE gives notice of a default to ThrillRides, stating that Kitchen is not performing the Key
Man Obligations as and to the extent required under Section 1.8 above, and such failure of
performance of the Key Man Obligations has continued without being cured after FXRE has provided
written notice of such default to ThrillRides and the expiration of the applicable curative period,
FXRE’s only remedy (subject to the following sentence) shall be the termination hereof by FXRE.
Notwithstanding the foregoing, in the event that: (a) FXRE has given written notice to ThrillRides
alleging a failure of Kitchen to perform the Key Man Obligations as and to the extent required
under Section 1.8 above for reasons other than Kitchen’s death or permanent disability, and (b)
that such failure has resulted or will result in a breach of the Standard of Care (excluding the
Key Man Obligations from the Standard of Care for this purpose only), and (c) such breach of the
Standard of Care has resulted or will result in actual damages to FXRE, and (d) such breach is not
remedied during the applicable grace or curative period, then, but only then may FXRE seek those
actual damages proximately caused by such breach (“Standard of Care Damages”) from ThrillRides in
addition to termination of this Agreement, subject, however, to the limitation of liability
contained in Section 8 below. In the event of a breach of the Standard of Care as a result of
Kitchen’s death or permanent disability during the term hereof, no curative period shall be
applicable, and the only notice required shall be a notice of termination of this Agreement by
FXRE, specifying the death or permanent disability of Kitchen as the basis therefor, and such
termination shall be effective fifteen (15) calendar days after receipt. Any other claim or
assertion by FXRE regarding a failure of Kitchen to perform the Key Man Obligations as and to the
extent required under Section 1.8 above shall be made by FXRE by written notice to ThrillRides,
specifying in such notice the Key Man Obligation(s) not being performed by Kitchen as and to the
extent required in Section 1.8 above. Unless such claim or assertion is disputed by ThrillRides,
ThrillRides shall be accorded a curative period of not less than fifteen (15) Business days from
the date of receipt of such notice to cure or correct such failure, provided, however, if there are
no SkyViews then under a binding agreement for sale or lease or upon which construction has not
commenced, or such failure of performance cannot be cured within such fifteen (15) Business day
period because there are no such Key Man Obligations to be performed during such fifteen (15) day
period, then such fifteen (15) Business day period shall not commence until the next time such Key
Man Obligation(s) were required. In the event that ThrillRides disputes the claim or assertion
that the Key Man Obligations have been breached or the right of FXRE to terminate this Agreement
for a failure to cure such breach within the applicable curative period, such dispute shall be
asserted by written notice by ThrillRides to FXRE given within the applicable curative period (in
the event of a dispute concerning the failure to perform) or prior to the effective date of
termination, which shall be not less than fifteen (15) calendar days after receipt by ThrillRides
of the notice of termination (in the event of a dispute concerning the right to terminate), and the
parties shall promptly submit any such dispute to arbitration, and: (i) such arbitration must be
finally resolved before the termination becomes effective (in the event of a dispute concerning
FXRE’s right to terminate this Agreement for a breach of the Key Man Obligations) and (ii) if the
default does not involve Standard of Care Damages, the applicable curative period shall be tolled
and suspended upon ThrillRides giving good faith written notice to FXRE disputing with
particularity FXRE’s assertion that Kitchen has failed to perform the Key Man Obligations, and the
running of the applicable grace or curative period shall recommence upon the entry of the final
decision of the arbitrators in FXRE’s favor. If FXRE terminates this Agreement as a result of the
failure of Kitchen to perform the Key Man Obligations, and such termination is not disputed by
ThrillRides, or if disputed, such dispute is finally resolved in FXRE’s favor, any such termination
shall be regarded and treated in the same manner as a “Kitchen Termination Event” (as defined in
Section 9.3 below), and the provisions of Section 9.3, including the Obligation to continue making
the “Reduced Construction Payments”, as specified in said Section 9.3, shall apply thereto.

For the avoidance of doubt, ThrillRides’ failure to satisfy the Standard of Care,
notwithstanding Kitchen’s performance of the Key Man Obligations, shall be deemed a default subject
to the provisions of Section 9.3(i) below.

2.5 Responsibilities Regarding Certain Costs and Expenses. Notwithstanding anything
to the contrary set forth in this Agreement, ThrillRides shall be responsible for all internal
salaries, benefits and other personnel costs, and such other fees, costs, charges, taxes or other
expenses which are considered as “Overhead” under generally accepted accounting principles,
consistently applied, it incurs while performing its obligations under this Agreement and each
Statement of Work in accordance with the Standard of Care set forth in Section 2.4 above, but that
FXRE shall be responsible for and shall pay or reimburse ThrillRides for all other reasonable
out-of-pocket expenses, costs or charges ThrillRides or Kitchen suffers or incurs in the
performance of its or his obligations under this Agreement and each Statement of Work which are not
properly classified as Overhead.

2.6 Reimbursement of Certain Flight Costs. When in this Agreement ThrillRides is
entitled to be reimbursed for its reasonable out-of-pocket expenses, costs, or charges, which may
include travel expenses for William Kitchen, it is understood that Mr. Kitchen shall be entitled to
be reimbursed for airfare expenses on the basis of the lesser of (a) his actual cost or (b) a
first-class ticket. If and to the extent that Mr. Kitchen uses other airfare (such as flying his
own plane), the reimbursement therefor shall be limited to the price of a first-class ticket for
such itinerary from a nationally recognized carrier.

	 	 	 	 	 
	Section 3.
	 	Services.

	 	 	 	 	 

	 	3.1	 	 	Documentation Services.

	 	 	 	 	 

3.1.1 Construction Documentation Development. ThrillRides shall, at FXRE’s sole cost
and expense: (i) procure and cause to be created by the selected Provider all Construction
Documentation; (ii) procure updates, as necessary or appropriate from time to time, of all existing
Construction Documentation to reflect the most current SkyView Technology and SkyView designs,
parts, components, construction, installation, operation, maintenance and repair know how and
safety measures; and (iii) assemble the updated Construction Documentation, or cause the updated
Construction Documentation to be assembled, in a user friendly manner that can readily be utilized
by FXRE and its sublicensees and their respective contractors for construction of SkyViews, as
specified further in the Initial Statement of Work and subsequent Statements of Work.

3.1.2 Quality Control Documentation. ThrillRides shall procure and cause to be
created by the selected Provider, at FXRE’s sole cost and expense, all Quality Control
Documentation, quality control procedures and inspection manuals, covering all aspects of SkyView
parts, components, assembly, installation, operation, maintenance, repair and troubleshooting and,
at FXRE’s sole cost and expense, implement a quality control program for SkyViews.

3.1.3 Documentation Maintenance. ThrillRides will procure, at FXRE’s sole cost and
expense, updates of the Construction Documentation and Quality Control Documentation as reasonably
necessary from time to time. In no event will the updating of the Construction Documentation and
Quality Control Documentation be more than ninety (90) days after the completion of any material
change in specifications, parts, components, designs or other SkyView parameters or any material
change in applicable laws, regulations or codes of which ThrillRides has or is provided knowledge,
or any other occurrence of which ThrillRides has or is provided knowledge, necessitating a change
in same. ThrillRides will review the Construction Documentation and Quality Control Documentation
and provide suggestions to FXRE within thirty (30) days of determining, based on ThrillRides’
ongoing provision of Services and experience with implementation and operation of SkyViews, that
additions, deletions or other modifications should be made to the Construction Documentation and/or
the Quality Control Documentation. After consultation with and approval by FXRE, ThrillRides will
cause the Construction Documentation and Quality Control Documentation to be updated accordingly by
the appropriate Provider, at FXRE’s sole cost and expense.

3.1.4 Documentation Delivery. ThrillRides will procure from the selected Provider and
deliver copies of all of the Documentation described above to FXRE by the date referenced in the
Initial Statement of Work or in any subsequent Statement of Work, at FXRE’s sole cost and expense.
ThrillRides will procure from the selected Provider and deliver copies of any updates to the
Documentation to FXRE as set forth in Section 3.1.3 above.

3.2 Development Services. ThrillRides shall assist FXRE in the procurement and
selection of the Providers necessary to provide to FXRE the Development Services required to
install, assemble and build SkyViews at locations specified in the applicable Statement of Work.

3.3 Procurement and Supply of SkyView Parts and Components. ThrillRides shall seek to
identify and advise FXRE with regard to a Provider or Providers to supply to FXRE the requested
number and types of SkyView parts and components as set forth in the applicable Statement of Work.
FXRE shall pay directly to the selected Provider(s) the price specified in the Statement of Work
for each component purchased. Unless otherwise agreed to in the Statement of Work, the purchase
price for such components shall be due and payable to the selected Provider(s) prior to shipment of
same. Except as otherwise agreed to in the applicable Statement of Work, all SkyView components
procured or purchased pursuant to this Agreement shall be shipped using freight carriers mutually
agreed upon by the parties. Risk of loss or damage to such components associated with any such
purchase and shipment shall be borne solely by FXRE or the selected Provider, as mutually agreed
between them.

3.4 R&D Services. On a continuing and ongoing basis during the term of this
Agreement, ThrillRides shall perform or procure such research and development services or
activities as ThrillRides deems desirable and advisable from time to time in order to refine,
improve, extend, advance, expand, test or add to the SkyView Technology. Such R&D Services may be
actually performed or conducted by ThrillRides, itself, or, at ThrillRides’ option, such R&D
Services may be conducted or performed by such third Persons or Providers as may be selected by
ThrillRides, and under supervision, management and direction of ThrillRides. Except for and to the
extent any Overhead incurred by ThrillRides in performing those R&D Services which are elected to
be actually conducted or performed by ThrillRides, all reasonable out-of-pocket, third party costs
or expenses suffered or incurred by ThrillRides in the performance or provision of such R&D
Services, as well as the agreed-upon fees or compensation of those Persons or Providers selected to
perform such R&D Services, shall be at the sole cost and expense of FXRE. FXRE’s obligations to
reimburse ThrillRides for the reasonable, out-of-pocket, third party costs incurred by it in
performing such R&D Services shall only be applicable if FXRE has previously approved such costs
and expenses in or pursuant to a Statement of Work and/or in or pursuant to an approved Budget;
provided, however, all Budgets shall contain a line item of not less than $5,000.00 per month as an
allowance or contingency for the conducting of R&D Services by ThrillRides. Any fees or
compensation to be paid to any third Persons or Providers who are selected to perform any R&D
Services shall be subject to the prior approval of FXRE, either on a per contract or per work order
basis, or in an agreed-upon Budget, or in a Statement of Work. Any approval of any matter by FXRE
under this Section 3.4 shall not be unreasonably withheld, delayed or conditioned.

Section 4. Compensation and Expenses. In consideration of and for
ThrillRides’ performance of ThrillRides’ obligations hereunder, FXRE shall pay ThrillRides the
compensation and reimburse ThrillRides for expenses as set forth below.

4.1 Compensation. FXRE shall pay to ThrillRides an amount equal to five percent (5%)
of the “Total Cost” (as defined in Section 1.c.(ii) of the License Agreement) of “Construction and
Installation” (as defined in said Section 1.c.(ii) of the License Agreement) of each SkyView
(whether operated by FXRE or sold or leased to a third party by FXRE) (with each such payment being
referred to as a “Construction Payment”), subject to application of the credits for the “Unisystems
Advance” (as defined below) as prescribed in the following sentence. The Unisystems Advance shall
be credited against the Construction Payments, and as such Construction Payments are made, in
increments equal to one-third (1/3) of the Unisystems Advance, with the first one-third (1/3)
increment being credited against the Construction Payments relating to the first SkyView ordered,
the second one-third (1/3) increment being credited against the Construction Payments relating to
the second SkyView ordered and the third one-third (1/3) increment being credited against the
Construction Payments relating to the third SkyView ordered. Notwithstanding the foregoing
sentence, if or to the extent that three (3) SkyViews are not built due to no Material Fault on the
part of either ThrillRides or Kitchen, any increment of the Unisystems Advance which has not yet
been credited against the Construction Payments specified in the preceding sentence shall be deemed
forfeited by FXRE and thereafter ThrillRides shall not have any obligation to repay the Unisystems
Advance to FXRE. For purposes hereof, the “Unisystems Advance” is the sum of $125,000 advanced by
FXRE to Unisystems for the purpose of conducting engineering, research and development studies with
respect to SkyViews prior to the Effective Date, the receipt of which is hereby acknowledged and
confirmed by ThrillRides. The Construction Payments applicable to each SkyView shall be paid in
increments as construction and development of the applicable SkyView progresses, at the same time
as payments are made to Providers, or other vendors, contractors or subcontractors working on such
construction and development, and in the same ratio as the payments to all such Persons bear to the
total budgeted cost of construction and development of the applicable SkyView. As used herein,
“Material Fault” means fault by a party that is a material proximate cause of an event.

4.2 Expenses. Except as otherwise may be expressly provided below in this Section
4.2, FXRE shall be responsible for, and bear all costs and expenses necessary and incidental to,
the performance by ThrillRides of its obligations hereunder. Except with respect to: (i) Overhead
as specified in Section 2.4 above, (ii) any legal or accounting expenses or taxes incurred or
payable by ThrillRides or Kitchen in connection with any amounts received by either of them in
connection with this Agreement, and (iii) any out-of-pocket costs or expenses, incurred by FXRE for
R&D Services and which were not approved by FXRE in accordance with Section 3.4 above, any and all
reasonable costs or expenses paid or incurred by ThrillRides in the performance by it of the
Services hereunder, shall be paid by FXRE or, if previously paid by ThrillRides, reimbursed to
ThrillRides by FXRE, it being the intention of the parties that the compensation to be paid by FXRE
under Section 4.1 above is to be net to ThrillRides, except only for Overhead and those costs and
expenses specifically identified above in this sentence.

4.3 Timing of Expense Payments and Invoices. ThrillRides shall invoice FXRE for the
payment or reimbursement of any expenses paid or incurred by ThrillRides and which are reimbursable
by FXRE on a monthly basis. Invoices shall clearly itemize each expense amount requested and
identify any expenses paid or incurred during the immediately prior month, including all
accompanying documentation therefor. FXRE shall pay all undisputed amounts invoiced not later than
fifteen (15) days after receipt thereof.

4.4 Full Consideration. The compensation amounts set forth in Section 4.1, and the
reimbursement of the expenses payable pursuant to Sections 4.2 and 4.3 above, shall constitute full
payment to ThrillRides for all direct or indirect labor or other costs, disbursements, taxes,
duties or other expenses incurred by ThrillRides in the performance of its obligations under this
Agreement.

Section 5. Proprietary Rights.

5.1 Rights in the SkyView Technology. FXRE acknowledges and agrees that it shall have
no right, title or interest in or to any of the SkyView Technology or any derivative works based
thereon including, without limitation, any improvements, enhancements or extensions of the SkyView
Technology conceived, reduced to practice or developed by FXRE, ThrillRides or Kitchen, whether on,
after or before the date of this Agreement, whether in connection with performing its obligations
hereunder or under any similar agreement with a SkyView Technology licensee. Under no
circumstances shall the delivery of any information constituting the SkyView Technology or any
derivative works, improvements, enhancements or extensions thereof to FXRE be construed as a
transfer of title or a transfer of any right, title or interest in the SkyView Technology, or to
the derivative works, improvements, enhancements or extensions.

5.2 Confidential Information. FXRE and ThrillRides each acknowledge and agree that
all of the Confidential Information is material and confidential and greatly affects the goodwill
and the effective and successful conduct of FXRE, ThrillRides, Kitchen and their respective
Affiliates and sublicensees, and FXRE’s, ThrillRides’ and Kitchen’s and their respective
Affiliates’ and sublicensees’ respective businesses and operations, and that maintaining
confidentiality of the Confidential Information is necessary to protect the legitimate business
interests of FXRE, ThrillRides, Kitchen and their respective Affiliates and sublicensees.
Accordingly, as a material inducement to enter into this Agreement, FXRE and ThrillRides each
hereby agree, unless expressly authorized by the other party, to maintain and receive all such
Confidential Information in strict confidence and that neither it nor any of its Representatives or
subcontractors shall, at any time, directly or indirectly, divulge, reveal or communicate any
Confidential Information to any Person whatsoever, or use, pursue or exploit any Confidential
Information for its own benefit or for the benefit of others. FXRE and ThrillRides each agree that
neither it nor any of its Representatives or subcontractors will infringe any of FXRE’s,
ThrillRides’ or Kitchen’s or their respective Affiliates’ or sublicensees’ intellectual property or
other rights in said Confidential Information, and acknowledges that nothing herein shall be
construed as expressly or impliedly granting a license or right to use said Confidential
Information except for the specific purposes set forth herein or in the License Agreement. FXRE
and ThrillRides shall each disclose and enforce in writing the proprietary rights and
confidentiality provisions of this Agreement with all of their respective Representatives and
subcontractors who have access to Confidential Information or who will perform Services hereunder.
Notwithstanding anything to the contrary set forth above in this Section 5.2, so long as any third
Person to whom any disclosure is made executes an appropriate confidentiality agreement, FXRE and
ThrillRides, and their respective Representatives are authorized to disclose such Confidential
Information to actual or prospective buyers, lessees, operators, Providers or such other third
Persons as shall be reasonably necessary for either party to perform its obligations under this
Agreement or under the License Agreement.

5.3 Cooperation. FXRE and ThrillRides each agree to take all actions and cooperate as
is necessary to protect Kitchen’s and FXRE’s rights in the Deliverables as set forth herein and/or
in the License Agreement, and further agrees to execute and cause all Providers or other Persons
involved in the performance of Services hereunder to execute any documents that might be necessary
to perfect and protect Kitchen’s ownership rights and FXRE’s exclusive license rights with respect
thereto.

5.4 Proprietary Notices. ThrillRides shall seek to cause the Providers to place
appropriate patent, copyright and/or other proprietary notices on any applicable Deliverable. In
addition, ThrillRides shall seek to cause each Provider or other Person receiving any Confidential
Information if and as authorized as provided hereunder, to execute an agreed upon confidentiality
or non-disclosure agreement concerning all of the Confidential Information provided by ThrillRides
to such Provider and Person.

Section 6. Representations, Warranties and Covenants.

6.1 By FXRE. FXRE represents, warrants and/or covenants to ThrillRides that: (i) it
has the full right, power and authority to enter into this Agreement; (ii) its execution of this
Agreement and the performance by it of its obligations and duties hereunder has been authorized by
all necessary corporate action and does not and will not violate any applicable laws and
regulations or any agreement to which it is a party or by which it is otherwise bound or require
the consent of any third party that has not or will not in a timely manner be obtained; (iii) it
has or will obtain in a timely manner as required by applicable laws or regulations all necessary
licenses, permits, and other rights and authorizations to perform its obligations hereunder; (iv)
its business regarding the SkyViews shall be operated in accordance with any and all applicable
laws and regulations; and (v) as of the Effective Date, FXRE is a wholly-owned subsidiary of FX
Real Estate and Entertainment Inc. (the “Parent”).

6.2 By ThrillRides. ThrillRides represents, warrants and/or covenants to FXRE that:
(i) it has the full right, power and authority to enter into this Agreement and to perform the acts
required of it hereunder; (ii) its execution of this Agreement and the performance by it of its
obligations and duties hereunder have been authorized by all necessary corporate or other action
and do not and will not violate any applicable laws and regulations or any agreement to which it is
a party or by which it is otherwise bound or require the consent of any third party that has not or
will not in a timely manner be obtained; (iii) it has or will obtain in a timely manner as required
by applicable laws or regulations all necessary licenses, permits, and other rights and
authorizations to perform its obligations hereunder; (iv) its business regarding SkyViews shall be
operated in accordance with any and all applicable laws and regulations; and (v) it possesses the
necessary knowledge, experience and expertise to perform its obligations hereunder.

6.3 Other Obligations.

6.3.1 Conduct of Business. Each of FXRE and ThrillRides shall use its reasonable best
efforts to: (i) conduct business in a manner that reflects favorably at all times on the good
name, goodwill and reputation of ThrillRides and FXRE; (ii) avoid deceptive, misleading or
unethical practices that are or might be detrimental to either party or the public; (iii) make no
false or misleading representations with regard to themselves or to the other party; and (iv) not
publish or employ, or cooperate in the publication or employment of, any misleading or deceptive
advertising material with regard to ThrillRides or FXRE or engage in any activity or business
transaction which could be considered unethical.

6.3.2 Non Competition. Each of ThrillRides and FXRE hereby expressly agrees that,
during the term of this Agreement, neither ThrillRides nor its Affiliates nor FXRE nor the Parent
Company, nor any company that is an Affiliate of FXRE or the Parent Company, shall manage, advise,
consult, license, sublicense, sell or otherwise transfer intellectual property or know-how relating
to the SkyView, serve as a contractor for, provide services or deliverables or have any other form
of participation with, a third party directly in furtherance of such third party’s engagement in
the business of production, development, construction, installation or operation of SkyViews or
other Ferris wheel-type products now known or hereafter to become known that directly compete with
SkyViews (unless permitted under the terms of this Agreement), without first obtaining written
approval from the other party, which approval the other party may grant or withhold in its sole and
absolute discretion. In the event this Agreement expires or is terminated, then ThrillRides hereby
further agrees to continue to comply with the terms of this Section to the extent required by the
License Agreement for the benefit of FXRE and/or any sublicensee of FXRE, so long as FXRE or the
sublicensee performs its obligations under the applicable agreement. For the avoidance of doubt,
the foregoing provision shall not prohibit any party from conducting business with a third party,
so long as such business does not relate to the operation of SkyViews or other Ferris wheel type
products that would now or hereafter compete with SkyViews.

Section 7. Indemnification.

7.1 Indemnification by ThrillRides. ThrillRides shall, at its sole expense,
indemnify, defend and hold harmless FXRE, its Affiliates, successors, assigns, sublicensees and
subcontractors, and each of their respective officers, directors, managers, members, shareholders,
employees, independent contractors, agents and other representatives (each, a “FXRE Indemnified
Party” and collectively, the “FXRE Indemnified Parties”) from and against any and all claims and
causes of action of any nature made or lawsuits or other proceedings filed or otherwise instituted
against any of the FXRE Indemnified Parties proximately caused by or directly resulting from any
breach by ThrillRides or Kitchen of any of their respective representations, warranties or
covenants hereunder. Subject to the provisions of Section 8 below, ThrillRides shall be
responsible for and shall pay all reasonable costs and expenses related to such claims and
proceedings, including, but not limited to, the payment of all reasonable legal fees and costs of
litigation, defense and/or settlement of same.

7.2 Indemnification by FXRE. FXRE shall, at its sole expense, indemnify, defend and
hold harmless ThrillRides, its Affiliates, successors, assigns, sublicensees and subcontractors,
and each of their respective officers, directors, managers, members, shareholders, employees,
independent contractors, agents and other representatives (each, a “ThrillRides Indemnified Party”
and collectively, the “ThrillRides Indemnified Parties”) from and against any and all claims and
causes of action of any nature made or lawsuits or other proceedings filed or otherwise instituted
against any of the ThrillRides Indemnified Parties proximately caused by or directly resulting from
any breach by FXRE of any of FXRE’s representations, warranties or covenants hereunder. Subject to
the provisions of Section 8 below, FXRE shall be responsible for and shall pay all reasonable costs
and expenses related to such claims and proceedings, including, but not limited to, the payment of
all reasonable legal fees and costs of litigation, defense and/or settlement of same.

7.3 Indemnification Procedures. In claiming any indemnification hereunder, the party
seeking indemnification shall promptly provide to the other party written notice of any claim that
it believes entitles it to indemnification. The party seeking indemnification may, at its own
expense, assist in the defense if it so chooses. No settlement intended to bind the indemnified
party shall be final without the indemnified party’s written consent, which consent shall not be
unreasonably withheld, conditioned or delayed.

7.4 Set-Off Right. In the event that (i) a claim which is subject to indemnity by
ThrillRides and/or Kitchen shall have been asserted against an FXRE Indemnified Party in an action
filed in any legal or quasi-legal proceeding by a third Person (a “Third-Party Claim”); (ii) FXRE
shall have provided written notice of such claim to ThrillRides, (iii) the extent (including,
applicable deductibles) to which such Third-Party Claim is not covered under any insurance policy
obtained or which Licensee was required to obtain under Section 10.a. of this Agreement and which
insurance was available but which insurance Licensee failed to obtain, unless, if covered, all
applicable insurance providers have denied coverage for such Third-Party Claim; (iv) such
Third-Party Claim was of a nature or for an amount which, if decided adversely to the FXRE
Indemnified Party or Parties, would have a material adverse effect on the financial condition or
business of the Parent Company; (v) such claim is required to be and has been reported to the
Securities and Exchange Commission by the Parent Company, then, but only if all the foregoing
conditions precedent have been satisfied, and if FXRE shall have provided to ThrillRides such
documentation as may be commercially reasonable to evidence the satisfaction of all of said
conditions precedent, Licensee shall have the right to set-off any Indemnified Costs actually
incurred by any FXRE Indemnified Party, against fifty percent (50%) of any amounts payable to
ThrillRides hereunder or under any other agreement between FXRE and either or both of ThrillRides
or Kitchen; provided, however, that prior to setting off any such amounts, FXRE shall give
ThrillRides written notice of such costs and expenses, together with commercially reasonable
documentation thereof. In addition to the right of set-off set forth above, so long as FXRE gives
ThrillRides prior written notice of FXRE’s intention to do so and a reasonable estimate of the
amount (subject to change from time to time) to be deposited in the “Reserve Account” (as defined
below), FXRE shall have the right to establish an escrow account (the “Reserve Account”) with a
third party escrow agent (the “Escrow Agent”) and pursuant to an escrow agreement (the “Escrow
Agreement”) (with the Escrow Agent and with the terms and conditions of the Escrow Agreement to be
mutually agreed upon and reasonably acceptable to both ThrillRides and FXRE) and to deposit into
such Reserve Account up to fifty percent (50%) of the amounts otherwise payable to ThrillRides
hereunder, with such fifty percent (50%) being reduced by any amounts set-off for costs incurred as
set forth above. The amount to be deposited into the Reserve Account shall be such amount as FXRE
shall have determined in good faith to constitute a reasonable reserve against potential losses,
taking into account the amount claimed against any FXRE Indemnified Party in the subject claim. At
such time as the Third-Party Claim has been settled or otherwise conclusively and finally decided
and resolved, and after application of any available insurance proceeds, this right of set-off
shall be first applied against the Reserve Escrow (which shall then be automatically released), and
then may also be used with respect to any of the amounts which are or which become payable to
ThrillRides under this Agreement, to the extent that any final award or settlement exceeds
available insurance proceeds, plus the Reserve Account. Unless ThrillRides shall have defaulted on
its obligations under Section 5.a. above, no FXRE Indemnified Party shall have any right to settle
any such Third-Party Claim without waiving any claim of indemnity against ThrillRides without the
prior written consent of ThrillRides, which consent shall not be unreasonably withheld, delayed or
conditioned. In the event FXRE validly exercises the right of set-off under this Section 7.4,
ThrillRides shall have the right to challenge such right and have any disputes concerning the
satisfaction of the conditions precedent or the applicability of this Section 7.4 to the Third
Party Claim resolved by arbitration pursuant to the provisions of Section 10.2 below immediately
upon demand and without awaiting the final settlement, resolution or adjudication of the
Third-Party Claim, but during the pendency of the arbitration, the set-off right shall remain in
effect. This Section 7 (inclusive) and the parties’ indemnification obligations hereunder shall
survive termination of this Agreement for any reason whatsoever.

Section 8. Disclaimer of Warranties; Limitation of Liability. EXCEPT FOR THE
WARRANTIES EXPRESSLY PROVIDED HEREIN, NO PARTY HERETO MAKES ANY WARRANTIES AND DISCLAIMS ANY
IMPLIED WARRANTIES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE. EXCEPT FOR CLAIMS INVOLVING ACTUAL FRAUD OR
GROSS NEGLIGENCE, NO PARTY SHALL BE LIABLE TO ANY OTHER PARTY WITH RESPECT TO ANY PUNITIVE,
SPECIAL, CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES, INCLUDING WITHOUT LIMITATION, LOST PROFITS
ARISING OUT OF THE PERFORMANCE OR NONPERFORMANCE OF THIS AGREEMENT, EVEN IF THE PARTIES HAVE BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. EXCEPT FOR CLAIMS INVOLVING ACTUAL FRAUD OR GROSS
NEGLIGENCE, IN NO EVENT SHALL THRILLRIDES’ LIABILITY UNDER THIS AGREEMENT OR OTHERWISE WITH RESPECT
TO THIS AGREEMENT EXCEED THE TOTAL AGGREGATE AMOUNT OF COMPENSATION PAID OR PAYABLE BY FXRE TO
THRILLRIDES HEREUNDER AS PROVIDED IN SECTION 4.1 ABOVE. EXCEPT FOR CLAIMS INVOLVING ACTUAL FRAUD
OR GROSS NEGLIGENCE, AND EXCEPT FOR INDEMNITY CLAIMS ADDRESSED BELOW, IN NO EVENT, SHALL FXRE’S
LIABILITY UNDER THIS AGREEMENT EXCEED THE TOTAL AMOUNT OF AMOUNTS PAID OR PAYABLE BY FXRE TO
THRILLRIDES PURSUANT TO SECTION 4.1 ABOVE. ANY CLAIMS FOR INDEMNITY BY A THRILLRIDES INDEMNIFIED
PARTY AGAINST FXRE SHALL ALSO BE LIMITED TO AN AMOUNT EQUAL TO THE TOTAL AMOUNT PAID OR PAYABLE BY
FXRE TO THRILLRIDES HEREUNDER PURSUANT TO SECTION 4.1 ABOVE, BUT ANY AMOUNTS PAID OR PAYABLE BY
FXRE TO A THRILLRIDES INDEMNIFIED PARTY PURSUANT TO SECTION 7 ABOVE SHALL NOT IN ANY WAY REDUCE OR
LIMIT FXRE’S OBLIGATIONS OR LIABILITY TO PAY TO THRILLRIDES ANY AMOUNT UNDER SECTIONS 4.1 OR 4.2
ABOVE.

Section 9. Term and Termination of Agreement.

9.1 Term. Except as set forth below in this Section 9, this Agreement shall commence
on the Effective Date and shall for so long as the License Agreement shall remain in full force and
effect (the “Term”). Likewise, this Agreement shall terminate on the effective date of the
expiration or any termination of the License Agreement. In the event of any renewal or extension
of the License Agreement, this Agreement shall likewise be renewed and extended so that it is
coterminous with the License Agreement.

9.2 Termination by ThrillRides. ThrillRides shall have the right to terminate this
Agreement by providing written notice thereof to FXRE describing the basis for such termination if
any of the following events occur: (i) if any representation or warranty made herein by FXRE is or
shall become untrue or misleading in any material respect or if FXRE defaults in any material
respect in performing any of its obligations under this Agreement or under the License Agreement,
and such default is not cured or corrected on or before the expiration of the applicable grace or
curative period, if any; (ii) if a proceeding is commenced against FXRE seeking liquidation,
conservatorship or other relief with respect to FXRE or its assets under any bankruptcy, insolvency
or other similar law, or seeking the appointment of a trustee, receiver or other similar official
with respect to FXRE and/or a substantial portion of its assets, and such default is not cured, or
such proceeding is not dismissed, within ninety (90) days after such proceeding shall have been
instituted; or (iii) if FXRE commences or agrees or consents to or participates in the commencement
of a proceeding seeking liquidation, conservationship, protection, reorganization, or other relief
with respect to any state or federal bankruptcy, insolvency or other similar law, or seeking the
appointment of a trustee, receiver or other similar official with respect to FXRE and/or a
substantial or material portion of its assets. With regard to a default as described in Section
9.2(i) above, if the default involves the payment of any monies due to ThrillRides hereunder, the
curative period shall be ten (10) business days after ThrillRides gives FXRE written notice of the
default. If the default under Section 9.2(i) does not involve the payment of monies, the curative
period shall be fifteen (15) days after written notice thereof is given by ThrillRides to FXRE,
provided, however, if (x) the default is curable, (y) is of a nature which cannot reasonably be
cured or corrected within said fifteen (15) day period, and (z) will not result in irreparable harm
or injury to ThrillRides, then FXRE shall have additional time as may reasonably be required to
cure such default, so long as FXRE commences any necessary curative or corrective action within the
original fifteen (15) day period and thereafter diligently and continuously pursues such curative
or corrective actions until the default has been cured or corrected. With respect to the matters
addressed in Section 9.2(ii), the ninety (90) day period described therein shall be the only
curative period, and no notice of such default from ThrillRides shall be required. With regard to
the defaults described in Section 9.2(iii), no notice of default from ThrillRides is required, no
curative period is allowed, and termination of this Agreement shall occur automatically upon the
commencement of any such proceeding. Additionally, ThrillRides shall have the right to terminate
this Agreement if the Initial Performance Standard or the Subsequent Performance Standard (each as
defined in the License Agreement) shall not have been satisfied due to any cause other than
Material Fault of ThrillRides or any Force Majeure Event (as defined below); provided that in the
event such Initial Performance Standard is not achieved within the thirty (30) month period for
achieving same or such Subsequent Performance Standard is not achieved within the sixty-six (66)
month period for achieving same, as the case may be, due to a Force Majeure Event, the thirty (30)
month period or sixty-six (66) month period, as the case may be, shall be extended only for such
period of time that such Force Majeure Event delayed the sale, construction or development of
SkyViews.

9.3 Termination by FXRE. FXRE shall have the right to terminate this Agreement by
providing written notice thereof to ThrillRides if any of the following events occur: (i) if any of
its representations, warranties or obligations made herein by ThrillRides is or shall become untrue
or misleading in any material respect or if ThrillRides defaults in any material respect in
performing any of its obligations under this Agreement (including, without limitation, its
obligations specified in Section 2.4 above), and such default is not cured or corrected on or
before the expiration of the applicable grace or curative period, if any; or (ii) if a proceeding
is commenced against ThrillRides seeking liquidation, rehabilitation, reorganization,
conservatorship or other relief with respect to ThrillRides or its assets under any bankruptcy,
insolvency or other similar law, or seeking the appointment of a trustee, receiver or other similar
official with respect to ThrillRides and/or a substantial portion of its assets and such default is
not cured, or such proceeding is not dismissed, within ninety (90) days after such proceeding shall
have been instituted; or (iii) if ThrillRides commences or agrees or consents to or participates in
the commencement of a proceeding seeking liquidation, conservationship, protection, reorganization,
or other relief with respect to any state or federal bankruptcy, insolvency or other similar law,
or seeking the appointment of a trustee, receiver or other similar official with respect to
ThrillRides and/or a substantial or material portion of its assets. With regard to a default as
described in Section 9.3(i), the curative period shall be fifteen (15) days after written notice
thereof is given by FXRE to ThrillRides, provided, however, if (x) the default is curable, (y) is
of a nature which cannot reasonably be cured or corrected within said fifteen (15) day period, and
(z) will not result in irreparable harm or injury to FXRE, then ThrillRides shall have additional
time as may reasonably be required to cure such default, so long as ThrillRides commences any
necessary curative or corrective action within the original fifteen (15) day period and thereafter
diligently and continuously pursues such curative or corrective actions until the default has been
cured or corrected. With respect to the matters addressed in Section 9.3(ii), the ninety (90) day
period described therein shall be the only curative period, and no notice of such default from FXRE
shall be required. With regard to the defaults described in Section 9.3(iii), no notice of default
from FXRE is required, no curative period is allowed, and termination of this Agreement shall occur
automatically upon the commencement of any such proceeding. Additionally, FXRE shall have the
right to terminate this Agreement in the event that the Initial Performance Standard or Subsequent
Performance Standard shall not have been satisfied due to any cause other than a Material Fault of
either ThrillRides or Kitchen or any Force Majeure event; provided that in the event such Initial
Performance Standard or Subsequent Performance Standard is not achieved within the thirty (30)
month period for achieving same or the Subsequent Performance Standard is not achieved within the
sixty-six (66) month period for achieving same, the thirty (30) month period shall be extended only
for such time that such Force Majeure Event delayed the sale, construction or development of
SkyView(s). Additionally, FXRE shall have the right to terminate this Agreement in the event that
the Initial Performance Standard or Subsequent Performance Standard is not achieved due to a
Material Fault of ThrillRides or Kitchen, in which event ThrillRides shall be required to promptly
refund to FXRE the portions of the Unisystems Advance that have not been credited against
Construction Payments. Additionally, at any time after the initial thirty (30) months of the term
of this Agreement, in the event that FXRE makes a good faith determination that some other product
available in the marketplace is superior to or has a competitive advantage over SkyView, then FXRE
shall have the right to terminate this Agreement by written notice to ThrillRides and Kitchen,
which notice of termination shall constitute a simultaneous termination of the License Agreement
(except with respect to any royalties, payments, reimbursements other amounts which are due or
which are to become due, and payable by FXRE to ThrillRides and/or Kitchen with respect to any
SkyViews which have been completed, ordered or which are under construction, or which have been
sold or leased or which are under a binding agreement for sale or lease as of the effective date of
such termination, or with respect to any other provisions of this Agreement and/or the License
Agreement which by their terms survive a termination or expiration of the applicable agreement) by
giving written notice thereof to ThrillRides and Kitchen. For avoidance of doubt, the non-compete
provision in Section 6.3.2 shall no longer be applicable in such event. FXRE shall also have the
right to terminate this Agreement in the event of the death or permanent disability of Kitchen
results in Kitchen being unable to perform the Key-Man Obligations in the manner and to the extent
required by Section 1.8 above (a “Kitchen Termination Event”). In the event of Kitchen’s death or
permanent disability, ThrillRides shall promptly provide written notice thereof to FXRE. If FXRE
elects to terminate this Agreement as a result of a Kitchen Termination Event, the obligation of
FXRE to pay ThrillRides the Construction Payments required under Section 4.1 continue, but the
amount of such Construction Payments for any SkyViews which are not under binding agreement to be
sold or leased or upon which construction had not been commenced as of the effective date of the
termination hereof by FXRE shall be reduced as hereinafter provided. With respect to any and all
SkyViews which were not under binding agreement to be sold or leased or upon which construction has
not been commenced on or before the effective date of termination by FXRE, FXRE shall be obligated
to pay ThrillRides the “Reduced Construction Payments”, in accordance with the following schedule:

(i) In the event that the Kitchen Termination Event which is the basis for the
termination by FXRE occurs within the first ten (10) years of the term hereof, for any
SkyViews which are not under binding agreement to be sold or leased or upon which
construction had not commenced as of the effective date of termination, the Reduced
Construction Payment shall be an amount equal to one and one-half percent (1.5%) of the
“Total Cost” (as defined in Section 4.1 above).

(ii) In the event that the Kitchen Termination Event which is the basis for the
termination by FXRE occurs after the first ten (10) years of the term hereof but within the
next five (5) years of the term hereof, the Reduced Construction Payment shall be an amount
equal to two percent (2%) of the Total Cost.

(iii) In the event that the Kitchen Termination Event which is the basis for the
termination by FXRE occurs after the first fifteen (15) years of the term hereof, the
Reduced Construction Payment shall be an amount equal to two and one-half percent (2.5%).

All Reduced Construction Payments shall be paid in the same increments and at the same
frequency as Construction Payments were paid under Section 4.1 above. In the event of any
termination by FXRE as a result of a Kitchen Termination Event, even though FXRE’s obligations to
pay to ThrillRides the Reduced Construction Payments, ThrillRides shall not be required to perform
any further duties, responsibilities or obligations hereunder after the effective date of such
termination with respect to any SkyView which is not under binding agreement to be sold or leased
or upon which construction had not commenced as of the effective date of termination. With regard
to any SkyViews which are under binding agreement to be sold or leased or upon which construction
had commenced prior to the effective date of termination, FXRE shall be obligated to pay to
ThrillRides the full Construction Payments as and when required under Section 4.1 above, and
ThrillRides shall be obligated to perform all of the duties, responsibilities and obligations
required of it hereunder with respect to such SkyViews (except for the Key Man Obligations). The
provisions of this Section 9.3 shall expressly survive any termination of this Agreement.

9.4 Obligations After Termination or Expiration. In the event of termination of this
Agreement by ThrillRides, unless the License Agreement remains in effect, all Deliverables,
Documentation and Confidential Information in whatever format shall be provided by FXRE to
ThrillRides at no expense to ThrillRides, and ThrillRides shall not have any obligation to repay
any monies previously paid or advanced to it under this Agreement by FXRE.

9.5 Effect of Termination or Expiration of Agreement. Nothing herein shall be
construed to release either party from any obligation which matured prior to the effective date of
such termination or which may continue beyond such termination. Neither termination nor expiration
of this Agreement nor waiver of any right to terminate under this Agreement shall impair or limit
any rights or remedies that FXRE or ThrillRides may have at law or in equity.

Section 10. Miscellaneous Provisions.

10.1 Interpretation; Absence of Presumption; Currency. This Agreement shall be
construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting or causing any instrument to be drafted. When the context may require,
any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns or pronouns shall include the plural. When a reference
herein is made to a section, exhibit or schedule such reference shall be to a section, exhibit or
schedule, respectively of this Agreement unless otherwise indicated and whenever a reference herein
is made to this Agreement, such reference shall be to this Agreement as well as all exhibits and
schedules hereto unless otherwise indicated. The descriptive headings herein are inserted for
convenience only and are not intended to be part of or to affect the meaning or interpretation of
this Agreement. All references to payments and dollar amounts refer to United States Dollars, and
all payments hereunder shall be made in United States Dollars.

10.2 Governing Law; Dispute Resolution. This Agreement shall be governed by the laws
of the State of the laws of the State of Florida without application of conflicts of laws
principles or any other rule or interpretation that would result in the application of the laws of
another state or a foreign country. If the parties should have a material dispute arising out of
or relating to this Agreement or the parties’ respective rights and duties hereunder, then the
parties will resolve such dispute in the following manner: (i) either party may at any time deliver
to the other a written dispute notice setting forth a brief description of the issue for which such
notice initiates the dispute resolution mechanism contemplated by this Section, (ii) during the
thirty (30) day period following the delivery of the notice described above, appropriate
representatives of the various parties will meet and seek to resolve the disputed issue through
negotiation, (iii) if representatives of the parties are unable to resolve the disputed issue
through negotiation, then any dispute, controversy or claim arising out of or relating to this
Agreement or the interpretation, breach, termination or validity thereof, other than those for
which injunctive relief or specific performance is appropriate, shall be finally settled in
accordance with the Commercial Arbitration Rules of the American Arbitration Association (the
“AAA”) then obtaining, by a panel of three (3) arbitrators. Each party shall have the right to
appoint one (1) arbitrator from the list of arbitrators supplied to the parties by the AAA, and the
two (2) arbitrators so appointed shall appoint the third. The parties may agree to a single
arbitrator in lieu of a panel of three arbitrators. The place of arbitration shall be Orlando,
Florida, U.S.A. and each party hereto irrevocably consents and submits to the exclusive
jurisdiction of such arbitration panel in such venue. The language of the arbitration shall be in
English. The arbitrators shall determine the matters in dispute in accordance with the internal
laws of the State of Florida without reference to the Convention on Contracts for the International
Sale of Goods. The parties agree that the award of the arbitrators shall be the sole and exclusive
remedy between them regarding any claims, counterclaims, issues or accountings presented or pled to
the arbitrators, that the award shall be made and shall be promptly payable in U.S. dollars, free
of any tax, deduction or offset, and that any costs, fees or taxes instant to enforcing the award
shall, to the maximum extent permitted by law, be charged against the party resisting such
enforcement. The award shall include interest from the date of damages incurred for breach or
other violation of this Agreement, and from the date of the award until paid in full, at a rate to
be fixed by the arbitrators. The parties further agree that either party shall have the right to
seek injunctive relief, specific performance or other equitable relief in the state or federal
courts located in Orlando, Florida and each party irrevocably submits and consents to personal
jurisdiction exclusively in such courts with respect to such legal proceedings and waives any claim
or argument that such courts constitute an inconvenient or improper venue for such legal
proceedings. In the event that there is a default under this Agreement and it becomes reasonably
necessary for any party to employ the services of any attorney, either to enforce or terminate this
Agreement, with or without arbitration, the non-defaulting party shall be entitled to collect from
the defaulting party its reasonable attorneys’ fees and such other costs and expenses as are
incurred by it in enforcing or terminating this Agreement.

10.3 Severability. Should any term or provision of this Agreement be finally
determined by an arbitration panel or court to be void, invalid, unenforceable or contrary to law
or equity, the offending term or provision shall be modified and limited (or if strictly necessary,
deleted) only to the extent required to conform to the requirements of law and the remainder of
this Agreement (or, as the case may be, the application of such provisions to other circumstances)
shall not be affected thereby but rather shall be enforced to the greatest extent permitted by law.

10.4 Entire Agreement; Amendment or Modification of Agreement. The parties hereto
have read this Agreement and agree to be bound by all its terms. The parties further agree that
this Agreement, including the recitals, schedules and other exhibits hereto, all of which are
hereby incorporated herein by reference and made a part hereof, together with the License
Agreement, and, if and when entered into, the Orlando Management Agreement, shall constitute the
full, complete and exclusive statement of the agreement between them and supersedes all proposals,
oral or written, and all other communications between them relating to the subject matter of this
Agreement and the License Agreement. The preparation of this Agreement has been a joint effort of
the parties, and the resulting documents shall not, solely as a matter of judicial construction, be
construed more severely against one of the parties than the other. Except as otherwise provided
herein, this Agreement may not be modified, altered or amended, except by written agreement
executed by both parties.

10.5 No Waiver. The failure of either party at any time or times to require
performance of any provision hereof shall in no manner affect such party’s rights at a later time
to enforce the same. No waiver of any condition or term by either party in any one or more
instances shall be valid unless given in writing and signed by such party, and no such waiver shall
be construed as a further or continuing waiver of such condition or term or another condition or
term by such party.

10.6 Notices. Any notice, consent, approval or other communication permitted or
required under this Agreement shall be in writing and shall be delivered in person or by courier or
by facsimile, or shall mailed by certified or registered mail, postage prepaid, return receipt
requested, and addressed or sent to facsimile number as set forth for the intended recipient below,
or to such other address or facsimile number as shall be given in accordance with this Section
10.6. If any such communication is given by respectable overnight courier or by facsimile, or by
certified or registered mail, it shall be deemed to have been given when properly sent or
transmitted. In the event that such communication is given by personal delivery, it shall be
deemed given when actually delivered to the addressee, or when delivery is attempted during normal
business hours and delivery is refused. For all other means of transmission, receipt shall be
deemed to have occurred (i) in the case of facsimile, when successfully transmitted during normal
business hours, with electronic confirmation of successful transmission, (ii) in the case of
delivery by overnight courier, upon delivery or refusal of delivery during normal business hours;
(iii) in the case of certified or registered mail, upon receipt or refusal of delivery during
normal business hours.

	 	 	 
	If to FXRE:
	 	Circle Entertainment SV-I, LLC

650 Madison Avenue

15th Floor

New York, New York 10022

Attn: President

Fax No.: 212-750-3034

	If to ThrillRides:
	 	US ThrillRides, LLC

11536 Lake Butler Blvd.

Windermere, Florida 34786

Attn: William J. Kitchen, Manager

Fax No.: 407-909-8899

10.7 Relationship of Parties. This Agreement creates no relationship of partnership,
joint venture, employment, franchise, or agency between ThrillRides and FXRE. ThrillRides and FXRE
are independent parties. This Agreement shall not constitute the designation of ThrillRides or
Kitchen, individually, as the representative or agent of FXRE, nor shall ThrillRides or Kitchen,
individually, have the right or authority to make any promise, guarantee, warranty, or
representation, or to assume, create, or incur any liability or other obligation of any kind,
express or implied, against or in the name of, or on behalf of, FXRE.

10.8 Assignment. ThrillRides shall not have the right to assign any of its rights
hereunder or delegate any of its duties hereunder, in whole or in part, or otherwise transfer or
encumber this Agreement, in whole or in part, including, without limitation, rights acquired by it
under this Agreement to payments, to any third party without the prior written consent of FXRE,
which consent shall not be unreasonably withheld, provided that the Key-Man Obligations will
survive and continue in full force and effect and be performed by Kitchen in all respects as if no
such assignment had occurred. Such assignment or transfer shall not be deemed effective unless
such assignee or transferee has agreed in writing to acknowledge FXRE’s rights hereunder and be
bound by the terms and provisions of this Agreement. FXRE shall not have the right to assign this
Agreement or any rights, benefits or privileges hereunder or to delegate any of its duties
hereunder, in whole or in part, to any third party, without the prior written approval of
ThrillRides, which approval shall not be unreasonably withheld, delayed or conditioned, except that
FXRE shall have the right to assign this Agreement and all of its rights, benefits and privileges
hereunder and delegate all of its duties hereunder to an Affiliate without requiring the prior
written consent of ThrillRides, provided, however, that any such assignment or delegation by FXRE
shall not release or relieve FXRE of its duties of payment and performance hereunder. In the event
of any such assignment or delegation, FXRE shall provide notice thereof to ThrillRides.
Notwithstanding anything to the contrary set forth in this Agreement, FXRE shall have the right,
without the consent of ThrillRides being required, in connection with obtaining financing from one
or more lenders for funding to commercialize the SkyView Technology and/or construction,
installation, operation and/or maintenance of SkyViews, to assign this Agreement and otherwise
exercise the rights of FXRE hereunder in the event of a default by FXRE in connection with such
financing, to the extent that such lender or its agent deems necessary or desirable in connection
with the exercise of its rights and remedies, for the purpose of selling or otherwise disposing of,
or dealing with, any of the physical assets and properties of FXRE relating to the SkyView
Technology or the SkyViews. ThrillRides agrees to execute and deliver such additional agreements
or acknowledgements of the foregoing provision in favor of any such lender or its agent as may
reasonably be requested by such lender or its agent in connection with providing such financing to
FXRE. Notwithstanding anything to the contrary set forth in this Agreement, FXRE shall have the
right, without the consent of ThrillRides being required, to permit a sublicensee of FXRE to obtain
financing from one or more lenders for funding the commercialization of the sublicense granted to
it under the License Agreement and granting any such lender or its agent, a sublicense to use the
SkyView Technology and/or construction, installation, operation and/or maintenance of SkyViews in
the event of default by sublicensee in connection with such financing to the extent that such
lender or its agent deems it necessary or desirable in connection with the exercise of its rights
and remedies, for the purpose of selling or otherwise disposing of, or dealing with, any of the
physical assets and properties of sublicensee relating to the SkyView Technology or the SkyViews.
ThrillRides agrees to execute and deliver such additional agreements or acknowledgements of the
foregoing provision in favor of any such lender or its agent as may be requested by such
sublicensee, lender or its agent in connection with providing such sublicense or financing to
sublicensee.

10.9 Force Majeure. No party shall be liable to the other parties on account of any
loss, damage, or delay or failure of performance of any obligation hereunder to the extent that
such loss, damage or delay or failure of performance is proximately caused by strikes, riots,
insurrection, terrorist attacks, war, the elements, fires, floods, earthquakes, windstorms,
epidemics, pandemics, embargoes, failure of carriers, failures or unavailability of electrical
power or other utility services, inability to obtain material or transportation facilities, acts of
God or of the public enemy, compliance with any law, regulation or other governmental order, or any
other causes beyond the reasonable control of such party whether or not similar to the foregoing,
but expressly excluding lack or unavailability of funding or general economic conditions (“Force
Majeure” or “Force Majeure Event”). Every reasonable effort shall be made by the party claiming
Force Majeure to avoid delay or suspension of performance hereunder. As soon as practicable after
occurrence of any Force Majeure Event, the party claiming Force Majeure shall notify the other
parties in writing of such Force Majeure Event and, to the extent possible, inform the other
parties of the expected duration of the Force Majeure Event and the performance to be affected by
the suspension or curtailment under this Agreement. After the termination of any Force Majeure
Event, as soon as practicable, the party claiming Force Majeure shall notify the other parties in
writing of the termination of such Force Majeure Event and of the anticipated timing of the
resumption of performance.

10.10 Equitable Relief. FXRE and ThrillRides each hereby acknowledge that any breach,
or threatened breach, of the obligations of such party under this Agreement with respect to the
Confidential Information will cause the other party irreparable injury for which there are
inadequate remedies at law, and therefore the non-defaulting party will be entitled to equitable
relief in addition to all other remedies provided by this Agreement or available at law.

10.11 Further Assurances. Each party hereto shall execute and deliver all reasonably
required documents and perform all other acts which may be reasonably requested by the other party
hereto to implement and carry out the terms and conditions of the transactions contemplated herein.
Neither party shall take any action or fail to take any action which could reasonably be expected
to frustrate the intent and purposes of this Agreement.

10.12 Time. References in this Agreement or any related document to time periods in
days shall mean calendar days unless expressly provided otherwise.

10.13 Survival. All covenants, agreements, representations, warranties, indemnities
and provisions of this Agreement which by their nature are intended to survive the termination of
this Agreement shall so survive after the effective date of termination of this Agreement for any
reason whatsoever.

10.14 Counterparts. This Agreement may be executed and delivered (including by
facsimile transmission or other electronic means) in one or more counterparts, each of which shall
be deemed to be an original and all of which shall constitute one and the same agreement.

[signatures will appear on next page]

1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the year and date
first above written.

FXRE:

Circle Entertainment SV-I, LLC,

a Delaware limited liability company

By:

Name: Paul C. Kanavos

Title: President

THRILLRIDES:

US ThrillRides, LLC, a Florida limited

liability company

By:

William J. Kitchen, Manager

2

JOINDER

The undersigned, William J. Kitchen, does hereby join in the execution and delivery of this
Agreement solely for the purpose of acknowledging and agreeing to be bound by and to perform the
Key-Man Obligations specified in Section 1.8 above and the obligations specified in Section 6.3.2
above.

KITCHEN:

William J. Kitchen

3

Schedule A

Statement of Work

This Statement of Work is executed pursuant to the Development Agreement by and between Circle
Entertainment SV-I, LLC (“FXRE”) and US ThrillRides, LLC (“ThrillRides”) entered into as of
September   , 2010.

FXRE Coordinator:        (Tel. No.   )

ThrillRides Coordinator:       (Tel. No.   )

Description of Services and Deliverables to be procured by ThrillRides:

Specifications: (attached).

Equipment & Materials: [LIST]

     to be furnished by FXRE

     to be furnished or procured by ThrillRides

Location where Services are to be completed:

	 	 	 	 	 
	Work Schedule/Timetable for Completion: Commencing on
	 	, 2010
	(“Commencement Date”), and to be completed by or ending on
	 	, 2010
	Timetable for Completion/Milestone Deadlines:

	 	[LIST]
	 	

	 
	 	 
	Budget: [ATTACH]

	 	

	 	

	 

	 	

	 	

	Acceptance and Approval Criteria: [ATTACH]

	 	

	 	

	 

	 	

	 	

	Agreed to by:

	 	

	 	

	 

	 	

	 	

	Circle Entertainment SV-I, LLC

	 	US ThrillRides, LLC
	 	

	By:

	 	By:
	 	

	 

	 	 
	 	

	Name:

	 	William J. Kitchen
	 	

	 

	 	

	 	

	Title:

	 	Manager
	 	

	 

	 	

	 	

	Date:

	 	Date:
	 	

	 

	 	 
	 	

4

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