Document:

EX-10.3

 Exhibit 10.3 

CONTRACT OF LEASE 
 KNOWN ALL MEN BY THESE
PRESENTS: 
 That this Contract of Lease is made and entered into this 16th day of March
2017, at the city of Manila, Philippines, by and between: 
 PHILIPPINE AMUSEMENT AND GAMING CORPORATION (“PAGCOR”),
a government – owned and – controlled corporation created and existing by virtue of Presidential Decree No. 1869, as amended, with office address at the 5th Floor, PAGCOR Corporate
Office, New World Manila Bay Hotel, 1588 Pedro Gil cor. M.H. Del Pilar Streets, Malate, Manila, represented herein by its general signatory for all contracts, Chairman & Chief Executive Officer, ANDREA D. DOMINGO, the execution of
this Contract of Lease having been approved during the meeting of the PAGCOR Board of Directors on January 4, 2017, hereinafter referred to as “LESSOR”; 

-and- 
 TIGER RESORT LEISURE
AND ENTERTAINMENT, INC. (“TIGER”), a corporation duly organized and existing under the laws of the Republic of the Philippines, with principal office address at Okada Manila, New Seaside Drive, Entertainment City, Barangay
Tambo, Parañaque City, Metro Manila, represented herein by its Chairman, KAZUO OKADA, duly authorized for the purpose of this Contract of Lease under Board Resolution dated March 3, 2017, hereinafter referred to as
“LESSEE”. 
 (Hereinafter, LESSOR and LESSEE shall be collectively referred to as the “Parties.”) 

WITNESSETH: 
 WHEREAS,
LESSOR is a Government Owned and Controlled Corporation created by Presidential Decree No. 1869, as amended by Republic Act No. 9487 (hereinafter referred to as the “PAGCOR Charter”); 

WHEREAS, LESSOR is mandated by the PAGCOR Charter to establish and operate clubs and casinos, for amusement and recreation, including such
other forms of amusement and recreation which will generate sources of additional revenue to fund infrastructure and socio-civic projects, and create recreation and integrated facilities which will expand and improve the country’s existing
tourist attractions; 
 WHEREAS, under the PAGCOR Charter, LESSOR is authorized to enter into, make, conclude, perform and carry out
contracts of every kind and nature and for any lawful purpose which are necessary, appropriate, proper or incidental to any of its business or purpose, with any person, firm, association or corporation; acquire the right of way or access to or thru
public land, public waters or harbors, including the Manila Bay Area, including but not limited to the right to lease and/or purchase public lands; to do and perform such other acts directly related to the efficient and successful operation and
conduct of games of chance in accordance with existing laws and decrees; 

  
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 WHEREAS, in furtherance of its mandate, LESSOR invited interested proponents to submit
applications to qualify for a LESSOR license to operate integrated casino entertainment complexes within the Entertainment City Manila (the “Entertainment City”) located along Manila Bay in Parañaque City or such other locations in
this vicinity as may be approved by LESSOR; 
 WHEREAS, under the Terms and Reference for the Entertainment City, applicants must have the
financial capability and a well-established experience in the hotel and gaming business and must submit proposals for a total entertainment complex with a minimum project cost of US$1 billion to be developed either on land owned by the
applicant, or on land owned by LESSOR within the Entertainment City under such arrangement as may be acceptable to LESSOR; 
 WHEREAS,
LESSEE submitted a proposal to LESSOR pursuant to the Terms of Reference for the Entertainment City and was granted a Provisional License establish and operate casinos for both local and foreign patrons dated 5 August 2008 (the
“Provisional License”) 
 WHEREAS, under the terms of the Provisional License, LESSEE shall develop a parcel of land and operate
therein an integrated resort and entertainment complex with hotel, casino, residential areas, and themed development components (the “Project”), in accordance with a master development plan to be approved by LESSOR; 

WHEREAS, the National Government, through the Philippine Reclamation Authority (“PRA”), formerly, Public Estates Authority, was the
registered owner of a parcel of reclaimed land located at Central Business Park I, Islands B and C of the Bay City, Parañaque City, Metro Manila with an area of approximately Four Hundred Thousand (400,000) square meters, more or less, which
is a portion of Original Certificate of Title No. 289 issued by the Registry of Deeds of Parañaque City (hereinafter referred to as the “Property”); 

WHEREAS, on 29 November 2007, a Deed of Conditional Sale (the “Deed of Conditional Sale”) was executed between the PRA and
LESSOR covering the purchase by LESSOR from PRA on installment of the Property to form part of the Entertainment City; 

  
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 WHEREAS, LESSOR is willing to lease to LESSEE, and LESSEE is willing to lease from LESSOR, Lot 24/12 (the
“Leased Property”), under the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, for and in consideration of the
foregoing premises and covenants hereinafter stipulated, the parties have agreed as they hereby agree to the following terms and conditions; 

ARTICLE I 
 THE SUBJECT
PROPERTY FOR LEASE 
 Section 1. THE LEASED PROPERTY. The Leased Property shall have an area of approximately: 

  
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	LOT 24/12	  	TWENTY SEVEN THOUSAND ONE HUNDRED SIXTY FIVE (27,165) square meters.

  

			
	    	  	

 In the event that the actual area of the Leased Property is reduced for whatever reason during the effectivity of this
Contract of Lease, the Parties undertake that they will, in good faith and with their best efforts, cause an amendment of this Contract of Lease for the purpose of reducing the amount of lease payments discussed and provided in Article I,
Section 3 hereof in proportion to, and to the extent of, the area excluded from the original area of the Leased Property as indicated herein; Provided, however, that any reduction of the area of the Leased Property shall only become
effective if LESSEE shall have given its prior written consent thereto. 
 Section 2. ESPLANADE AREA. LESSEE shall have the right
to develop, improve and/or maintain the portion of the Esplanade (the “Esplanade Area”), which, although not forming part of the Property, is located in front of the Property, for the purposes of ensuring the aesthetic integrity of the
Project and the seamless development of the Leased Property, and enhancing the marketability of the Project; Provided, that during the Lease Period (as defined hereunder), the LESSEE shall pay all taxes and fees that may be due on the
Esplanade Area; Provided, further, that any and all income generating activities derived from the Esplanade Area shall be subject to an agreement which shall be executed between the Parties prior to LESSEE’s development of the Esplanade.
For this purpose, the Parties undertake that they will, in good faith and with their best efforts, enter into an agreement for the purpose of determining the respective shares of LESSOR and LESSEE in the income to be generated by or from the
Esplanade Area, with principal consideration to (i) the total value of the improvements that LESSEE shall have made and/or constructed; and (ii) the LESSOR’s agreement with the PRA on the Esplanade Area. 

LESSEE shall comply with the development parameters under the Boulevard 2000 integrated Framework Plan and such other Declaration of Restrictions that may be
implemented in the Property. For this purpose, LESSEE shall include in the Master Development Plan (the “MDP”) for the Leased Property the development plan for the Esplanade Area. 

Section 3. PURPOSE. The Leased Property forms part of the Property into which the Entertainment City will be developed into a world-class,
self-contained 24/7 family-oriented entertainment and gaming complex which offers complete facilities for total entertainment, leisure and gaming experience. LESSEE shall lease the Leased Property for the purpose of developing and maintaining
thereon a world-class entertainment city. The Leased Property shall feature hotel, gaming, retail, amusement, and themed development areas in accordance with MDP and Project Implementation Plan (“PIP”) approved by both Parties. The MDP for
the Leased Property shall form part of the Master Plan for the Entertainment City. The MDP and the PIP that will show developments on the Leased Property amounting to at least One Billion United States Dollars (US$1 Billion), shall be presented by
the LESSEE to the LESSOR. LESSEE shall not make or cause or permit the making of any material change in the approved MDP and/or the approved PIP for the Leased Property unless prior written approval and consent of LESSOR is obtained, which approval
and consent shall not be unreasonably withheld by LESSOR. 

  
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 LESSEE shall provide for and bear all cost of the boundary survey and other surveys it may want to conduct
on the Leased Property and taking into consideration road right-of-way requirements of LESSOR. LESSEE is also authorized to conduct technical survey for purposes of
verifying the exact area and location of the Leased Property. 
 Section 4. LEASE PERIOD. The Lease Period shall be from
June 28, 2012, and shall be until July 11, 2033, unless sooner revoked, rescinded or cancelled under Article IV, Section 2 of this Contract of Lease. 

Upon the expiration of the Lease Period and provided that the term of the PAGCOR Charter shall have been extended under substantially the same terms and
conditions as the current PAGCOR Charter, then the Parties shall have the option to renew this Contract of Lease for the period of the extended term of the PAGCOR Charter and under substantially the same terms and conditions. If the term of the
PAGCOR Charter is extended under terms and conditions which are not substantially similar to the terms and conditions of the current PAGCOR Charter, then this Contract of Lease may be renewed by the Parties subject to the terms of the extension of
the PAGCOR Charter and such terms and conditions as may be agreed upon by the Parties. 
  

			
	Section 5. ANNUAL LEASE RENTAL.	  	
		  	

 meters:

  
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         For clarity, the Annual Lease Rental for the Leased Property under this Contract of Lease shall be: 

 

			
	
            YEAR 
           
	  	 ANNUAL LEASE RENTAL (in PhP)

	1	  	    
	2	  	
	3	  	
	4	  	
	5	  	
	6	  	
	7	  	
	8	  	
	9	  	
	10	  	
	11	  	
	12	  	
	13	  	
	14	  	
	15	  	
	16	  	
	17	  	
	18	  	
	19	  	
	20	  	
	21	  	
	22	  	

 The LESSEE shall pay the Annual Lease Rental starting from 2012 until the current year (Years 1 to 5) without need of demand
from the LESSOR, within fifteen (15) days from the execution of this Contract of Lease. 
 The LESSEE shall pay the next Annual Lease Rentals without
need of demand from LESSOR within fifteen (15) days from the anniversary date of the start of the Lease Period (28th of June), starting 2017 and every year thereafter. 

Provided, that if the last remaining year of the Lease Period shall comprise of less than twelve months, the LESSEE shall pay only a proportionate
amount of the stipulated Annual Lease Rental for that particular year corresponding to the actual number of months for which the Contract of Lease shall remain effective. 

As shown in the above schedule, the Annual Lease Rental shall increase by two and a half percent (2.5%) (the “2.5% Escalation Rate”) starting on the
16th year of the Lease Period and every year thereafter. 
 The provisions of this Section 3
notwithstanding, beginning on the 16th year of the Lease Period and until the expiry thereof, LESSEE shall pay LESSOR an annual lease payment which shall be the higher either (i) the amount
indicated in the above schedule or (ii) the amount equivalent to three percent (3%) of the zonal value designated by the Bureau of Internal Revenue (BIR) for the total area of the land constituting the Leased Property, excluding the value of
any improvements thereon. 

  
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 The Lease Rental once it falls due shall be considered public funds. 

Section 6. TURN OVER OF THE LEASED PROPERTY. The LESSEE acknowledges that the LESSOR turned over the Leased Property to LESSEE as of
June 28, 2012. 
 LESSOR shall ensure LESSEE’s peaceful and continued possession of the Leased Property during the Lease Period. 

Section 7. SUB-LEASE. LESSEE shall, subject to LESSOR’s approval of the sub-LESSE and its development plan, which consent shall not be unreasonably withheld, have the right to sub-lease the Leased property, in whole or in part; Provided,
that the provisions of this Contract of Lease shall be incorporated by reference in the contract covering such sub-lease and a copy of such contract of sub-lease shall
have been submitted by the LESSEE to the LESSOR; Provided, further, that the purpose of the sub-lease shall be consistent with the parameters and guidelines set by (i) this Contract of Lease,
(ii) the approved MDP, and (iii) the approved PIP of the Provisional License. 
 Failure of LESSEE to comply with the immediately preceding
paragraph shall entitle LESSOR to impose upon LESSEE a penalty in an amount equivalent to one (1) year’s rental as provided under the relevant sub-lease contract. 

Thereafter, the LESSEE shall seek the LESSOR’s approval of the sub-LESSEE and its development plan. If the LESSOR
finds the sub-LESSEE and its development plan to be acceptable, the LESSOR will notify the LESSEE in writing, of such approval. 

However, if the LESSOR finds the sub-LESSEE and its development plan to be unacceptable to it, the LESSOR shall
require the LESSEE to immediately cause the termination of the sub-lease contract within thirty (30) days from LESSEE’s receipt of written notice from LESSOR requiring such termination. 

Failure of LESSEE to terminate the relevant sub-lease contract within the
30-day period shall entitle LESSOR to impose upon LESSEE a penalty in an amount equivalent to one (1) year’s rental as provided under the relevant sub-lease
contract, for every month of delay or a fraction thereof. 
 In the event that LESSEE enters into a sub-lease
contract in accordance with this Section 5, it is understood and agreed that LESSOR shall receive a fee equivalent to Five Percent (5%) of any and all gross revenues paid by these sub-lease tenants to
LESSEE, and which shall be payable by the LESSEE to the LESSOR without need of demand, within seven (7) days from the payment deadline(s) as set forth in the relevant sub-lease contract. 

Section 8. PRE-TERMINATION PENALTY. The LESSEE may
pre-terminate this Contract of Lease by giving LESSOR written notice thereof at least Ninety (90) days prior to the intended date of pre-termination;
Provided, that in the event of such pre-termination, LESSEE shall be liable to the LESSOR for a pre-termination penalty in the amount of PESOS: FIFTY MILLION (Php50,000,000.00) (the “Pre-Termination Penalty”). 

  
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 Section 9. INSPECTION, NO WARRANTY. Except as provided under Article I
Section 4, LESSOR leases the Leased Property to LESSEE on an “as-is-where-is” basis. LESSEE hereby declares that
it has conducted a visual inspection of the Leased Property prior to the execution of this Contract of Lease. LESSOR warrants that it has the sole power and authority to develop, deal in, and transact on the Leased Property but MAKES NO WARRANTY AS
TO THE PHYSICAL CONDITION, MARKETABILITY, OPERATIONAL OR STRUCTURAL CAPABILITY, OR AS TO THE ABSENCE OF ANY HIDDEN DEFECTS OF THE LEASED PROPERTY. 

Section 10. SURETY BOND. The LESSEE shall, within thirty (30) days from the execution of this Contract of Lease, post a Surety
Bond in favor of PAGCOR in the amount of PESOS: FIFTY MILLION (Php50,000,000.00) to cover for the Pre-termination Penalty stipulated in Article I Section 6, in the event that the remaining balance of the Annual Lease Rental as of the date of pre-termination has been fully used up or shall be insufficient to cover the payment for such Pre-termination Penalty. The Surety Bond shall be renewed annually by the LESSEE
until the end of the Lease Period. 
 ARTICLE II 

USAGE AND UPKEEP OF THE LEASED PROPERTY 

Section 1. USAGE. LESSOR hereby leases the Leased Property to LESSEE and LESSEE undertakes to develop and use the Leased Property in
accordance with the terms of (i) this Contract of Lease, (ii) the Provisional License and/or the Regular Casino Gaming License, (iii) the approved MDP, (iv) the approved PIP, and (v) for such other purposes as may be allowed
by law. The approved MDP and the approved PIP contained in the Provisional License shall likewise form an integral part of this Contract of Lease. 
 The
LESSEE may introduce a business activity and/or develop or construct buildings within the Leased Property other than those components contained in the approved MDP and approved PIP (“New Development”): Provided, that the same is
presented to LESSOR for consent, which consent shall not be unreasonably withheld; and, Provided, further, that such New Development must be consistent with the objectives of the Entertainment City, which are: (i) the increase in the
influx of tourists into the country in response to national development goals and objectives, specifically in the promotion of tourism in the country, (ii) the generation of substantial employment, and (iii) increased revenues for the
national government. 
 Any New Development made on the Leased Property without the prior written consent of LESSOR shall subject LESSEE to a penalty in the
amount of PESOS: ONE HUNDRED THOUSAND PESOS (Php100,000.00), and the LESSEE shall thereafter submit to the LESSOR for approval the plans covering the New Developments, within seven(7) days from the date of LESSOR’s discovery of such New
Development. Such penalty shall be paid by the LESSEE to the LESSOR within the said 7-day period. 
 If the LESSOR
finds the plans for the New Development to be unacceptable, the LESSOR shall require the demolition of the said structure(s) at the expense of LESSEE, and the LESSEE shall demolish the same within such reasonable period(s) agreed upon by the
Parties. Failure of LESSEE to completely demolish within the agreed period shall subject the LESSEE to penalty in the amount of PESOS: ONE HUNDRED THOUSAND (Php100,000.00) per day of delay. Such penalty shall be paid by the LESSEE to the LESSOR upon
completion of the required demolition or at the end of the month, whichever comes first. 

  
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 LESSEE, in the development and use of the Leased Property, shall: 

 

	 	a.	 Undertake on-site development and provide utilities, access roads or
internal road networks in the Leased Property as it may deem fit at its sole and exclusive cost; 

  

	 	b.	 Strictly comply with the validly subsisting and published development restrictions on the Leased Property;

  

	 	c.	 Strictly comply with (i) the relevant Zoning Ordinance(s) set by the PRA, and (ii) the
Parañaque City Government, (iii) the rules and regulations set by the LESSOR governing all entities which have been granted the right to construct, develop and operate which the Entertainment City, (iv) the orders and issuances of
the Department of Public Works and Highways (DPWH), and (v) all other pertinent government standards, such as but not limited to the height restrictions set by the Air Transportation Offices (ATO), the National Building Code, the Fire Code and
other relevant laws, rules and regulations; 

  

	 	d.	 Abide by any annotations existing as of the date hereof, conditions or encumbrances imposed and annotated on
the title to the Leased Property, if any; and 

  

	 	e.	 Secure any and all required permits including Building Permits, certificates and licenses, from all government
entities, bureaus and agencies concerned, whether national or local. 

 Section 2. PERMANENT IMPROVEMENTS. For
the duration of this Contract of Lease, LESSEE retains ownership over all the developments and improvements made on the Leased Property. For this reason, the LESSEE shall maintain in good order and shall keep such developments and improvements
competitive. In the event that this Contract of Lease is renewed as provided under Article I, Section 2 hereof, LESSEE undertakes to continue to maintain in good order, renovate or enhance the developments and improvements made on the Leased
Property to be competitive. 
 LESSEE shall exert its best effort to improve the best use of the Lease Property by upgrading the facilities therein at its
sole expense. 
 LESSEE shall invest a substantial amount for the beautification of the surrounding of the Leased Property under a continuing program to be
proposed by LESSEE in order to maintain the competitiveness of the area. 
 Section 3. INSURANCE. LESSEE shall obtain a standard all-risk insurance coverage from a reputable insurance company mutually acceptable to LESSOR and LESSEE for all new construction and improvements introduced to the Leased Property during the Lease Period, whichever
is applicable, against all standard insurable risks in an amount equal to the maximum insurable value. LESSEE shall be responsible for the annual renewal of the insurance coverage and shall submit a copy of the official receipt and policy of the
insurance coverage to LESSOR within sixty (60) days from obtaining the insurance coverage. 
 Such insurance shall be to such extent and cover against
such risk as may be customary with companies in the same or similar business as the LESSEE. 
 All premiums on any such insurance coverage shall be for the
account of LESSEE. 
 Failure of LESSEE to obtain and/or renew the insurance policy(ies) covering the aforementioned new construction and improvements shall
subject LESSEE, in case of loss or damage thereto, to reconstruct or restore the lost or damaged property at its sole expense. 

  
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 If LESSEE should obtain any such insurance(s) and the covered risk(s) should occur, the proceeds thereof
shall pertain exclusively to LESSEE. Provided that, it is expressly agreed and understood that the said proceeds will be solely used by the LESSEE for the repair/reconstruction of the damaged structure(s). In case the insurance proceeds are
insufficient for purposes of reconstruction or restoration as herein required, the LESSEE shall provide the necessary funds to augment the insurance proceeds. 

Section 4. RESTORATION OF DAMAGED OR DESTROYED PROPERTY. In the event of damage to or destruction of the property or any part
thereof by fire, casualty or otherwise, LESSEE, at its sole expense and whether or not the insurance proceeds, if any, shall be sufficient therefore, shall promptly repair, restore, replace and rebuild (collectively “Restore”) the damaged
property, as nearly as possible to the same condition that existed prior to such casualty damage or destruction, using materials of an equal or superior quality existing prior to such casualty. All work required to be performed in connection with
such restoration and repair is hereinafter called the “Restoration.” 
 Within seven (7) days following any damage or destruction to the
property by fire, casualty or otherwise, the LESSEE shall give written notice to LESSOR of such damage or destruction, as well as the damages incurred. LESSEE shall likewise include in the said written notice, its proposed period for the submission
of Restoration plans and/or other plans on the damaged or destroyed property (the “Submission Period”) to the LESSOR, which period shall not be more than ninety (90) working days from such written notice. By the end the Submission
Period, the LESSEE must have submitted to the LESSOR the required Restoration plans and/or other plans on the damaged or destroyed property together with the timetable and duration of the Restoration, for the LESSOR’s approval. The LESSOR may,
upon its evaluation of the Restoration plans and/or other plans on the damaged or destroyed property, opt to carve out from the Leased Property such parcel of land pertaining to the damaged or destroyed property, thus consequently reducing the
actual area of the Leased Property. 
 Failure of the LESSEE to submit the required Restoration plans and/or others plans within the Submission Period shall
entitle the LESSOR to impose upon LESSEE a penalty in the amount of PESOS: ONE HUNDRED THOUSAND (Php100,000.00) per day of delay. Such penalty shall be paid by the LESSEE to the LESSOR upon submission of the aforementioned plans or at the end of the
month, whichever comes first. 
 The LESSOR’s approval on the timetable and duration of the Restoration shall depend on the gravity of the damage or
destruction. If the LESSOR finds the timetable and duration of the Restoration to be acceptable, the LESSOR shall give LESSEE a written notice of such approval. However, if the LESSOR, acting in good faith, finds the timetable and duration of the
Restoration to be unreasonable and unacceptable and the Parties shall fail to agree on the timetable and duration of the Restoration, the LESSOR shall be entitled to revoke or cancel this Contract of Lease. 

LESSEE shall, within seven (7) days from receipt of such notice of approval, deliver to the LESSOR an Undertaking to complete the Restoration within the
approved timetable. Failure of the LESSEE to submit the required Undertaking within the 7-day period shall entitle the LESSOR to impose upon LESSEE a penalty in the amount of PESOS: ONE HUNDRED THOUSAND
(Php100,000.00) per day of delay. Such penalty shall be paid by the LESSEE to the LESSOR upon submission of the said Undertaking or at the end of the month, whichever comes first. 

  
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 The LESSEE may request for an extension of the approved timetable for the Restoration provided that it is
not yet in delay of such approved timetable; Provided that such request is supported by a written explanation under oath from the LESSEE, stating the material reasons on why it will not be able to complete the Restoration based on the approved
timetable. The LESSOR may allow such extension once it has verified the explanation and finds the same to be acceptable. The LESSOR shall communicate its decision to the LESSEE within thirty (30) days from its receipt of the written request
from the LESSEE. 
 The LESSEE shall obtain a certificate of occupancy as soon as practicable after the completion of such Restoration. Each Restoration
shall be done subject to the provisions of this Contract of Lease, the MDP and the PIP. 
 In the event that the LESSEE is in delay in the Restoration,
which delay shall exceed fifty percent (50%) of the approved timetable for the Restoration, the LESSOR may revoke or cancel this Contract of Lease. 
 No
destruction of or damage to the property, or any portion thereof, by fire, casualty or otherwise, whether such damage or destruction be partial or total, shall permit LESSEE to terminate this Contract of Lease or relieve the LESSEE from its
obligation hereunder. 
 Section 5. DISPOSITION OF SCRAP MATERIALS. The Demolition, clearing and disposition of scrap and debris
within the Leased Property shall be at the exclusive expense and the responsibility of LESSEE. Demolition, construction and rehabilitation of buildings on the Leased Property which will result in a change and/or deviation from the approved MDP
and/or PIP may only be undertake upon the written consent from LESSOR which consent shall not be unreasonably withheld. 
 Section 6.
ENVIRONMENTAL STANDARDS. LESSEE shall ensure that all processes and operations in the Leased Property comply with existing environment standards set forth by applicable laws. 

Section 7. TREE CUTTING/TRANSFER PERMIT. LESSEE shall have provisions for the planting of plants, shrubs and trees to enhance the
ecological state of the Leased Property. In cases where LESSEE finds it necessary to cut, uproot, transplant or transfer trees, a Special Tree Cutting/Transfer Permit shall be secured from the DENR. No trees shall be cut, uprooted, transplanted or
transferred without the Special Permit from the DENR. 
 Section 8. FIRE HAZARD AND OBNOXIOUS SUBSTANCES. LESSEE shall not
introduce, keep, deposit or store in the Leased Property any obnoxious substance or inflammable material or substance that might constitute a fire, safety or health hazard; Provided, that the foregoing prohibition shall not apply to
substances and/or materials that are introduced and/or stored in the Leased Property which are reasonably necessary for the operations and/or business of LESSEE. 

Section 9. GENERAL MAINTENANCE, SANITATION, REPAIRS, SAFETY AND SECURITY. The cost of general maintenance and upkeep of the Leased
Property shall be for the account of the LESSEE. LESSEE shall maintain the Leased Property in a clean, safe and sanitary condition and introduce all the needed repairs at all times. LESSEE shall dispose all its garbage, waste and other pollutants in
accordance with the applicable and existing laws or rules. It shall strictly abide with applicable laws and rules and regulations of PEZA, and shall comply with the environmental standards and be responsible for acquiring the necessary permits
including the required sanitary permit and clearances form appropriate government agencies. Further, it shall likewise provide its own security for the Leased Property. 

  
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 Section 10. INSPECTION OF PREMISES. The LESSOR reserves the right to enter and
inspect the Leased Property at reasonable times. Whenever practicable, LESSOR should give LESSEE at least three (3) days prior notice of any such intended inspection. LESSEE agrees to cooperate with LESSOR in keeping the Leased Property in good
and tenantable condition. 
 Section 11. ASSIGNMENT/ ENCUMBERANCE OF IMPROVEMENTS. The LESSEE shall have the right to assign,
transfer, sell, mortgage or otherwise encumber its building/s, structure/s, without need of the prior written consent of LESSOR; Provided, that LESSEE shall require any such assignee, transferee, buyer, and/ or mortgage to honor the
provisions of this Contract of Lease. 
 ARTICLE III 

MAIN ROAD DEVELOPMENT COST 
 The LESSEE
shall share in the actual cost of road development pertaining to the Main Road (the “Main Road Development Cost”). The Main Road shall mean the concrete access road to the Entertainment City that is proposed to be constructed on a parcel
of land outside the Leased Property. The Main Road is the area marked in orange in the Lot Allocation Plan attached hereto as Annex A. The Parties shall in good faith enter into a separate agreement concerning the Main Road Development, including a
cost-sharing mechanism for its development. This agreement shall be entered into within ninety (90) days from the availability of the contracted cost for such Main Road Development or 90 days from the execution of this Contract of Lease,
whichever comes later; Provided that the contracted cost for such Main Road Development as approved by PAGCOR, is available as basis for the Parties to come up with the proper cost-sharing mechanism. Otherwise, all access roads leading the Leased
Property to or from the Main Road shall be closed and put into another use to compensate the LESSOR for the cost of road development and the same shall apply to all future roads. This provision shall not be subject to arbitration between the
Parties. 
 ARTICLE IV 

DEFAULT 
 Section 1.
INTEREST PAYMENT. In the event that LESSEE fails to pay/remit to LESSOR the annual lease rentals, or other fees and charges due to the LESSOR pursuant to this Contract of Lease on or before their due date, LESSOR shall charge monthly interest at
a rate of one percent (1%), and one percent (1%) penalty charge, of the unpaid amount from the date of delay which shall be compounded until full payment is remitted. It is expressly agreed and understood that the payments herein stipulated shall be
made without the necessity of express demand and without delay on any ground whatsoever. It is understood and agreed that interest and penalty charges thereon if any, shall not be claimed by LESSEE as its fulfillment of the Investment Commitments
required by LESSOR as stated in the Provisional License. 

  
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 Section 2. GROUNDS FOR REVOCATION/CANCELLATION. This Contract of Lease may be
revoked or cancelled at any time at the option of LESSOR, subject due process, on any of the following grounds: 
  

	a.	 LESSEE makes any habitual delay in the performance or observance of any of the obligations or undertakings
contained in this Contract of Lease, other than its obligation for the payment of lease rental. For purposes of this provision, “habitual delay” shall mean the incurring of delay on three (3) separate occasions within any twelve
(12) month period, of at least 30 days with respect to performance of obligations or undertakings of the LESSEE, provided that LESSOR shall notify the LESSEE in writing for each occurrence of delay; 

 

	b.	 LESSEE makes three (3) consecutive/successive delays in the payment of any of the lease rental, interest
or penalty; 

  

	c.	 Any failure on the part of LESSEE to comply with any of the material provisions of this Contract of Lease.

  

	d.	 LESSEE has become bankrupt, insolvent, or in a state of rehabilitation; 

 

	e.	 If any material representation or warranty made by LESSEE herein is intentionally false or misleading in any
material respect when made and such false or misleading representation or warranty has a material adverse effect on this Contract of Lease or on the Leased Property whichever is applicable; 

 

	f.	 Failure of LESSEE to comply with and observe any pertinent law, rule, regulation and/or ordinance promulgated
by a competent authority, including LESSOR, which failure has a material adverse effect on this Contract of Lease; 

  

	g.	 LESSEE assigns or otherwise transfers this Contract of Lease or transfers into any manner whatsoever any
interest in all or any part of this Contract of Lease to any person or party whatsoever, except upon prior written approval of LESSOR; and 

  

	h.	 There is a lawful order of a competent court in the Philippines (which decision has become final and executory)
ordering the closure or liquidation of operations of LESSEE. 

 The provisions of this Article IV, Section 2 notwithstanding, if the
LESSEE’s default shall be capable of being cured, the LESSEE shall be entitled to cure the same during a period of ninety (90) working days from LESSEE’s receipt of written notice by the LESSOR specifying such default and the LESSOR
shall only be entitled to revoke, cancel or rescind this Contract of Lease by reason of such event of default if the default shall not have been cured by the LESSEE within the 90-working day cure period. 

Upon the revocation, cancellation or termination of this Contract of Lease by LESSOR pursuant to this section, the Contract of Lease shall thereupon cease and
become of no further force and effect, without prejudice to the settlement by LESSEE of any of its liabilities to LESSOR as of such date of revocation, cancellation or termination. Upon such revocation or cancellation, the remaining balance of the
Annual Lease Rentals net of the Pre-termination Penalty as stipulated under Article I Section 7 hereof, shall returned by LESSOR to LESSEE net of any unpaid obligations LESSEE may owe to LESSOR. 

  
 Page 13 of 25 

 Upon the revocation or cancellation of this Contract of Lease due to the grounds for revocation or
cancellation as stated in this Section, LESSOR shall forthwith take possession of the Leased Property, including all the improvements introduced by LESSEE, upon the lapse of thirty (30) working days from LESSEE’s receipt of written notice
from the LESSOR of the cancellation or revocation of the Contract of Lease. Further, LESSOR may dispose of the same in favor of other persons/investors as if this Contract of Lease had never been entered into. In the foregoing cases, LESSEE hereby
obligates itself to peacefully vacate the premises and deliver the same to LESSOR; Provided, however, that any consideration, concession, tolerance or relaxation of any provision hereof shall not be interpreted as renunciation of the part of
LESSOR of any of its rights granted in this Contract of Lease, including the right to collect from LESSEE any unpaid rentals due plus interest. 

Section 3. LESSOR’S LIEN. The personal properties and other movables of LESSEE shall be subject to LESSOR’s lien in the
event that LESSEE is unable to pay lease rentals, interest, penalties and/or liquidated damages stipulated under this Contract of Lease, upon revocation or cancellation of this Contract of Lease. 

Section 4. LESSOR’S DEFAULT. In the event that LESSOR shall fail to comply with any of its obligations provided in this
Contract of Lease, or in the event that any of its representations and warranties prove to be incorrect such that LESSEE is prevented from the continuous use of the Leased Property, then LESSEE shall have the right either to compel the performance
by LESSOR of its obligations under this Contract of Lease or, upon prior notice thereto, to rescind this Contract of Lease. In case of rescission of this Contract of Lease by LESSEE, it shall have the right to sue LESSOR for damages. 

Notwithstanding, if the LESSOR’s default shall be capable of being cured, the LESSOR shall have the right to cure the same during a period of ninety
(90) working days from LESSOR’s receipt of written demand by the LESSEE and the LESSEE shall only be entitled to rescind this Contract of Lease by reason of such event of default if the default shall not have been cured by the LESSOR
within the 90-day cure period. 
 Without limiting the application of the first paragraph, in the event that LESSEE
shall be disturbed and/or in any way deprived of the right to exclusively possess, develop, use, enjoy and/or control the Leased Property during the Leased Period or any renewal thereof, LESSEE shall have the absolute right to suspend payment of the
annual lease payment required by Article I, Section 3 of this Contract of Lease. LESSOR acknowledges that LESSEE shall (i) not be required to resume payment of the annual lease payments until the right to exclusively possess, develop, use,
enjoy and/or control the Leased Property is returned to LESSEE and that (ii) LESSEE shall be released from paying any such annual lease payment(s) for the portion corresponding to the period(s) during which it was prevented from exercising its
rights under this Contract of Lease. 
 ARTICLE V 

FORCE MAJEURE/FORTUITOUS EVENT 
 LESSEE
shall not be held liable for any delay in or failure of performance of its respective obligations set hereunder if such delay or failure arises from or are the consequence of force majeure/ fortuitous event; Provided, that LESSEE has taken
proper precautions, due care and reasonable alternative measures to avoid or otherwise minimize the delay or failure; and Provided, further, that LESSEE shall, within thirty (30) calendar days from the occurrence of the force majeure/
fortuitous event give notice thereof to LESSOR including sufficient information as to the cause and shall resume performance of its obligations as soon as effects of the force majeure/ fortuitous event abate or cease to exist. 

  
 Page 14 of 25 

 To constitute force majeure/fortuitous event, all the following elements must concur: (a) the cause of
the unforeseen and unexpected occurrence or of the failure of the LESSEE to comply with obligation must be independent of human will; (b) it must be impossible to foresee the event that constitutes the caso fortuito or, if it can be
foreseen, it must be impossible to avoid; (c) the occurrence must be such as to render it impossible for the LESSEE to fulfill obligations in a normal manner; and (d) the LESSEE must be free from any participation in the aggravation of the
injury or loss. 
 Notwithstanding the foregoing, force majeure shall include acts of God, acts of government, strikes, lock outs, riots, civil commotion,
acts of war, emergency, general chaos, inclement weather, landslides/slips and earthquakes. 
 ARTICLE VI 

REPRESENTATION AND WARRANTIES 
 SECTION
1. MUTUAL REPRESENTATIONS AND WARRANTIES. Each party hereby represents and warrants to the other party that: 
  

	a.	 It has and complete corporate and legal power or authority to enter into this Contract of Lease and to deliver
and perform its obligations hereunder according to the terms of this Contract of Lease and that is has all the necessary corporate and legal and other actions to authorized its entry into and performance of this Contract of Lease;

  

	b.	 This Contract of Lease constitute all legal, valid and binding obligations of the parties enforceable in
accordance with terms and conditions; 

  

	c.	 The execution and/or performance of this Contract of Lease does not and will not contravene any provision of
its Articles of Incorporation and By-Laws or any other constitutive document; does not and will not violate any applicable laws or regulations of the jurisdiction of its incorporation or organization, and does
not and will not conflict with or result in breach of any contract, contract of lease or other obligation to which it may bound; and 

  

	d.	 All consents, approvals, notices, contracts of lease, permits, authorizations, declarations, filings and
registrations necessary for the due execution, delivery and performance of this Contract of Lease has been obtained or affected, or will be obtained or affected in due course, and all such consents, approvals, contract of leases, permits,
authorizations, declarations, filings and registrations remain, or will remain, in full force and effects as of the date hereof or the date on which the same shall have been obtained. 

SECTION 2. LESSEE’S REPRESENTATIONS AND WARRANTIES. LESSEE represents and warrants to LESSOR that; 

 

	a.	 It is a corporation duly organized and validly existing under the laws of the Republic of the Philippines and
is current on all significant payments due to any of its creditors and is not in delay in the submission of reportorial requirements to the government or any of its agencies and instrumentalities and shall maintain such existence under the laws of
the jurisdiction of its incorporation; 

  
 Page 15 of 25 

	b.	 It has all the required skills and capacity necessary to perform or cause to be performed the development works
and all its other obligations in this Contract of Lease in a proper, timely and professional manner, utilizing sound engineering principles, project management procedures, supervisory procedures, all in accordance with the high standards required by
this Contract of Lease; 

  

	c.	 It has the knowledge of all legal requirements and business practices that must be followed in performing its
obligations in this Contract of Lease and the same will be in conformity with such requirements and practices and in compliance with all laws and applicable governmental approvals. All engineering services to be provided as part of the development
works shall be provided by engineers qualified to perform such services in the location where such services are performed. The development works can be undertaken under current building codes, zoning, land use and other applicable laws and
government approvals affecting the development works and the performance of its obligations under this Contract of Lease; 

  

	d.	 It is financially solvent, able to pay its debts as they mature, and possess sufficient working capital to
complete its obligations under this Contract of Lease; it is able to furnish the tools, materials, supplies, equipment, labor and design services needed for the development works, is experienced in and competent to perform the development works,
both construction and design, contemplated by this Contract of Lease, and all its obligations in this Contract of Lease, and is qualified to do the development works and is authorized to do business in the Philippines; 

 

	e.	 It owns or has the right to use, or will or have the right to use in due course, all the patents, trademarks,
service marks, trade names, copyrights, licenses, franchise, permits or rights with respect to the foregoing necessary to perform the development works and all its obligations in this Contract of Lease and to carry on its business as presently
conducted and presently planned to be conducted without conflict with the rights of others. In addition, it holds or works under general supervision of a person or persons holding, or who will be holding in due course, any and all consents,
contracts of lease, permits and other authorizations or special contracts of lease required by law to perform the services under this Contract of Lease; 

  

	f.	 There is no action, suit or proceeding, at law or in equity, or official investigation before or by any
government authority, arbitral tribunal or other body pending or, to the best of its knowledge, threatened against or affecting it or any of its properties, rights or assets, which could reasonably be expected to result in a material adverse effect
on its ability to perform its obligations under this Contract of Lease or on the validity or enforceability or this Contract of Lease; 

  

	g.	 All of its obligations in this Contract of Lease and the development works will be performed by it with
promptness and diligence and shall be executed in a quality manner consistent with relevant standards of the trade or business involved, and to LESSOR’s satisfaction; 

 

	h.	 It makes such other representations and warranties as are or may be provided in the other provisions of this
Contract of Lease. 

  

	i.	 The Leased Property shall be developed, designed and constructed to conform to the Master Development Plan and
Project Implementation Plan. 

  
 Page 16 of 25 

 SECTION 3. LESSOR’S REPRESENTATIONS AND WARRANTIES. LESSOR represents and warrants to LESSEE
that; 
  

	a.	 The Deed of Conditional Sale is in force and effect under which the LESSOR has the right to acquire the rights,
title and interest in and to the Leased Property from PRA pursuant to the terms of the Deed of Conditional Sale. 

  

	b.	 The LESSOR has complied in all respects with all its obligations and covenants under the Deed of Conditional
Sale and is not in breach or default, and no event has occurred which notice or lapse of time would constitute a breach or default, or permit termination, modification, or acceleration of rights or obligations under the Deed of Conditional Sale;
there are no disputes and no party has repudiated any provisions of the Deed of Conditional Sale. 

  

	c.	 No party, including the LESSOR’s employees, laborers and suppliers, has any claim on any part of the
Leased Property, other than PRA to the extent of the unpaid portion of the purchase price of the Leased Property. 

  

	d.	 The LESSOR is not a party to any other contracts, agreement, arrangement, whether written or oral, with any
third party in relation to or affecting the Leased Property, other than the Deed of Conditional Sale. 

  

	e.	 The LESSOR has not issued any guaranty, warranty, performance bond or similar security, nor created any
encumbrance whatsoever on the Leased Property, to secure or answer for any of the obligations of the LESSOR or any other party. 

  

	f.	 The LESSOR is in possession and control of the Leased Property and there are no leases, subleases, licenses,
concessions, or other agreements, written or oral, granting to any party or parties the right of use or occupancy of the Leased Property. 

  

	g.	 There are no pending, and/or threatened litigation, suits, tax assessments, actions, proceedings or
investigations involving the Leased Property and there is no adverse claim affecting its title or rights of ownership and possession over the Leased Property. 

 

	h.	 Except as provided in this Contract of Lease, there are no outstanding options or rights of first refusal to
purchase the Leased Property, or any portion thereof or interest therein, as of the date of execution of this Contract of Lease and upon turnover of the Leased Property to the LESSEE. 

 

	i.	 There are no unpaid real estate taxes and assessments due on the Leased Property prior to its turnover to the
LESSEE; 

  

	j.	 There are no unpaid bills or charges for the supply of power, water, cable, garbage and other utilities and
services to the Leased Property or unpaid association dues, fees, and other assessments on the Leased Property which are due and owing, prior to the turnover of the Leased Property by the LESSOR to the LESSEE. 

 

	k.	 The LESSOR has conducted due diligence on the title to the Leased Property and confirms that the Leased
Property is free and clear of any lien, encumbrance, easement, special assessments and other restrictions which impair the current use, occupancy, value and marketability of title to the Leased Property, or which may impair the intended use of the
Leased Property by the LESSEE as provided in Article I, Section 1 and Article II, Section 1 hereof. 

  
 Page 17 of 25 

 SECTION 4. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. Each party hereby represents and warrants to
the other party that each of the representations and warranties set forth in this Article VI shall be true and correct for as long as this Contract of Lease or any renewal hereof is in effect, until the execution and complete and proper performance
by the parties of their obligations under this Contract of Lease. 
 ARTICLE VII 

UTILITIES AND ASSOCIATION DUES 
 SECTION
1. UTILITIES. LESSEE shall, at its own cost, be responsible for the location, identification and installation within the Leased Property, of all active utilities including but not limited to electrical, gas, water, stream, sanitation, sewerage,
telephone and cable and other public utility services. All expenses for water, steam, gas, electricity, telephone, cable, sanitation, sewerage and other public utility services shall be for the account of LESSEE. The cost of the installation of the
meters within the Leased Property for utilities such as but not limited to water and electricity, shall be for the account of LESSEE. 
 LESSOR and/or the
utility company shall be allowed access the area where the utility lines are situated or to be situated. LESSEE undertakes to preserve utility lines situated within the Leased Property. Utility lines damaged by LESSEE, its contractors, workers or
representatives shall be repaired, restored or replaced, as determined by LESSOR and/or the utility company. The cost of repairs, restoration, relocation, replacement and/or other services shall be for the account of LESSEE. 

SECTION 2. ANNUAL ASSOCIATION DUES. The LESSEE shall be charged an annual association dues for the maintenance of common areas such as main roads,
common utilities, greeneries, etc. to be paid in advance within the first fifteen (15) days of January of each year. The amount of the annual association dues shall be reasonably determined later by the LESSOR. 

ARTICLE VIII 

RETURN/ABANDONMENT OF LEASED PROPERTY 

SECTION 1. RETURN OF LEASED PROPERTY. LESSEE shall, at the expiration or termination of this Contract of Lease, promptly deliver the Leased Property
inclusive of all new constructions and improvements introduced during the terms of this Contract of Lease to LESSOR in good and tenantable condition in all respects, reasonable wear and tear excepted, devoid of all occupants, furniture, articles and
effects of any kind except the permanent improvements, immovable or real property as defined by the Civil Code of the Philippines. LESSEE shall also return to LESSOR such portion of the Leased Property that remains undeveloped after the lapse of the
site development timetable or the approved PIP as specified in the Provisional License. 
 Any alteration and/or immovable improvement made or introduced by
LESSEE on the Leased Property with the written consent of LESSOR shall, upon the termination of this Contract of Lease, automatically devolve upon LESSOR without any obligation on the part of LESSOR to pay or refund its value or cost to LESSEE. 

  
 Page 18 of 25 

 Upon the revocation, cancellation or termination of this Contract of Lease, LESSEE shall be entitled to
remove all facilities and equipment and such movables and improvements installed by LESSEE that can be removed without causing serious damage to (i) the Leased Property and (ii) to the buildings, structures or permanent improvements within
the Leased Property, within a period of thirty (30) working days from the revocation, cancellation or termination of this Contract of Lease. Non-compliance on the part of LESSEE will give LESSOR the
option to take possession of the Leased Property with all the facilities, equipment and improvements and movables found therein and consider the same as liquidated damages on account of LESSEE’s failure to perform its obligation herein or to
remove and safe keep the same subject to payment of storage fees plus a penalty in the amount of PESOS: FIVE MILLION (Php5Million), until LESSEE shall have complied with the terms hereof. LESSOR shall have the right to bar the further use of the
Leased Property by LESSEE. This is without prejudice to LESSOR’s right to collect any unpaid obligations plus interest. 
 LESSEE shall be liable to
LESSOR when the former fails to vacate the Leased Property at the revocation, cancellation or termination of this Contract of Lease and for all damages which LESSOR may suffer by reason thereof including indemnification to LESSOR for any and all
liabilities and cost suffered for not being able to promptly deliver possession of the Leased Property to LESSOR or any succeeding tenant. The amount of such penalty shall earn interest of one percent (1%) per month from the date of expiration of
this Contract of Lease until full payment thereof. 
 SECTION 2. ABANDONMENT OF LEASED PROPERTY. In case that Leased Property or any portion thereof
shall be deserted or abandoned by LESSEE during the Lease Period, LESSOR shall have the right to enter the Leased Property without being liable to any prosecution therefore, to re-let the same, to receive the
rental therefore, and to apply the same to the payment of rental due hereunder, without prejudice to the liability to LESSEE to LESSOR for any deficiency. 

Upon the lapse of thirty (30) working days from LESSEE’s receipt of notice from LESSOR of (i) its entry into the Leased Property and
(ii) its consideration of LESSEE’s abandonment or desertion of the same, LESSOR may elect to automatically terminate this Contract of Lease subject to the LESSEE’s payment of rental in arrears, penalties and damages. 

In such case of abandonment of the Leased Property, the remaining balance of Advance Rentals net of interest, penalties, damages and other unpaid obligations
that LESSEE may owe to LESSOR, shall be forfeited. 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 
 SECTION 1.
ASSIGNMENT. Subject to Article II, Section 11 and Article IX, Section 6, the Parties reserve their right to assign, transfer or encumber any of their rights, and interests under this Contract of Lease to any qualified entity upon
written notice to the other party. In the event of such transfer, assignment or encumbrance, the rights and interests of both Parties under this Contract of Lease shall be respected and observed in its entirety and during the Lease Period or any
renewal thereof, unless otherwise mutually agreed to by the Parties. 
 Subject to Article IX, Section 6 hereof, in the event that the PRA or LESSOR
sells or disposes of the Leased Property or any portion thereof, LESSOR shall cause the buyer of the Leased Property or any portion thereof to honor this Contract of Lease and be bound by the terms hereof as if it were an original party hereto.
LESSOR shall cause the buyer to execute all such documents and to do all such things necessary to ensure the peaceful and continued possession of the Leased Property by LESSEE and the continuance of this Contract of Lease. 

  
 Page 19 of 25 

 SECTION 2. ANNOTATION OF CONTRACT. Upon the execution of this Contract of Lease, LESSOR shall
immediately cause the annotation of this Contract of Lease, including any amendment(s) hereto or renewal(s) hereof, on the owner’s duplicate of the certificate of title covering the Leased Property. 

SECTION 3. EXPROPRIATION. In the event of an expropriation proceeding instituted during the period of this Contract of Lease by any instrumentality of
the Government or by any entity with authority to exercise such power, either party may rescind this Contract of Lease should the Leased Property become no longer useful for purposes herein stipulated, upon giving the other party thirty
(30) calendar days prior written notice thereof. In case of such expropriation, the Parties shall immediately confer and arrive at a mutually acceptable course of action. At all events, LESSEE shall be entitled to the proceeds of any just
compensation payable by the expropriating authority. 
 SECTION 4. EMPLOYER-EMPLOYEE RELATIONSHIP. It is hereby agreed that there is no
employer-employee relationship between LESSOR and LESSEE. All personnel and/or employees to be assigned by LESSEE for the purpose of this Contract of Lease are understood to be the employees of LESSEE, and no employer-employee relationship is
created hereby between such assigned personnel and/or employees of LESSEE and LESSOR. LESSEE shall hold LESSOR free and harmless against any and all claims made by such personnel and/or employees of LESSEE that they are employees of LESSOR. 

LESSEE shall indemnify and hold LESSOR free and harmless from any and all losses, claims, demands, payment suits, action, recoveries, and judgments of every
nature brought by LESSEE’s creditors, subcontractors or any other claimants or their heirs, administrators, and assigns by reason of non-payment of compensation or due to injury or death to LESSEE’s
laborers, employees, agents, representatives, subcontractors, or of any other third party or parties, etch., and/or by reason of non-payment of any indebtedness or obligations contracted by it in connection with the services or obligations to be
undertaken in this Contract of Lease. 
 The limitation provided herein on any liability of the LESSOR shall only apply if the losses, claims, demands,
payments suits, action, recoveries, and judgments error or omission were not the result of or attended with any the bad faith, malice, and/or gross negligence of LESSOR. 

SECTION 5. SETTLEMENT OF DISPUTES. LESSEE and LESSOR manifest that they would first meet, confer and sit down together for the purpose of exploring all
avenues and/or possibilities of amicably settling whatever differences, disputes and/or controversies which may arise in connection with any of the terms and conditions of this Contract of Lease. 

In case the parties fail to agree in their difference, the parties hereby agree that the proper courts in the City of Manila shall be the exclusive venue of
any action or suits filed hereunder. This exclusive venue provision shall also apply even in cases for declaration of nullity of this Contract of Lease in its entirety or in part in cases arising after or by reason of the declaration of nullity of
this Contract of Lease in its entirety or in part. 

  
 Page 20 of 25 

 SECTION 6. OPTION TO PURCHASE. The LESSEE shall have the option to purchase the entire Leased
Property under such terms and conditions as may be agreed upon with the LESSOR, and subject to relevant biding laws governing the disposal and/or sale of government property including real estate property. The LESSEE may exercise its option to
purchase the Leased Property at any time during the Leased Period by giving written notice to the LESSOR of its decision to exercise such option. 
 In the
event that the LESSOR intends to sell and dispose of the Leased Property during the Leased Period, the same shall be subject to relevant bidding laws as in the immediately preceding paragraph. 

The exercise of LESSEE’s right under this Section is subject to the condition that LESSEE, at such time, is qualified under the Constitution and
applicable laws to acquire and own the Leased Property. 
 SECTION 7. TAXES. 

 

	a.	 As decided by the Supreme Court in the Acesite case, the LESSOR is exempt from Value-Added tax (VAT). In the
event that the said decision is overturned or reversed by the Supreme Court, the VAT on the amounts payable under this Contract of Lease shall be for the account of the LESSEE. 

 

	b.	 In the event that real property taxes shall be assessed and imposed for the Leased Property and the
improvements thereon for periods covered within the Lease Period, the LESSEE shall pay for all such real property taxes assessed and imposed. Any increase in the Real Property Tax which may hereafter be assessed on the Leased Property and
improvements constructed thereon shall likewise be for the account of the LESSEE. The LESSEE shall in no case be liable for real property taxes assessed and imposed for the Leased Property and the improvements thereon for periods prior to the
execution of this Contract of Lease. 

  

	c.	 Any documentary stamp tax due on this lease shall be borne by LESSEE. 

 

	d.	 In the event that the Supreme Court finally rules that LESSOR is subject to income tax, LESSEE shall withhold
from the lease rentals the amount corresponding to the creditable withholding income tax and remit the same to the BIR. 

 SECTION 8.
OTHER MISCELLANEOUS PROVISIONS: 
  

	a.	 The Parties agree that all representations and covenants herein contained are deemed essential conditions of
this Contract of Lease; 

  

	b.	 The Parties agree to abide by the terms and conditions of this Contract of Lease in good faith;

  

	c.	 Subject to the other applicable provisions of this Contract of Lease, in the event that any of the parties
materially fail to comply in good faith with their undertakings, as set forth in this Contract of Lease, within the periods provided herein, the non-defaulting parties shall be released from their obligations
under this Contract of Lease without prejudice to the rights of restitution, recovery and damages. 

  
 Page 21 of 25 

	d.	 The Contract of Lease shall be deemed to be made subject to any reasonable delays in the performance of the
obligations hereunder and to the temporary suspension of continuing obligations hereunder that may be caused by or arise from circumstances beyond the power and control of the party responsible for the performance of those obligations including,
without limiting the generality of the foregoing, delays or any such temporary suspension as aforesaid caused by or arising from an act of God, force majeure, earthquakes, floods, storms, volcanic eruption, tempest, washaways, fire (unless caused by
the actual fault or privity of the party responsible for such performance), act of war, act of public enemies, riots, civil commotions, or other similar acts (whether partial or general), acts or omissions of the government, or factors that could
not reasonably have been foreseen provided that the party whose performance of obligations is affected by any of the said causes shall use its best endeavors to minimize the effects of such causes as soon as possible after the occurrence;

  

	e.	 The failure of one party to insist upon a strict performance of any of the term, condition and covenant hereof
shall not be deemed a relinquishment or waiver of any right/remedy that said party may have, nor shall it be construed as a waiver of any subsequent breach of the same or other terms, conditions or covenants. No waiver by any one party of any of its
rights under this Contract of Lease shall be deemed to have been made unless expressed in writing and signed by that Party; 

  

	f.	 No omission by any party to require the performance by the other party of any of the terms of the terms or
conditions of this Contract of Lease nor any forbearance or indulgence granted or shown by any party to the other shall release, discharge or in any matter affect, or prejudice the right of a party at any time to require strict and full performance
by the other of any or all of the terms or conditions to be observed or performed hereunder; 

  

	g.	 LESSEE shall hold LESSOR absolutely free and harmless from any claim, damage or liability, including tax
liabilities other than the franchise tax, which may arise from its business operations, or any license or transaction that LESSEE, may have with the National Government or any entity thereof, and with any third party. In addition, LESSEE shall hold
LESSOR absolutely free and harmless from any claim, or demand by third party persons for loss or damage arising out of the use of the Leased Property by LESSEE, including but not limited to claims for property damage, personal injury or wrongful
death. LESSEE shall secure a Comprehensive General Liability Insurance for such events. The limitations provided herein on any liability of the LESSOR shall only apply if the claim(s), damage(s) and/or liability(ies) were not the result of or
attended with the bad faith, malice, and/or gross negligence of LESSOR. 

  

	h.	 Nothing herein shall be construed as to create a relationship of partnership, joint venture, or agency between
the parties hereto and no agent, employee or contractor of either two parties herein shall be deemed to be the agent, employee or contractor of the other; 

  

	i.	 Any notice or communications required or contemplated by this Contract of Lease shall be given in writing and
in the English language by personal delivery, courier, or by facsimile transmission, at the following respective addresses: 

  
 Page 22 of 25 

 If the LESSOR: 

PHILIPPINE AMUSEMENT AND GAMING CORPORATION 

5TH Floor, PAGCOR Corporate Office, 

New World Manila Bay Hotel 
 1588
Pedro Gil cor. M.H. Del Pilar, Malate, Manila 
 Fax No. (632) 247-1033 

If the LESSEE: 
 TIGER RESORT
LEISURE AND ENTERTAINMENT, INC. 
 Okada Manila, New Seaside Drive 

Entertainment City 
 Barangay
Tambo, Paranaque City 
 All such notices and communications shall be deemed to have been duly given: upon delivery, if delivered by hand or courier; and,
if sent by facsimile transmission, when sent provided that the original of such notice or communication is promptly sent to the addressee by hand or courier; 
  

	j.	 Any provisions of this Contract of Lease that is prohibited or unenforceable shall be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof; 

  

	k.	 This Contract of Lease shall be governed by and interpreted under the laws of the Republic of the Philippines;

  

	l.	 This Contract of Lease may only be modified or amended upon mutual agreement of the Parties by an instrument in
writing signed by both Parties; 

  

	m.	 All factual information furnished in writing to one party by the authorized employees and/or representatives of
the other party, for purposes of or in connection with this Contract of Lease are, to the best of the receiving party’s knowledge, to be true and accurate in all material respects on the date as of which such information is dated or certified;
and 

  

	n.	 The Parties agree that all information forwarded to one by the other are to be received in strict confidence,
are to be used only for the purposes of this Contract of Lease, and are not to be disclosed by the recipient party, its agents or employees without the prior written consent of the other party, except to the extent that the recipient party can
establish competent written proof that such information: 

  

	 	1.	 was in the public domain at the time of disclosure; 

 

	 	2.	 later became part of the public domain through no act omission of the recipient party, its employees, agents,
successors or assigns; 

  

	 	3.	 was lawfully disclosed to the recipient party by a third party having the right to disclose it;

  

	 	4.	 Was already known by the recipient party at the time of disclosure; 

 

	 	5.	 was independently developed by the recipient; or 

 

	 	6.	 is required by law or regulation, or judgment or order of competent authority, to be disclosed, provided
however, that the disclosing party shall first give the other party written notice and opportunity to object to such order for disclosure or to request confidential treatment. 

  
 Page 23 of 25 

 Information shall not be deemed to be available to the public or to be in the recipient’s possession
merely because it: 
  

	 	1.	 Includes information that falls within an area of general knowledge available to the public or to the recipient
(i.e., it does not include the specific information provided by the other party); or, 

  

	 	2.	 Can be constructed in hindsight from a combination of information from multiple sources that are available to
the public or to the recipient, if not one of those sources actually taught or suggested the entire combination, together with its meaning and importance. 

Each party’s obligation of confidence hereunder shall be fulfilled by using at least the same degree of care with the other party’s confidential
information as it uses to protect its own confidential information. 
  

	o.	 each party undertakes in favor of the other that it shall use (and shall procure that each of its nominees,
agents, assigns, subsidiaries, affiliates, directors and employees shall use) all reasonable endeavors to keep confidential any and all information relating to this Contract of Lease. The foregoing obligation shall, however, not apply to:
(i) any disclosure of information to the extent required to be disclosed by law, regulation, judgment or order of any competent authority; (ii) any information which comes within the public domain; and any announcement made with the
consent of the other party. 

 This provision shall survive the termination of this Contract of Lease. 

SECTION 9. RENEGOTIATION. In the event that facts and circumstances arise or be discovered which render this Contract of Lease disadvantageous to the
government, the parties hereto agree to immediately renegotiate its terms and conditions. 
 IN WITNESS WHEREOF, the parties have hereunto caused this
Contract of Lease to be executed this 16th day of March, 2017 at the City of Manila. 
  

									
	 TIGER RESORT LEISURE AND ENTERTAINMENT, INC.

 
	 	        	  	 PHILIPPINE AMUSEMENT AND GAMING CORPORATION

 

					
	TIN:	 	    	 		  	TIN:	  	
					
	BY:	 	 /s/ KAZUO OKADA
	 		  	BY:	  	 /s/ ANDREA D. DOMINGO

	KAZUO OKADA	 		  	ANDREA D. DOMINGO
	
	 Signed in the presence of:

 

		
	

	  	

  

  
 Page 24 of 25 

	
	    

  
 Page 25 of 25 

 ANNEX “A” 

 
 

 

 ANNEX “B” 

 
 

 

 ADDENDUM TO THE CONTRACT OF LEASE 

KNOWN ALL MEN BY THESE PRESENTS: 
 That this
Addendum to the Contract of Lease (the “Addendum”) is made and entered into this 22 day of FEB 2019, at the City of Manila, Philippines, by and between: 

PHILIPPINE AMUSEMENT AND GAMING CORPORATION (“PAGCOR”), a government – owned and – controlled corporation created
and existing by virtue of Presidential Decree No. 1869, as amended, with office address at the 5th Floor, PAGCOR Corporate Office, New World Manila Bay Hotel, 1588 Pedro Gil cor. M.H. Del
Pilar Streets, Malate, Manila, represented herein by its general signatory for all contracts, Chairman & Chief Executive Officer, ANDREA D. DOMINGO, the execution of this Addendum to the Contract of Lease having been approved during
the meeting of the PAGCOR Board of Directors on                         , hereinafter referred to as “LESSOR”:

 -and- 
 TIGER RESORT,
LEISURE AND ENTERTAINMENT, INC. (“TIGER”), a corporation duly organized and existing under the laws of the Republic of the Philippines, with principal office address at Okada Manila, New Seaside Drive, Entertainment City, Barangay
Tambo, Parañaque City, Metro Manila, represented herein by its President, KENJI SUGIYAMA, duly authorized for the purpose of this Addendum to the Contract of Lease under Board Resolution dated FEB 06 2019, hereto attached as
“Annex A” and hereinafter referred to as “LESSEE” 
 (Hereinafter, LESSOR and LESSEE shall be collectively referred to
as the “Parties.”) 
 WITNESSETH: 

WHEREAS, on March 16, 2017, LESSOR and LESSEE entered into a Contract of Lease (the “March 16, 2017 Contract of Lease”)
covering the lease of a parcel of reclaimed land located at Central Business Park I, Islands B and C of the Bay City, Parañaque City, Metro Manila consisting of approximately Twenty Seven Thousand One Hundred Sixty Five (27,165) square
meters, more or less, for the Entertainment City Project. 

  
 Page 1 of 6 

 WHEREAS, LESSEE put forward its proposal to lease additional property for the Entertainment
City Project (the “Additional Leased Properties”) under similar terms and conditions of the March 16, 2017 Contract of Lease; 

WHEREAS, LESSOR is willing to lease to LESSEE, and LESSEE is willing to lease from LESSOR, the Additional Leased Properties, under the terms
and conditions hereinafter set forth; 
 NOW, THEREFORE, for and in consideration of the foregoing premises and covenants hereinafter
stipulated, the Parties have agreed as they hereby agree to the following terms and conditions: 
 Section 1. THE ADDITIONAL LEASED PROPERTIES.
The Additional Leased Properties shall have an area of approximately Seven Thousand Four Hundred Eighty Five (7,485) square meters, more particularly described as follows: 

TECHNICAL DESCRIPTION 

LOT 13 
 Pcs-00-014777 
 A parcel of land (Lot 13 of the consolidation
subdivision plan Pcs-00- 014777 approved as a consolidation subdivision project being a portion of Lots 1 & 10 (Road), Pcs-00-012782 and Lots 2, 4, 5, 6, 7, 8 & 9, Pcs-00-012729; L.R.C. Record No. ), situated in the Brgy. of Tambo,
Parañaque City. Bounded on the NE., along line 1 - 2 by Lot 11; ; on the SE., along lines 2 to 4 by RL-13-000005; on the SW., along lines 4 to 8 by Lot 22 (Road);
on the NW., along line 8-1 by Lot 14 all of the consolidation subdivision plan. 
 Beginning at a
point marked “1” on plan, being S 14 deg. 31 W., 3402.33 m. from BLLM No.11, (SWO-41755), Parañaque City. 
  

			
	thence S 23 deg. 21 W.,	  	57.39 m. to point 2;
	thence N 68 deg. 01 W.,	  	29.05 m. to point 3;
	thence N 59 deg. 18 W.,	  	15.20 m. to point 4;
	thence N 26 deg. 03 E.,	  	25.71 m. to point 5;
	thence N 22 deg. 56 E.,	  	9.22 m. to point 6;
	thence N 21 deg. 49 E.,	  	12.30 m. to point 7;
	thence N 20 deg. 32 E.,	  	9.20 m. to point 8;
	thence S 66 deg. 20 E.,	  	43.76 m. to point of the beginning

 containing an area of TWO THOUSAND FIVE HUNDRED (2,500) SQUARE METERS MORE OR LESS. 

  
 Page 2 of 6 

 LOT 14 

Pcs-00-014777 

A parcel of land (Lot 14 of the consolidation subdivision plan
Pcs-00-014777 approved as a consolidation subdivision project, being a portion of Lots 1 & 10 (Road),
Pcs-00-012782 and Lots 2, 4, 5, 6, 7, 8 & 9, Pcs-00-012729; L.R.C. Record No. ),
situated in the Brgy. of Tambo, Parañaque City. Bounded on the SE., along line 1 to 2 by Lot 13 ; on the SW., along lines 2 to 9 by Lot 22 (Road); on the SW., along lines 9 to 13 by Lot 23 (Road); and on the NE, along lines 13-14-1 by Lot 11 all of the consolidation subdivision plan. 

Beginning at a point marked “1” on plan, being S 14 deg. 3’ W., 3402.33 m. from BLLM No. 11,
(SWO-41755), Parañaque City. 
  

			
	thence N 66 deg. 20 W.,	  	43.76 m. to point 2;
	thence N 20 deg. 32 E.,	  	3.09 m. to point 3;
	thence N 19 deg. 16 E.,	  	12.30 m. to point 4;
	thence N 17 deg. 59 E.,	  	12.30 m. to point 5;
	thence N 16 deg. 42 E.,	  	12.30 m. to point 6;
	thence N 29 deg. 01 E.,	  	3.07 m. to point 7;
	thence N 55 deg. 18 E.,	  	3.07 m. to point 8;
	thence N 81 deg. 33 E.,	  	3.07 m. to point 9;
	thence S 87 deg. 45 E„	  	10.32 m. to point 10;
	thence N 87 deg. 15 E.,	  	10.32 m. to point 11;
	thence N 82 deg. 15 E.,	  	10.32 m. to point 12;
	thence N 77 deg. 15 E.,	  	10.32 m. to point 13;
	thence S 16 deg. 56 W.,	  	60.34 m. to point 14;
	thence S 23 deg. 21 W.,	  	7.04 m. to point of the beginning

 containing an area of TWO THOUSAND THREE HUNDRED EIGHTY FIVE (2,385) SQUARE METERS MORE OR LESS. 

FORMERLY LOT 23 
 A parcel
of land previously designated as Lot 23 of the Lot Allocation Plan effective in 2011 (Annex “A” of the March 16, 2017 Contract of Lease), with an area of approximately TWO THOUSAND SIX HUNDRED (2,600) SQUARE METERS MORE OR
LESS, and which now forms part of Road Lot 22 of the 2014 Master Plan (Annex “B” of the March 16, 2017 Contract of Lease). 
 In the
event that the actual area of the Additional Leased Properties is reduced for whatever reason during the effectivity of this Addendum, the Parties undertake that they will, in good faith and with their best efforts, cause an amendment of this
Addendum for the purpose of reducing the amount of lease payments discussed and provided in Section 3 hereof in proportion to, and to the extent of, the area excluded from the original area of the Additional Leased Properties as indicated
herein; Provided, however, that any reduction of the area of the Additional Leased Properties shall only become effective if LESSEE shall have given its prior written consent thereto. 

Section 2. LEASE PERIOD. The Lease Period for the Additional Leased Properties shall commence upon the execution of this Addendum, and shall be
until July 11, 2033, unless sooner revoked, rescinded or cancelled under Article IV, Section 2 of the March 16, 2017 Contract of Lease. 

  
 Page 3 of 6 

 Upon the expiration of the Lease Period and provided that the term of the PAGCOR Charter shall have been
extended under substantially the same terms and conditions as the current PAGCOR Charter, then the Parties shall have the option to renew this Addendum for the period of the extended term of the PAGCOR Charter and under substantially the same terms
and conditions. If the term of the PAGCOR Charter is extended under terms and conditions which are not substantially similar to the terms and conditions of the current PAGCOR Charter, then this Addendum may be renewed by the Parties subject to the
terms of the extension of the PAGCOR Charter and such terms and conditions as may be agreed upon by the Parties. 
 Section 3.
ADDITIONAL ANNUAL LEASE RENTAL. LESSEE shall pay LESSOR additional annual lease rental (the “Additional Annual Lease Rental”) for the lease of the Additional Leased Properties in accordance with the following schedule: 

 

			
	                                
            ,	 	the Additional Annual Lease Rental for the Additional Leased Properties under this Addendum shall be:

  

			
	
            YEAR   
         
	  	 ANNUAL LEASE RENTAL (in PhP)

	1	  	
	2	  	
	3	  	
	4	  	
	5	  	
	6	  	
	7	  	
	8	  	
	9	  	
	10	  	
	11	  	
	12	  	
	13	  	
	14	  	
	15	  	
	16	  	

  
 Page 4 of 6 

 The LESSEE shall pay the Additional Annual Lease Rental without need of demand from the LESSOR, within
fifteen (15) days from the execution of this Addendum and every year thereafter. 
 Provided, that if the last remaining year of the Lease
Period shall comprise of less than twelve months, the LESSEE shall pay only a proportionate amount of the stipulated Additional Annual Lease Rental for that particular year corresponding to the actual number of months for which the Addendum to the
Contract of Lease shall remain effective. 
 As shown in the above schedule, the Additional Annual Lease Rental shall increase by two and a half percent
(2.5%) (the “2.5% Escalation Rate”) starting on the 16th year of the Lease Period and every year thereafter. 

The provisions of this Section 3 notwithstanding, beginning on the 16th year of the Lease Period and
until the expiry thereof, LESSEE shall pay LESSOR an annual lease payment which shall be the higher either (i) the amount indicated in the above schedule or (ii) the amount equivalent to three percent (3%) of the zonal value designated by
the Bureau of Internal Revenue (BIR) for the total area of the land constituting the Additional Leased Properties, excluding the value of any improvements thereon. 

The Additional Annual Lease Rental once it falls due shall be considered public funds. 

Section 4. TURN OVER OF THE ADDITlONAL LEASED PROPERTIES. The LESSOR shall immediately turn over the Additional Leased Properties to LESSEE upon
the execution of this Addendum thereby allowing the LESSEE to take actual and physical possession of the Additional Leased Properties. 
 All other terms
and conditions of the March 16, 2017 Contract of Lease not inconsistent herewith, shall continue to be in full force and effect, and the documents, from date hereof, shall be read as a single integrated document. 

Section 5. RENEGOTIATION. In the event that facts and circumstances arise or be discovered which render this Addendum to the Contract of Lease
disadvantageous to the government, the Parties hereto agree to immediately renegotiate its terms and conditions. 

  
 Page 5 of 6 

 IN WITNESS WHEREOF, the Parties have hereunto caused this Addendum to the Contract of Lease to be executed
this              day of                  , 2019 at the City of Manila. 

 

									
	 TIGER RESORT, LEISURE AND ENTERTAINMENT, INC.

 
	 	                        	  	 PHILIPPINE AMUSEMENT AND GAMING CORPORATION

 

					
	TIN:	 		 		  	TIN:	  	
					
	BY:	 	 /s/ KENJI SUGIYAMA
	 		  	BY:	  	 /s/ ANDREA D. DOMINGO

	     KENJI SUGIYAMA
	 		  	     ANDREA D. DOMINGO

	TIN:	 		 		  	TIN:	  	
	
	 Signed in the presence of.

 

			
	

	 	

  
 Page 6 of 6EX-10.4

 Exhibit 10.4 

RESTATED AND AMENDED CONTRACT OF LEASE 

KNOW ALL MEN BY THESE PRESENTS: 
 This
RESTATED AND AMENDED CONTRACT OF LEASE is made and executed at the City of Parañaque, this January 2, 2019 by and between: 

EAGLE I LANDHOLDINGS, INC., a corporation duly organized and existing under Philippine Laws, with principal offices at
Okada Manila Temporary Facilities, Atlantic Avenue corner Pacific Avenue, Entertainment City, Blvd. 2000, 1703 Parañaque City, represented herein by its duly authorized representative, ANTONIO O. COJUANGCO and HAJIME TOKUDA
(hereinafter referred to as the “LESSOR”); 
 -AND- 

TIGER RESORT, LEISURE AND ENTERTAINMENT INC. DOING BUSINESS UNDER THE NAME AND STYLE “OKADA MANILA”, a
corporation duly organized and existing under the laws of the Philippines with principal office at Okada Manila, New Seaside Drive, Entertainment City, 1701 Parañaque City, represented herein by its duly authorized representative and Chief
Operating Officer, BYRON YIP (hereinafter referred to as the “LESSEE”); 
 (LESSOR and
LESSEE shall hereinafter be collectively referred to as “Parties”) 
 WITNESSETH; That 

WHEREAS, on 8 February 2012, the Parties entered into a Contract of Lease (“2012 Contract of Lease”) over several
parcels of land with an aggregate area of approximately 40.80 hectares located at Barangays Tambo and Dongalo, Parañaque City (the “Property”) for the purpose of building/establishing LESSEE’s integrated casino
resort, among others. A copy of the 2012 Contract of Lease is hereto attached as Annex “A”; 
 WHEREAS, upon
verification, it has been clarified that of the 40.80 hectares, the land registered in the name of LESSOR has a total aggregate area of approximately 30.5 hectares, but the LESSOR has a right to develop and re-align additional parcels of land with a total aggregate area of approximately 10.3 hectares of land, pursuant to a Memorandum of Agreement dated 29 November 2009 among LESSOR, Asiaworld Properties
Philippine Corporation and the City of Parañaque; 

  
 1 

 WHEREAS, on 5 December 2015, the Parties amended the 2012 Contract of Lease to
clarify that the Property subject of the lease has an area of approximately 30.5 hectares with a right to develop and re-align the additional 10.3 hectares, to adjust the rental rate, and to defer the
increased rental payments until after the LESSEE has actually commenced its hotel and casino operations. A copy of the Amendment to the Contract of Lease dated 8 February 2012 (“2015 Amended Contract of Lease”) is hereto attached as
Annex “B”; 
 WHEREAS, sometime in mid-2016, the several parcels of
land subject of the 2012 Contract of Lease between the Parties were re-aligned, consolidated and thereafter subdivided thereby resulting to the issuance of new Titles in the name of the LESSOR with new
technical descriptions; 
 WHEREAS, on 5 December 2016, the Parties further amended the 2012 Contract of Lease to adjust the rental
rate from a percentage of the appraised value of the Leased Premsies to a fixed monthly rate of One Hundred Ten Million Pesos (Php 110,000,000.00), subject to an escalation rate of Three Percent (3%) annually, commencing on January 2017. Copy of the
2016 Amendment to the Contract of Lease dated 8 February 2012 (“2016 Amended Contract of Lease”) is hereto attached as Annex “C”. 

WHEREAS, LESSEE has made significant developments and improvements on the Property and LESSEE’s integrated casino
resort, now known as “Okada Manila”, has been operational since January 2017; 
 WHEREAS, LESSOR has requested LESSEE
to waive/release its leasehold rights over a portion of the Property, particularly the parcel of land covered by TCT No. 010-2016002795, with an area of 19,952 square meters, and thereby exclude the
same from the coverage of their Contract of Lease, so that LESSOR can sell said portion to other parties or developers; 

WHEREAS, LESSEE has agreed to waive/release its leasehold rights over the land covered by TCT
No. 010-2016002795, subject to compensation for such waiver/release, proportionate reduction in the lease rentals for the remaining areas, and certain concessions and other amendments to the Contract of
Lease agreed with LESSOR; 
 WHEREAS, the Parties would like to restate and further amend the 2012 Contract of Lease to
reflect the specific areas subject of the lease after the re-alignment, consolidation and subdivision; to exclude the areas that will be removed from the scope of the lease and incorporate the proportionate
reduction of lease rentals and other amendments required by LESSEE in connection therewith; to incorporate all the previous amendments made in 2015 and 2016; and to include all other provisions which the Parties deem important and necessary
to update the agreement of the Parties in light of the current situation. 

  
 2 

 NOW THEREFORE, for and in consideration of the foregoing premises, the Parties hereby
execute this Restated and Amended Contract of Lease to reaffirm and further amend the 2012 Contract of Lease, as restated and amended herein, and hereby agree as follows: 

TERMS AND CONDITIONS 

Section 1. LEASED PREMISES - The properties subject of this Contract of Lease are five
(5) parcels of land (hereinafter referred to as the “Leased Premises”) located at Barangays Tambo, Parañaque City with an aggregate area of approximately 285,180 square meters, registered in the name of the LESSOR and
specifically covered and described under the following Transfer Certificates of Title issued by the Register of Deeds of Paranaque: 
  

					
	 1. TCT No. 010-2016002791
	  	 	186,116 square meters	 
	 2. TCT No. 010-2016002792
	  	 	66,154 square meters	 
	 3. TCT No. 010-2016002793
	  	 	19,799 square meters	 
	 4. TCT No. 010-2016002794
	  	 	7,909 square meters	 
	 5. TCT No. 010-2016002796
	  	 	5,202 square meters	 
		  	  
	  
	 
	 TOTAL AREA
	  	 	285,180 square meters	 

 For clarity and avoidance of doubt, the Parties agree and understand that the right granted herein by the
LESSOR to the LESSEE includes the lease over the abovementioned Leased Premises with a total aggregate area of 285,180 square meters, with a right to develop, re-align, use and manage an
additional area of approximately 102,861 square meters (hereinafter referred to as the “Additional Premises”) which LESSOR has a right to develop, re-align, use and manage under the Memorandum
of Agreement dated 29 November 2009 among LESSOR, Asiaworld Properties Philippine Corporation and the City of Paranaque. These Additional Premises, following the re-alignment, are specifically covered and described under the following
Transfer Certificates of Title issued by the Register of Deeds of Paranaque: 
  

					
	 1. TCT No. 010-2016002797
	  	 	40,294 square meters	 
	 2. TCT No. 010-2016002798
	  	 	27,182 square meters	 
	 3. TCT No. 010-2016002799
	  	 	2,916 square meters	 
	 4. TCT No. 010-2016002800
	  	 	2,055 square meters	 
	 5. TCT No. 010-2016002801
	  	 	30,414 square meters	 
		  	  
	  
	 
	 TOTAL AREA
	  	 	102,861 square meters	 

  
 3 

 Further, for clarity and avoidance, LESSOR and LESSEE hereby agree that the
property covered by TCT No. 010-2016002795 with an area of 19,952 square meters shall be, and is hereby, excluded from the scope and coverage of the Contract of Lease dated 8 February 2012, as
amended, and that the annotation of the Contract of Lease dated 8 February 2012 on TCT No. 010-2016002795 shall accordingly be removed and cancelled upon payment of compensation to LESSEE for
its waiver of leasehold rights therein. 
 Section 2. TERM - The term of this lease shall be
fifty (50) years to commence from January 01, 2012 to December 31, 2061. No interruption in the physical possession of the LESSEE for any reason whatsoever shall serve to extend the term of this lease. This lease may be renewed at
the option of the LESSEE for another twenty-five (25) years on the same terms and conditions herein, provided, that the LESSEE shall have faithfully complied with all the terms of this Contract and LESSEE shall notify the
LESSOR in writing of its desire to renew the lease at least ninety (90) days prior to its expiration. 

Section 3. RENTALS - The Parties agree that LESSEE shall pay LESSOR a monthly
rental in the amount of ONE HUNDRED NINE MILLION ONE HUNDRED THIRTEEN THOUSAND FIVE HUNDRED SIXTY FIVE PESOS (PHP109,113,565.00) beginning 1 January 2019, subject to an escalation rate of Three Percent (3%) annually beginning
1 January 2020. 
 Section 4. SECURITY DEPOSIT - Upon signing of this Contract, the
LESSEE shall pay the LESSOR, a deposit of Three Hundred Seventy-Five Thousand Pesos (P375,000.00), Philippine currency, as guarantee for the faithful compliance of all covenants and conditions of this Contract. This non-interest bearing Security Deposit shall answer for any unpaid taxes, bills for water, gas, electricity, telephone and garbage fees upon the expiration of the lease, as well as any damage caused to the Leased
Premises by the LESSEE or its agents. Said Security Deposit shall be returned to the LESSEE only upon the expiration of this Lease Contract and after all outstanding fees and charges have been deducted. 

Section 5. USE OF THE LEASED PREMISES - The LESSEE shall use the Leased Premises to
construct and operate, at its sole cost and expense, an integrated casino-hotel resort and other related facilities/improvements. LESSEE warrants that it shall not conduct illegal/unlawful transactions/activities within the Leased Premises
nor will it tolerate the same. LESSEE shall hold LESSOR free and harmless from any and all liabilities arising from or as a consequence of LESSEE’S use of the Leased Premises. 

  
 4 

 Section 6. IMPROVEMENTS - LESSEE shall construct structures
and/or improvements on the Leased Premises, subject to existing laws, ordinances, rules and regulations and which should not in any way diminish the value of the Leased Premises. LESSEE shall secure all the necessary permits for the
construction of the improvements and for the operation of its business on the Leased Premises. LESSEE binds to construct/renovate the structure and to operate its business in accordance with law. 

All improvements introduced to the Leased Premises, except the movables, furniture and those items which can be removed without causing damage
or defacing the building/Leased Premises, shall become the property of the LESSOR upon the expiration of this Contract without obligation on the part of LESSOR to pay/reimburse LESSEE for the value thereof. 

Section 7. INSTALLATION AND MAINTENANCE OF PUBLIC SERVICES AND UTILITIES - LESSEE, for
its own account and responsibility, undertakes to secure the necessary connection/installation of services/utilities of whatever kind and nature needed for the LESSEE’S business operation within the Leased Premises and shall fully and
promptly pay for all utilities/services furnished to the Leased Premises throughout the term of the lease and any renewal thereof, including all other costs and expenses of every kind whatsoever in connection with the use, operation and maintenance
of the Leased Premises and all activities conducted thereon. LESSOR shall have no responsibility of any kind for any such utilities/services secured by LESSEE for the operation of its business. 

Section 8. TAXES AND INSURANCE - All real estate and other property taxes and fees that may be assessed on the Leased
Premises shall be for the account of the LESSOR. However, all real estate and other property taxes or other fees that may be assessed by the government or any of its instrumentalities on the Building and other improvements introduced by the
LESSEE on the Leased Premised, shall be for the sole account of the LESSEE. All taxes, fees and expenses in relation to the execution and registration of this Agreement, including documentary stamp tax, shall be shared equally between
LESSOR and LESSEE. 
 The LESSEE shall, for its sole account, obtain and maintain for the duration of the term
of the lease and any renewal thereof, adequate insurance coverage for the structures and/or improvements introduced by LESSEE within the Leased Premises, including the fixtures therein. In case of loss or damage, all insurance proceeds shall
be used for the purpose of restoration or reconstruction of the Building and improvements of the Leased Premises. 

  
 5 

 Section 9. ZONING AND GOVERNMENT PERMITS. The
LESSEE shall be solely responsible in obtaining all the necessary governmental permits and/or licenses to do the following, among others, [a] perform such construction/renovation works or introduce improvements on the Leased Premises; [b]
install signs within the Leased Premises as may be deemed necessary by the LESSEE in the pursuit of its business; and [c] to do business within the Leased Premises. 

LESSEE further obligates that it would comply with all the zoning and/or environmental or health or sanitation requirements and/or
rules and regulations required by the authorities in the pursuit of its business and such other laws and/or city ordinances applicable in the operation of the business. 

Section 10. DAMAGE TO OR DESTRUCTION OF BUILDING/IMPROVEMENTS - In the event that any structures and/or
improvements constructed/introduced by LESSEE on the Leased Premises are destroyed, in whole or in part, for any reason whatsoever and/or the LESSEE is prevented and/or cannot conduct normal business operation for any cause or reason,
payment of the monthly rentals shall be suspended while LESSEE restores the improvements and/or remedies the cause for the cessation of its business, provided that such suspension of rental payment shall not exceed a period of one
(1) year. 
 LESSEE undertakes to remedy the cause for the cessation of business and/or to repair, restore or reconstruct or
cause the said damage or destroyed building and other improvements to be repaired, restored or reconstructed in such manner that after such repair, restoration or reconstruction, the condition thereof shall be at least equal to its condition
immediately prior to such damage or destruction. Such repair, restoration or reconstruction shall be completed within one (1) year from loss or damage. 

If the restoration cannot be completed within one (1) year or the cause for the cessation of business is not rectified by the LESEEE
within one (1) year, the Parties shall negotiate for a reduced rental rate or to terminate this Contract of Lease altogether, without need of judicial action. 

Section 11. SANITATION, MAINTENANCE AND REPAIRS - The LESSEE shall, at his own expense and at all times during the
period of this lease, keep and maintain the Leased Premises and the improvements thereon in clean and sanitary condition. The LESSEE shall be responsible for all major and minor repairs on the premises/improvements caused by fortuitous
events, ordinary wear and tear or due to the fault or negligence of the LESSEE, his officers, agents, helpers, guests or visitors, subject to the provisions of Section 10 hereof. 

  
 6 

 LESSEE shall comply with and abide by all laws and other governmental statutes,
ordinances and regulations affecting the Leased Premises and the business operations of the LESSEE, the improvements thereon or any activity or condition on or in such premises. 

Section 12. ADVANCE AND INTEREST - In case of default on the part of the LESSEE in the
payment of taxes and charges for which it is liable, or any amount herein required to be paid by the LESSEE, the LESSOR may, in its discretion, make or advance such payments including interests, charges or penalties thereon, and all
amounts so paid shall be reimbursed to the LESSOR by the LESSEE together with interest at the rate of two percent (2%) per month from date of payment by the LESSOR until its reimbursement; Provided, however, that failure on the
part of the LESSEE to reimburse the LESSOR of the advances made by the latter and interest thereon after the expiration of three (3) months from demand for reimbursement, shall entitle the LESSOR to terminate this lease in
accordance with the provisions hereof. 
 Section 13. SUB-LEASE AND ASSIGNMENT OF
RIGHTS - The LESSEE shall not assign or transfer its right to this Contract of Lease without the prior written consent of the LESSOR. No right, title or interest in this Contract of Lease shall be conferred or vested on anyone
other than the LESSEE without the prior written consent of the LESSOR. 
 Section 14. RIGHT OF
FIRST REFUSAL - In the event of a sale or intended sale of the Leased Premises or any portion thereof by the LESSOR, the LESSEE shall have the right of first refusal to purchase the Leased Premises or such portion
thereof that will be sold. Such right of first refusal may be exercised by LESSEE if, at the time of the exercise of such right, LESSEE is qualified to own land under the law. If LESSEE is not qualified to own land at that time,
LESSEE can assign the right to purchase the land to any person or entity qualified to own land under the law. 
 Pursuant to this
right of first refusal of the LESSEE, in the event LESSOR receives an offer or intends to make an offer for the sale of the Leased Premises or any portion thereof, LESSOR shall notify the LESSEE in writing within five
(5) days, attaching therewith a copy of the offer. Within ninety (90) days from receipt, LESSEE shall inform LESSOR whether it or its qualified designee will match the offer. In the event LESSEE does not exercise its
right of first refusal within the said 90-day period, LESSOR shall ensure that the terms and provisions of this Contract of Lease, as amended, will be observed by the buyer. 

  
 7 

 The foregoing notwithstanding, in the event of sale of the Leased Premises or any portion
thereof, LESSEE shall have the option to terminate the lease insofar as the area sold is concerned, subject to payment of compensation satisfactory to the LESSEE. 

Section 15. ADDITIONAL LAND - In the event that LESSOR purchases or acquires additional
land within the vicinity of the Leased Premises, LESSOR shall first offer the same for lease to the LESSEE under such terms and conditions to be mutually agreed upon by the Parties, including the LESSEE’s undertaking
to fully develop the additional land. Upon acceptance of the LESSEE, the Contract of Lease between the LESSOR and the LESSEE shall accordingly be amended to include the additional land. If the LESSEE refuses to lease the
additional land, such refusal shall be communicated to the LESSOR in writing within ninety (90) days from receipt of LESSOR’s offer. 

Section 16. COMPLIANCE WITH LAWS - The LESSEE hereby undertakes to use and occupy, at
its own expense, the Leased Premises, and the improvements thereon in accordance with all police, fire, health and sanitary regulations imposed by any local or national authority or any entity, institution or commission acting thereunder and/or
observe the laws, ordinances, and other requirements governing the conduct or business of the LESSEE with respect to the use of the Leased Premises and the improvements thereon, and will save the LESSOR harmless from any damages,
charges, suits or cost for non-compliance or violation of any said laws, ordinances, requirements and other regulation or from any liability or cost of any nature for damages or injury to the person or
property resulting therefrom. 
 Section 17. EXPROPRIATION AND CONDEMNATION - If at any time
during the term of this lease the Government or any of its instrumentalities or political subdivision, or any public utility company, shall expropriate or condemn the Leased Premises, the Building/structure or any part thereof or interest therein
for any public use or purpose, then and in every such case the LESSEE shall, whenever requested by the LESSOR, deliver the peaceful possession of such portion of the Leased Premises together with the Building or portion thereof as may
be affected or taken by such expropriation, and the LESSEE shall not, by reason of such expropriation, be entitled to any claim against the LESSOR for compensation or indemnity, without prejudice to the right of the LESSEE to
demand for pro rata reduction of the rental and to claim for whatever damage it may be entitled to from the expropriating or condemning authority. 

  
 8 

 Section 18. INDEMNITY - The LESSEE
shall hold the LESSOR free and harmless from any claim or demand of third persons for loss or damage, including claims for property damage, personal injury or wrongful death, arising out of any accident on the Leased Premises and the
Building/structures or occasion by any nuisance made or suffered on the Leased Premises, and the Building/structures, or any fire thereon, or growing out of or caused by any failure on the part of the LESSEE to maintain the premises in safe,
sanitary and secure condition or by reason of the LESSEE’s violation, non-compliance with rules, regulations, ordinances, laws and the conditions of this Contract of Lease concerning or affecting
the Leased Premises, the Building or the improvements thereon. 
 Section 19. BREACH AND DEFAULT
- In the fulfillment of all obligations wherein the payment of money is involved, including but not limited to the rentals, taxes, assessments, reimbursement, fees, cost and other charges hereinbefore mentioned, the LESSEE is hereby given
a grace period of Sixty (60) days from date of default before the LESSOR can exercise the right to recover against the LESSEE and/or exercise its right to rescind this Contract. 

In the fulfillment of the obligations contained in this Contract involving the performance of an act or an obligation to do, the LESSEE
may cure or remedy any breach or failure to comply within a cure period of thirty (30) days from written notice of such breach. If such breach is not cured or remedied within such cure period, the LESSOR may exercise its right to
rescind and cancel this Contract of Lease due to breach or non-performance of essential conditions. All payments made to the LESSOR shall be forfeited in favor of the latter by way of liquidated
damages. 
 (a) In the event of default or breach of any of the conditions of this Contract and after the lapse of the cure period or grace
period fixed in this Section, or (b) even without such breach or default and without such grace period or cure period, if the LESSEE shall become dissolved, bankrupt, or insolvent, or (c) also without such breach or default and
without such grace period or cure period, if the LESSEE abandons the property and the improvements thereon for a period of more than Sixty (60) days without leaving a responsible person therein, the LESSOR may, in its absolute
discretion, declare this Contract cancelled and terminated and require the LESSEE to vacate the Leased Premises and the Building; Provided however, that in the event of abandonment under Clause (c) of this Section, the LESSEE
hereby expressly authorizes and permits the LESSOR to enter into and take possession of the Leased Premises and the Building for the protection of its interest therein and no action taken or done therein by the LESSOR, their
representatives and agents shall be cause for any action for damages by the LESSEE. Delay in the recovery of possession or extension of time shall not be deemed as a waiver of the right of the LESSOR to recover the possession of the
Building and the Leased Premises. 

  
 9 

 Section 20. ATTORNEY’S FEES - If any
action or suit shall be brought to recover any rent under this Contract of Lease, or on account of any breach of, or to enforce or interpret any of the covenants, terms or conditions of this Contract of Lease, or for the recovery of the possession
of the Leased Premises, the prevailing party shall be entitled to recover from the other party attorney’s fees equivalent to twenty percent (20%) of the amount claimed but in no case less than One Hundred Thousand Pesos (Php100,000.00) as well
as the costs and expenses of litigation. 
 Section 21. PARTIES BOUND - The covenants and
conditions herein contained shall, subject to the provisions as to assignment, transfer, and subletting, apply to, and bind the heirs, successors, executors, administrators, and assigns of all the Parties hereto. The parties hereto agree that this
Contract of Lease shall be registered with the office of the proper Register of Deeds. 
 Section 22.
INCONSISTENT CLAUSES - Parties hereby expressly agree that the 2012 Contract of Lease, and its amendments, insofar as they are inconsistent with the provisions of this Restated and Amended Contract of Lease, are hereby
superseded. 
 IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above written. 

 

									
	EAGLE I LANDHOLDINGS, INC.	 		 	 TIGER RESORT, LEISURE

	Lessor	 		 	AND ENTERTAINMENT, INC.
		 		 	Lessee
					
	By:	 	/S/ ANTONIO COJUANGCO	 		 	By:	 	/s/ BYRON YIP
		 	 ANTONIO COJUANGCO
	 		 		 	BYRON YIP
					
	      	 	/s/ HAJIME TOKUDA	 		 		 	
		 	HAJIME TOKUDA	 		 		 	

 SIGNED IN THE PRESENCE OF: 

									
					
		 	 	 		 		 	 
		 		 		 		 	

  
 10 

 AMENDMENT TO 

RESTATED AND AMENDED CONTRACT OF LEASE 

KNOW ALL MEN BY THESE PRESENTS: 
 This
Amendment to the Restated and Amended Contract of Lease is made and executed at the City of Parañaque, effective October 16, 2019 by and between: 

EAGLE I LANDHOLDINGS, INC., a corporation duly organized and existing under Philippine Laws, with principal offices at
Okada Manila Temporary Facilities, Atlantic Avenue corner Pacific Avenue, Entertainment City, Blvd. 2000, 1703 Parañaque City, represented herein by its duly authorized representatives, DINDO A. ESPELETA and HAJIME TOKUDA
(hereinafter referred to as the “LESSOR”); 
 -AND- 

TIGER RESORT, LEISURE AND ENTERTAINMENT INC. DOING BUSINESS UNDER THE NAME AND STYLE “OKADA MANILA”, a
corporation duly organized and existing under the laws of the Philippines with principal office at Okada Manila, New Seaside Drive, Entertainment City, 1701 Parañaque City, represented herein by its duly authorized representative and
President, TAKASHI OYA (hereinafter referred to as the “LESSEE”); 
 (LESSOR and LESSEE shall
hereinafter be collectively referred to as the “Parties”) 
 WITNESSETH That: 

WHEREAS, LESSOR and LESSEE have an existing Restated and Amended Contract of Lease dated January 2,
2019, covering five (5) parcels of land located at Barangays Tambo and Don Galo, Parañaque City with an aggregate area of approximately 285,180 square meters. 

WHEREAS, under the Restated and Amended Contract of Lease, LESSEE was also granted the right to develop,
re-align, use and manage an additional area of approximately 102,861 square meters consisting of road lots and open spaces; 

WHEREAS, LESSOR has recently undertaken a consolidation and subdivision of its properties covered by the Restated and Amended Contract of
Lease in accordance with PCS-E2019000337, which resulted in, among others, an additional 26,311 square meters of usable and buildable area, and the issuance of new Transfer Certificates of Title (TCTs); 

WHEREAS, LESSOR and LESSEE have agreed that the said additional 26,311 square meters of usable and buildable area shall be included in the
scope of the lease to LESSEE, with the corresponding pro-rated increase in the rental to be paid by LESSEE; 

  

					
		  	1	  	
		  		  	

 WHEREAS, in the process of the consolidation and subdivision, an area consisting of 7,305
square meters (covered by TCT No. 010-2019002512) was set aside for the purpose of a Joint Venture Agreement between LESSOR and the City of Parañaque; 

NOW THEREFORE, the Parties execute this Amendment to the Restated and Amended Contract of Lease and hereby agree as follows: 

Section 1. LEASED PREMISES - The properties subject of this Restated and Amended Contract of Lease are
seven (7) parcels of land (hereinafter referred to as the “Leased Premises”) located at Barangays Tambo and Don Galo, Parañaque City with an aggregate area of approximately 311,491 square meters, registered in the name of the
LESSOR and specifically covered and described under the following Transfer Certificates of Title issued by the Register of Deeds of Paranaque: 
  

					
	 1. TCT No. 010-2016002791
	  	 	186,1160 square meters	 
	 2. TCT No. 010-2016002793
	  	 	19,799 square meters	 
	 3. TCT No. 010-2016002794
	  	 	7,909 square meters	 
	 4. TCT No. 010-2019002508
	  	 	33,077 square meters	 
	 5. TCT No. 010-2019002509
	  	 	30,533 square meters	 
	 6. TCT No. 010-2019002510
	  	 	30,524 square meters	 
	 7. TCT No. 010-2019002511
	  	 	3,533 square meters	 
		  	  
	  
	 
	 TOTAL AREA
	  	 	311,491 square meters	 

 For clarity and avoidance of doubt, the Parties agree and understand that the right granted herein by the
LESSOR to the LESSEE includes the lease over the abovementioned Leased Premises with a total aggregate area of 311,491 square meters, with a right to develop, re-align, use and manage an additional area of
approximately 69,245 square meters (hereinafter referred to as the “Additional Premises”) consisting of road lots and open spaces, specifically covered and described under the following Transfer Certificates of Title issued by the Register
of Deeds of Paranaque: 
  

					
	 1. TCT No. 010-2016002797
	  	 	40,294 square meters	 
	 2. TCT No. 010-2016002799
	  	 	2,916 square meters	 
	 3. TCT No. 010-2019002513
	  	 	3,116 square meters	 
	 4. TCT No. 010-2019002514
	  	 	11,460 square meters	 
	 5. TCT No. 010-2019002515
	  	 	5,729 square meters	 
	 6. TCT No. 010-2019002516
	  	 	5,730 square meters	 
		  	  
	  
	 
	 TOTAL AREA
	  	 	69,245 square meters	 

  

					
		  	2	  	
		  		  	

 Section 2. RENTALS - The Parties agree that LESSEE shall pay
LESSOR a monthly rental in the amount of One Hundred Nineteen Million One Hundred Eighty Thousand Four Hundred Sixteen and 71/100 Pesos (PHP119,180,416.71) beginning 1 October 2019, subject to an escalation rate of Three Percent
(3%) annually beginning 1 January 2020. 
 Section 3. AMENDATORY EFFECT - The Restated and Amended Contract of Lease
shall be deemed amended and modified to the extent that it is inconsistent with the provisions of this Amendment. All other provisions of the Restated and Amended Contract of Lease that are not inconsistent with this Amendment shall remain in full
force and effect. 
 IN WITNESS WHEREOF, parties herein affixed their signatures on the date and place above written. 

 

									
	 EAGLE I LANDHOLDINGS, INC.

Lessor
	 		 	 TIGER RESORT, LEISURE

AND ENTERTAINMENT, INC.

		 		 	 Lessee

					
	By:	 	/s/ DINDO A. ESPELETA	 		 	By:	 	/s/ TAKASHI OYA
		 	DINDO A. ESPELETA	 		 		 	TAKASHI OYA
		 	HAJIME TOKUDA	 		 		 	***
		 		 		 		 	

 SIGNED IN THE PRESENCE OF: 

									
					
	 
       
	 	 	 		 	      	 	 

  

					
		  	3

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