Document:

exv10w16

Exhibit 10.16

TERMS OF ENGAGEMENT AGREEMENT

FOR INDIVIDUAL INDEPENDENT CONTRACTOR

     This Terms Of Engagement Agreement For Individual Independent Contractor (this “Agreement”) is
made and entered into this ___ day of June 2009 (the
“Execution Date”), by and between Diamond
Resorts Centralized Services USA, LLC (the “Company”) and Praesumo Partners, LLC (“Independent
Contractor”), and supersedes any and all previous oral and/or written agreements between the
parties. Capitalized terms shall have those defined meaning as set forth immediately in parenthesis
by the phrase defined, or as set forth in the definition section herein.

	1.	 	GENERAL DESCRIPTION OF ENGAGEMENT. Independent
Contractor will provide LOWELL KRAFF
as a consultant to perform such duties that are assigned to Independent Contractor by the
Company related to acquisition, development and finance and such other services as shall be
mutually agreed upon by Independent Contractor and the Company. Independent Contractor shall
report directly to Stephen J. Cloobeck.
	 
	2.	 	TERM OF AGREEMENT. This Agreement shall be for a one
year term commencing on June 1,
2009. No oral extensions of this agreement are allowed. The contract may be renewed at
the sole discretion of the Company on a month to month basis upon written execution of a new
agreement approved by the Company’s legal department and executed by all parties.
Notwithstanding the above or anything herein to the contrary, it is understood that either
party may, at any time terminate this Agreement for any or no reason by giving thirty (30)
days prior notice to the other party, or as elsewhere herein provided below.
	 
	3.	 	AUTOMATIC TERMINATION OF AGREEMENT. It is further understood and agreed that this
Agreement shall automatically terminate, without notice or action, in
the event of the death
of the Independent Contractor; in the event Independent Contractor shall be unable to perform
the essential functions of his position; in the event of the dissolution, termination of
existence, insolvency, business failure, appointment of a receiver of
any part of the property
of, assignment for the benefit of creditors by, or the commencement of any proceeding under
any bankruptcy, or insolvency laws by or against the Independent
Contractor; in the event that
Independent Contractor has committed any act of fraud or embezzlement in the performance of
his duties or has in any way mishandled or misappropriated funds belonging to Company or its
customers; Independent Contractor is convicted or indicted for breaching any law including but
limited to those relating to the promotion of timeshares; Independent Contractor’s dishonesty
or serious misconduct in relation to any aspect of the Company’s business, or other conduct
by Independent Contractor calculated or with the potential to bring the Company into disrepute
or to materially damage or materially affect prejudicially the interests of the Company;
Independent Contractor’s failure to follow the reasonable
directions of the Company;

	 	 	 

		 	
	Independent Contractor

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	 	 	or a breach by Independent Contractor of this Agreement. The above is a non-exhaustive
list of “cause” for termination under this Agreement.
	 
	4.	 	PROMOTION OF GOODWILL. Independent Contractor hereby agrees dutifully to perform
services for the Company as a consultant, and agrees to devote Independent Contractor’s best
efforts to the affairs of the Company, to faithfully and diligently endeavor to promote the
best interests of the Company and comply with all policies, rules, regulations and procedures
established by the Company from time to time in order to maintain and increase, rather than
diminish, the goodwill of the Company.
	 
	5.	 	KNOWLEDGE OF COMPANY POLICIES AND PRODUCTS. Independent Contractor acknowledges
and agrees that Independent Contractor must initially and continually develop accurate and
complete knowledge of Company policies, procedures and techniques. Independent Contractor
agrees that Independent Contractor will constantly possess product knowledge, which, under
this Agreement, means a thorough knowledge of Company’s affiliated resorts and the timeshare
interests that can be purchased.
	 
	6.	 	COMPENSATION. As compensation for productive services to the Company and for timely
and total performance of each obligation herein, Independent Contractor shall be paid monies
only while LOWELL KRAFF is serving as a consultant in accordance with the following. The
Compensation is not based on the number of hours worked by
Independent Contractor. Independent
Contractor shall be entitled to no other compensation except as expressly provided herein.
Without limiting the generality of the above sentence, Independent Contractor shall not receive
or otherwise be entitled to participate in any Company benefit programs of any sort, unless
and only to the extent expressly agreed to in writing. The Company has no obligation to pay
any employee or agent of the Independent Contractor and the Independent Contractor shall
indemnify the Company against any such claims by such employees or agents. For all services to
be rendered by Independent Contractor, Independent Contractor’s annual compensation will be
$1,200,000 (One Million Two Hundred Thousand U.S. Dollars) per year, payable in equal monthly
installments of $100,000.
	 
	7.	 	DEDUCTION OF MONIES DUE. Independent Contractor agrees that Company shall be entitled
to deduct, offset or otherwise withhold from Independent Contractor’s compensation any monies
due including, without limitation, advances, training fees, stolen property and any damages
arising from, related to or in connection with a breach of this Agreement, or any monies
otherwise due to Company or its affiliates.
	 
	8.	 	INDEPENDENT CONTRACTOR STATUS. It is the intent and
understanding of the parties
hereto that Independent Contractor is solely an independent
contractor of the Company. The
Company and Independent Contractor shall not be considered to be partners, joint ventures or
in any other similar relationship in which one party is entitled to share in the profits of
the other. Independent Contractor shall retain sole

	 	 	 

		 	
	Independent Contractor

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	 	 	and absolute discretion and judgment in the manner and means of carrying out Independent
Contractor’s duties and activities. The Company will describe to Independent Contractor the
basic responsibilities and the Company then shall rely on Independent Contractor’s expertise
to execute the responsibilities. The Company shall not, except to the extent required by law,
have the right to direct or limit Independent Contractor’s activities, including
but not limited to, Independent Contractor’s hours, production, reports, schedule, services,
inventory, time off, training and vacation. Independent Contractor shall at all reasonable
times make himself available to consult and advise the Company.
	 
	9.	 	INDEPENDENT CONTRACTORS LIMITED AUTHORITY TO BIND COMPANY. Independent Contractor
does not have authority to enter into any business transactions or contracts on behalf
of the Company unless specifically authorized in writing in accordance with the provisions set
forth herein. The Company shall not be liable for any expenses incurred by Independent
Contractor or for any acts of Independent Contractor, except as specifically required and
approved in advance in writing by Stephen J. Cloobeck, or as expressly permitted by this
Agreement, Independent Contractor shall not obligate the Company for
materials, services, the
purchase of real property, or in any other away without first obtaining written consent of
Stephen J. Cloobeck. Independent Contractor shall have no authority to bind the Company by any
promise or representation unless such promise or representation is specifically authorized in
writing by Stephen J. Cloobeck. In the
event the Company elects, in its sole and absolute discretion, to advance sums to
Independent Contractor for fees or other items, Independent
Contractor shall repay the
same to the Company on demand and the Company may deduct or offset such advances from the
Earnings Payable otherwise payable to Independent Contractor. The Company shall not treat
Independent Contractor, or Independent Contractor’s agent’s, as employee(s) and Independent
Contractor shall be solely responsible for paying his income tax and filing the necessary
tax, unemployment, social security, and any other forms applicable to his own employees and
agents. Independent Contractor shall be solely responsible for paying his employees and
agents and shall indemnify to the fullest extent (without limiting the generality of any
other indemnity section herein) the Company and the Company Affiliate Group (as defined
below) against any claims made by such individuals.
	 
	10.	 	COMPLIANCE WITH LEGAL REQUIREMENTS. Independent Contractor acknowledges that
the State of Nevada and other governmental jurisdictions have adopted extensive rules,
regulations, ordinances and statutes specifically pertaining to all Company operations.
Independent Contractor agrees to comply with all governmental requirements essential to the
right of Company to continue to do business in the governmental jurisdictions involved.
Independent Contractor shall be solely and fully responsible for his compliance with any
laws relating to timeshare companies. In the event the government creates new legislation,
laws, or regulations applicable to this Agreement or the activities of Independent
Contractor with regard to the Agreement, Independent Contractor shall be solely and fully
responsible for compliance with such laws, and, upon being made aware of the initial
drafting of such

	 	 	 

		 	
	Independent Contractor

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	 	 	Contractor’s employees or agents, or any claim made by any current or former employee,
contractor or agent of Independent Contractor which alleges or seeks to assert that the Company
is such individual’s employer, or attempts to assert an
employer-employee relationship with the Company.
	 
	15.	 	INSURANCE. Independent Contractor shall maintain, at its own expense, appropriate
insurance in adequate amounts, including without limitation, liability insurance, automobile
insurance and worker’s compensation insurance, Independent Contractor shall provide evidence
of all such insurance to Company on a continuing basis.
	 
	16.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF INDEPENDENT CONTRACTOR.
Independent Contractor hereby represents, warrants and covenants to the Company
as follows:

	 	a.	 	LICENSURE. Independent Contractor possesses and
will continue to possess all requisite licenses and permits in order to, and for
the purpose of, rendering all services contemplated hereunder, and will otherwise
comply with all laws.
	 
	 	b.	 	EXPERTISE. Independent Contractor is familiar with the
United States timeshare industry.
	 
	 	c.	 	NON-EMPLOYEE STATUS. Independent Contractor is an “authorized limited agent of the Company” and not an employee, partner or other
type of representative of the Company and Independent Contractor
will not, publicly or privately, hold himself out as being an agent or employee of
the Company for any purposes. As such, Independent Contractor agrees
at all times during the term of this Agreement to utilize only the
name of the Independent Contractor in any advertising or representations to
the public. Use of the trade name and trademarks of the Company or its affiliates
are limited only to indicate that Independent Contractor is an
authorized limited agent of the Company.
	 
	 	d.	 	NO CONFLICT. Independent Contractor warrants that this Agreement does not
conflict with any other agreement, written or oral, to which Independent Contractor
is a party, or with any applicable law, rule, order, regulation, ordinance, degree or permit of
any kind.
	 
	 	e.	 	TAX COMPLIANCE. Independent Contractor (on his personal behalf and all
of his affiliated companies) has at all times prior to the execution of this Agreement complied
with all obligations under the Internal Revenue Code and similar regulations of federal, state and
local taxing authorities, and covenants to comply fully with such regulations during the term of
this Agreement. Independent Contractor (on his personal behalf and all of his
affiliated companies) has not received any notice from any such authority regarding noncompliance
or nonpayment in the last 10

	 	 	 

		 	
	Independent Contractor

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	 	 	 	years, has not entered into any formal agreement or settlement with such authorities in the
past 10 years, and has not been during the past 10 years and is not now the subject of any tax
levy, attachment, garnishment or otherwise. Independent Contractor shall submit
evidence of all such matters upon the Company’s request.
	 
	 	f.	 	LITIGATION. There are no actions, suits, proceedings or injunctions, pending or
threatened against Independent Contractor.
	 
	 	g.	 	NOTICE OF CHANGE. Independent Contractor shall immediately notify the
Company in the event that any representation and warranty made herein becomes untrue in any way or
is imminently about to become untrue with the passage of time.

	17.	 	DEFINITIONS.

	 	a.	 	AGREEMENT: Agreement means this document.
	 
	 	b.	 	COMPANY AFFILIATE GROUP: Company Affiliate Group means Diamond Resorts Centralized
Services USA, LLC, and all of its affiliates.
	 
	 	c.	 	CONFIDENTIAL INFORMATION: See Section 13 above for a definition.
	 
	 	d.	 	EXECUTION DATE: Execution Date means the date both parties have signed this agreement
and this Agreement becomes effective.

	18.	 	GOVERNING LAW. This Agreement and the rights and obligations hereunder shall be
governed, construed and enforced, and all of the rights, powers, and liabilities of the parties
shall be determined, in accordance with the laws of the State of Nevada, United States, except to
the extent governed by U.S. federal law, irrespective of the fact that one or more of the parties
now is, or may become, a resident of a different state or jurisdiction. This Agreement has been
signed and accepted in Nevada, and a significant portion of the services provided hereunder is to
be performed in Nevada. Independent Contractor agrees to exclusive jurisdiction of
Clark County, Nevada.
	 
	19.	 	COSTS AND ATTORNEY’S FEES. If any act is necessary by the Company to enforce any
provision of this Agreement, the Company shall be entitled to all costs and expenses incurred,
including any and all attorney’s fees.
	 
	20.	 	FURTHER ASSURANCES. Each party hereto agrees to perform such further acts and to
execute and deliver such further documents as may be reasonably necessary to carry out the
provisions and intentions of this agreement.

	 	 	 

		 	
	Independent Contractor

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	21.	 	NOTICES. Notices required by the agreement shall be in English and shall be
forwarded to the parties by certified mail, return receipt requested, by personal delivery
service or by facsimile, so long as there is evidence of receipt by the other party, under
local law, at the following addresses, or at any subsequent addresses given by the parties:

	 	 	 

	If to Independent Contractor:

	 	Praesumo Partners, LLC
	 

	 	c/o LOWELL KRAFF
	 

	 	227 W. Monroe St. 3920
	 

	 	Tel: 312-357-9880
	 

	 	Fax: 312-726-5797
	 
	 	 
	If to Company:

	 	Diamond Resorts Centralized
Services USA LLC
	 

	 	Senior Vice President & Global Director of Legal 
	 

	 	10600 W. Charleston Blvd.
	 

	 	Las Vegas, Nevada 89135

	 	 	Any changes in the above addresses for notice shall be provided in writing to the party to
this Agreement pursuant to the above terms within ten (10) days of such change.
	 
	22.	 	EXECUTION OF COUNTERPARTS. This agreement may be executed in two or more
counterparts, each of which shall be an original, but all of Which shall
constitute one and the same instruments. Faosimile signatures herein, if any shall
have the same weight and authority as original signatures.
	 
	23.	 	NO ASSIGNMENT. Independent Contractor may not assign, subcontractor or
transfer this Agreement or any portion thereof to any third party.
	 
	24.	 	CONFLICT WITH COMPANY POLICIES AND PROCEDURES. In the event of a conflict
between Company’s policies and procedures as set forth herein and those in the Company
Policy and Procedure Handbook, as amended from time to time, this Agreement shall control.
	 
	25.	 	NO WAIVER. The failure of Company at any time to require performance by Independent
Contractor of any provision hereof shall not be construed as a waiver of such provision and
shall not affect in any way the full right to require such performance at any time
thereafter. A waiver by the Company shall only be effective if it is in writing,
and any such waiver by the Company shall be deemed to be a limited and not continuing
waiver, limited only to the specific act or occurrence being waived at the time in question.
	 
	26.	 	ENTIRE AGREEMENT. This Agreement, together with any exhibits which are attached to
and made a part of this Agreement, contain all the agreements, understandings,
representations, conditions, warranties and covenants made between the parties hereto
regarding the subject matter hereof and any and all

	 	 	 	 	 	 	 

	
 

Independent Contractor
	 	 	 	
 

Company Legal Dept. Approval
	 	 

			
	 	 	 
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	 	 	Company or its affiliates, contract packages, files, computer disks, written, printed or
computer-generated material, and all other property (including computer or hard copies of
such property) related to the business of the Company or its affiliates, “Confidential
Information” also includes any information related to or concerning the Company or its
affiliates and their businesses which the Company or its affiliates deem confidential or
proprietary, or is not generally known to and cannot be readily ascertained through proper
means by persons or entities who can obtain any type of value from its disclosure or use to
the detriment of the Company or its affiliates, Independent Contractor will hold in strictest
confidence all Confidential Information and other data pertaining to the Company or its
affiliates furnished to Independent Contractor or developed by Independent Contractor.
Independent Contractor will not remove, reveal, divulge or make known to any person or
entity other than with the prior written consent of Independent Contractor or its affiliates any
Confidential Information.
	 
	 	 	All information, records and documents conceived, devised, made, developed, or perfected by
Independent Contractor during the term of this Agreement, or extension hereof, and related to
the Company or the Company Affiliate Group shall be promptly disclosed to and become the property of the
Company. Independent Contractor shall deliver to the Company all documents received and a copy
of all documents written by Independent Contractor pertaining to the Company or the Company
Affiliate Group.
	 
	 	 	Independent Contractor will notify the Company immediately if he receives a Subpoena or other
legal process and will cooperate in any effort of the Company to comply with or to contest
the legal process.
	 
	 	 	It is further understood and agreed that, without limiting the generality of the preceding
paragraphs, Independent Contractor’s use of such names and/or
prospects, whether supplied by
Company or secured by Independent Contractor, for any purpose other than for the furtherance
of Company’s business, shall be considered a breach of this Agreement and an unlawful
violation and abuse of trust, and as such will be subject to such remedies as the law may
provide. In the event such unauthorized or unlawful disclosure or use
is made,
both parties agree that it would be impractical and extremely difficult to estimate the
damages that Company would suffer. Therefore, the parties have agreed that a reasonable
estimate of Company’s detriment upon any one breach is $10,000.00 per customer/prospect
names and address disclosed, as Company’s non-exclusive monetary remedy per occurrence of
breach. Such liquidated damages are not intended as a forfeiture or penalty. It is also
agreed that in the event of such unauthorized or unlawful disclosure
or use as is  described
above, Company has the right to request an ex parte temporary restraining order from a court
of competent jurisdiction, without posting a bond or other security, to restrain such
unauthorized or unlawful disclosure.
	 
	 	 	In no event shall Independent Contractor use the trademarks,
trade names, service marks,
copyrights, or any other proprietary marks of the Company or its affiliates in

	 	 	 	 

	

	 	
	 

	 	 
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	 	 	any advertising, publication, or other usage, unless such usage is pre-approved in writing by
Stephen J. Cloobeck.
	 
	 	 	At the termination of Independent Contractor’s engagement, or at any other time the Company or
its affiliates may request, Independent Contractor shall promptly deliver to the Company or
its affiliates all memoranda, notes, plans, records, reports, computer tapes and software and
any other documents and data (and all copies thereof) embodying, containing or relating to
the Confidential Information, work product or business of the Company, and its affiliates,
which Independent Contractor may then possess or have under his control.
	 
	 	 	Independent Contractor acknowledges that the provisions of this Agreement are reasonable and
necessary for the protection of the Company and its affiliates and that the Company and its
affiliates will be irrevocably damaged if such provisions are not specifically enforced.
Accordingly, Independent Contractor agrees that, in addition to any other relief to which the
Company and its affiliates may be entitled  in the form of actual or punitive damages, the
Company and its affiliates shall be entitled to injunctive relief as a non-exclusive remedy
from a court of competent jurisdiction (without posting a bond therefore, or by posting a
bond in the amount of $100, if required) for the purposes of restraining Independent Contractor
from any actual or threatened breach of such provisions.
	 
	 	 	Independent Contractor acknowledges and agrees that Company has the absolute right to notify
any prospective Company of Independent Contractor of the confidentiality and related
provisions in this Section hereof, where Company determines that Independent Contractor may be
in violation hereof by virtue of such prospective engagement, or by virtue of conduct during
such engagement. In this regard, without limitation, Company may pursue the prospective or
subsequent employer or Company for possible interference with contract claims against such
Company. Nothing in this paragraph limits Company’s remedies against Independent Contractor
for breach of this Agreement.
	 
	 	 	Independent Contractor shall not hire any employees or agents to fulfill the obligations of
this contract.
	 
	 	 	The provisions of this Section in their entirety shall survive any termination of this
Agreement.
	 
	14.	 	INDEMNITY. Independent Contractor agrees to indemnify the Company and the Company
Affiliate Group, and each of their owners, partners, subsidiaries and affiliates, and each
such entities, agents, employees, officers, directors, successors and assignees (collectively
“Indemnities”) and hold them harmless from all claims, demands and other liabilities,
including costs and attorneys’ fees, to which they are subjected by reason of any act or
occurrence related to this Agreement, the conduct of Independent Contractor (or its employees
and agents) in performing or in failing to perform his obligations under this Agreement or
otherwise related to this Agreement, any breaches hereunder, or any demands, claims or legal
actions by Independent

	 	 	 	 

	

	 	
	 

	 	 
	Independent Contractor

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	 	 	law, legislation, or enactment, will obtain a copy and forward the same to the general counsel for
the Company.
	 
	11.	 	NON-COMPETE. During the term of this Agreement, neither Independent Contractor nor its
agents, contractors or employees shall directly or indirectly perform any similar services related
to, in connection with or directly or indirectly for any other national or international timeshare,
vacation ownership or vacation club program, or for Independent
Contractor’s own benefit.
Independent Contractor represents that Independent Contractor shall not at any time during this
Agreement be subject to any obligations or agreements of any nature whatsoever to any other party,
so as to prohibit or impair Independent Contractor’s performance under this Agreement.
	 
	12.	 	NON-SOLICITATION. To meet the demands of the business, the Company invests a lot of time
and resources in hiring and training quality employees, and in finding and building relationships
with customers and business partners. In recognition of the Company’s investment, Independent
Contractor agrees that during the term of this Agreement and for one (1) year after that:

	 	(a)	 	Independent Contractor will not directly or indirectly induce or attempt to induce any
person then engaged or employed part-time or full-time by the Company, whether as an officer,
employee, consultant, adviser or independent contractor, to leave the employ of the Company or to
cease providing or otherwise alter the services then provided to the Company; and
	 
	 	(b)	 	Independent Contractor will not directly or indirectly induce or attempt to induce any
customer or business partner of the Company to cease doing business with the Company.

	13.	 	PROTECTION OF CONFIDENTIAL INFORMATION. In the course of engagement with the Company,
Independent Contractor may have access to “Confidential Information” concerning the Company’s or
its affiliate’s business, affairs, employee relationships,
independent contractor relationships,  contracts, client relationships
or potential customers or lead relationships or
existing customer relationships or any other assets. Independent Contractor acknowledges that such
Confidential Information constitutes valuable trade secrets and the sole property of the Company
and its affiliates. Accordingly, Independent Contractor will not, at any time, reveal, divulge or
make known any Confidential Information to any person other than with the express written consent
of the Company and its affiliates and will not make any use of any Confidential Information for the
benefit or the gain of the Independent Contractor. For purposes of this Agreement, “Confidential
Information” includes without limitation, any and all client or customer names, phone numbers and
addresses, Company’s or its affiliates’ manuals, sales techniques, competitive marketing analyses,
registration cards, books, papers, records, marketing materials,
letters, forms, information related
in any manner whatsoever to the Company’s or its affiliate’s financial, accounting, banking or
pecuniary information relating to the

	 	 	 	 

	

	 	
	 

	 	 
	Independent Contractor

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	 	 	modification and amendments hereto must be in writing duly and  properly executed
by both parties.
	 
	27.	 	SEVERABILITY. In the event that any of the provisions, or portions thereof, of this
agreement are held to be unenforceable or invalid by any US court of competent jurisdiction,
such provision shall be abrogated and shall become null and void, but the validity and
enforceability of the remaining provisions, or portions
thereof, shall not be affected thereby and shall continue in full force and effect.
	 
	28.	 	GOVERNING LANGUAGE. In the event this Agreement or any document shall be translated
into one or more languages, then the English version of such document shall control in the
event of any conflict in interpretation.
	 
	29.	 	THIRD PARTY BENEFICIARIES. Each of the members of the
Company Affiliate Group is a
third party beneficiary hereunder.
	 
	30.	 	CAPTIONS. The captions appearing at the commencement of each section hereof
are descriptive only and for convenience in reference to this Agreement  and in no way
whatsoever define, limit, or describe the scope and intent of this Agreement nor in any way affect
this Agreement.
	 
	31.	 	AMENDMENTS/APPROVAL BY LEGAL DEPARTMENT. The form and content of this Agreement are
approved by the Company’s legal department, as acknowledged by the initials, which serve as a
footer to this agreement. Except hand-written insertions, which fill in pre-printed blanks, no
modifications may be made to this form and no amendments may be made to this Agreement without the
prior written approval of the Company’s legal department. This Agreement may be subsequently
altered, amended, or modified only in writing signed by all of the
parties herein, provided that
the legal counsel to Company must sign any such modification or amendment for the same to be
binding on Company. Any claims of oral representations or oral modifications, or any claims of
modifications based on prior or continuing conduct, shall be of no force and effect.

In executing this Agreement,
Independent Contractor has not relied on any inducements, promises, or
representations by Company or any entity of the Company Affiliate Group, other than the terms and
conditions of this Agreement. The parties have read, understood, and agree to the terms of this
Agreement and have signed and dated this Agreement as indicated below:

	 	 	 	 	 	 	 

	 

	 	
	 	 	 	
	 

	 	 
	 	 	 	 
	 

	 	Independent Contractor
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IN
WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

	 	 	 	 	 
	 	Praesumo Partners, LLC
 	 
	 
	 	By:  	/s/
Lowell D. Kraff
 	 
	 	 	 	 
	 	 	 	 
	 
	 	Diamond Resorts Centralized Services USA, LLC
 	 
	 
	 	By:  	/s/ C. Alan Bentley
 	 
	 	Printed Name: C. Alan Bentley 	 
	 	Title: Executive VP 	 
	 

	 	 	 	 	 	 	 

	 

	 	
	 	 	 	
	 

	 	 
	 	 	 	 
	 

	 	Independent Contractor
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EXTENSION AGREEMENT

This Extension Agreement is entered into on September 1, 2010, with the express intention of being
retroactively effective as of June 1, 2010, by and between Diamond Resorts Centralized Services
Company, successor to Diamond Resorts Centralized Services USA, LLC (the “Company”) and Praesumo
Partners, LLC (“Independent Contractor”).

The parties had executed and delivered a Terms of Engagement Agreement for Individual
Independent Contractor dated as of June ___, 2009, a copy of which is attached as Exhibit A
hereto (the “Prior Agreement”). The parties now wish to formalize their agreement that the
Prior Agreement be extended for an additional one-year term. Capitalized terms not defined in this
Extension Agreement shall have the meanings ascribed to them in the Prior Agreement.

Therefore, the undersigned hereby agree that:

	 	a)	 	The Prior Agreement is hereby extended for an additional two-year term, which commenced
as of June 1, 2009, and shall expire, unless extended by mutual agreement on August 31,
2012.
	 
	 	b)	 	Praesumo acknowledges that it has previously received monthly payments of $100,000 for
each of June and July 2010 pursuant to the Prior Agreement, as extended hereby, and that
the remaining compensation due will be $2,500,000, payable in equal monthly installments
for August 2010 through August 2012.
	 
	 	c)	 	The parties hereby agree that, except as expressly modified pursuant to this Extension
Agreement, the Prior Agreement remains in full force and effect.

IN WITNESS WHEREOF, this Extension Agreement has been executed as of the date first written above.

	 	 	 	 	 
	 	Praesumo Partners, LLC

 	 
	 	By:  	/s/ Dowell Kraff
 	 
	 	 	Name:  	Dowell Kraff 	 
	 	 	Title:  	 	 
	 
	 	Diamond Resorts Centralized Services Company

 	 
	 	By:  	/s/ David F. Palmer
 	 
	 	 	Name:  	David F. Palmer 	 
	 	 	Title:  	President & CFO 	 
	 

	 	 	 

	 

	 	 
	 

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Exhibit A

Prior Agreement

	 	 	 

	 

	 	 
	 

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TERMS OF ENGAGEMENT AGREEMENT

FOR INDIVIDUAL INDEPENDENT CONTRACTOR

     This Terms Of Engagement Agreement For Individual Independent Contractor (this “Agreement”) is
made and entered into this __ day of June 2009 (the “Execution Date”), by and between Diamond
Resorts Centralized Services USA, LLC (the Company”) and Praesumo Partners, LLC (“Independent
Contractor”), and supersedes any and all previous oral and/or written agreements between the
parties. Capitalized terms shall have those defined meanings as set forth immediately in
parenthesis by the phrase defined, or as set forth in the definition section herein.

	1.	 	GENERAL DESCRIPTION OF ENGAGEMENT. Independent Contractor will provide LOWELL
KRAFF as a consultant to perform such duties that are assigned to Independent Contractor
by the Company related to acquisition, development and finance and such other services as
shall be mutually agreed upon by Independent Contractor and the
Company. Independent
Contractor shall report directly to Stephen J. Cloobeck.
	 
	2.	 	TERM OF AGREEMENT. This Agreement shall be for a one
year term commencing on
June 1, 2009. No oral extensions of this agreement are allowed, The contract may be
renewed at the sole discretion of the Company on a month to month basis upon written
execution
of a new agreement approved by the Company’s legal department
and executed
by all parties. Notwithstanding the above or anything herein to the contrary, it
is understood that either party may, at any time terminate this Agreement for any or no
reason by giving thirty (30) days prior notice to the other party, or as elsewhere herein
provided below.
	 
	3.	 	AUTOMATIC TERMINATION OF AGREEMENT. It is further understood and agreed that
this Agreement shall automatically terminate, without notice of action, in the event of the
death of the Independent Contractor, in the event Independent Contractor shall be unable to
perform the essential functions of his position; in the event of the dissolution,
termination of existence, insolvency, business failure, appointment of a receiver of any
part of the property of, assignment for the benefit of creditors by, or the commencement of
any proceeding under any bankruptcy, or insolvency laws by or against the Independent
Contractor;
in the event that Independent Contractor
has committed any act of fraud or embezzlement in the performance of his duties
 or has in any way mishandled or misappropriated funds belonging to Company or
its customers; Independent Contractor is convicted or indicted for breaching any law
including but limited to those relating to the promotion of timeshares; Independent
Contractor’s dishonesty or serious misconduct in relation to any aspect of the Company’s
business, or other conduct by Independent Contractor calculated or with the potential to
bring the Company into disrepute or to materially damage or materially affect prejudicially
the interests of the Company; Independent Contractor’s failure to follow the reasonable
directions of the Company;

	 	 	 	 

	

	 	
	 

	 	 
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	 	 	or a breach by Independent Contractor of this Agreement. The above is a
non-exhaustive list of “cause” for termination under this Agreement.
	 
	4.	 	PROMOTION OF GOODWILL. Independent Contractor hereby agrees dutifully to
perform services for the Company as a consultant, and agrees to devote Independent
Contractor’s best efforts to the affairs of the Company, to faithfully and diligently
endeavor to promote the best interests of the Company and comply
with all policies, rules, regulations and procedures established by
the Company
from time to time in order
to maintain and increase, rather than diminish, the goodwill of the Company.
	 
	5.	 	KNOWLEDGE OF COMPANY POLICIES AND PRODUCTS. Independent
Contractor acknowledges and agrees that Independent Contractor
must initially and continually develop accurate and complete
knowledge of Company policies, procedures and techniques. Independent
Contractor
agrees that Independent
Contractor will constantly
possess product knowledge, which, under this Agreement, means a
thorough
 knowledge of Company’s affiliated resorts and the timeshare
interests that can be purchased.
	 
	6.	 	COMPENSATION. As compensation for productive services to the Company and for
timely and total performance of each obligation herein, Independent Contractor shall be
paid monies only while LOWELL KRAFF is serving as a consultant in accordance with the
following. The Compensation is not based on the number of hours worked by Independent
Contractor, Independent Contractor shall
be entitled to no other compensation except as expressly provided
herein. Without limiting the generality of the above sentence,
Independent Contractor shall
 not receive or otherwise be entitled to
participate in any Company benefit programs of any sort, unless and only to the extent
expressly agreed to in writing. The Company has no obligation to pay any employee or agent
of the Independent Contractor
and the Independent Contractor
shall indemnify the Company against any such claims by such
employees or agents. For all services to be rendered by Independent Contractor, Independent
Contractor’s annual compensation will be $1,200,000 (One Million Two Hundred Thousand U.S.
Dollars) per year, payable in equal monthly installments of $100,000.
	 
	7.	 	DEDUCTION OF MONIES DUE. Independent Contractor agrees that Company shall be
entitled to deduct, offset or otherwise withhold from Independent Contractor’s compensation
any monies due including, without limitation, advances, training fees, stolen property and
 any
damages arising from, related to or in connection with a breach of this Agreement, or any
monies otherwise due to Company or its affiliates.
	 
	8.	 	INDEPENDENT CONTRACTOR STATUS. It is the intent and understanding of the
parties hereto that Independent Contractor is solely an independent contractor of the
Company. The Company and Independent Contractor  shall not be considered to be partners,
joint ventures or in any other similar relationship in which one party is entitled to share
in the profits of the other, Independent Contractor shall retain sole

	 	 	 	 

	

	 	
	 

	 	 
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	 	 	and absolute discretion and judgment in the manner and means of carrying out Independent
Contractor’s duties and activities. The Company will describe to Independent Contractor the basic
responsibilities and the Company then shall rely on Independent Contractor’s expertise to execute
the responsibilities. The Company shall not, except to the extent required by law, have the right
to direct or limit Independent Contractor’s activities, including but not limited to, Independent
Contractor’s hours, production, reports, schedule, services, inventory, time off, training and
vacation. Independent Contractor shall at all reasonable times make himself available to consult
and advise the Company.
	 
	9.	 	INDEPENDENT CONTRACTORS LIMITED AUTHORITY TO BIND COMPANY. Independent Contractor
does not have authority to enter into any business transactions or contracts on behalf
of the Company unless specifically authorized in writing in accordance with the provisions set
forth herein. The Company shall not be liable for any expenses incurred by Independent
Contractor or for any acts of Independent Contractor, except as specifically required and
approved in advance in writing by Stephen J. Cloobeck, or as expressly permitted by this
Agreement, Independent Contractor shall not obligate the Company for materials, services, the
purchase of real property, or in any other away without first obtaining written consent of
Stephen J. Cloobeck. Independent Contractor shall have no authority to bind the Company by any
promise or representation unless such promise or representation is specifically authorized in
writing by Stephen J. Cloobeck. In the event the Company elects, in its sole and absolute
discretion, to advance sums to Independent Contractor for fees or other items, Independent
Contractor shall repay the same to the Company on demand and the Company may deduct or offset
such advances from the Earnings Payable otherwise payable to Independent Contractor. The
Company shall not treat Independent Contractor, or Independent Contractor’s agents, as
employee(s) and Independent Contractor shall be solely responsible for paying his income tax
and filing the necessary tax, unemployment, social security, and any other forms applicable to
his own employees and agents. Independent Contractor shall be solely responsible for paying
his employees and agents and shall indemnify to the fullest extent (without limiting the
generality of any other indemnity section herein) the Company and the Company Affiliate Group
(as defined below) against any claims made by such individuals.
	 
	10.	 	COMPLIANCE WITH LEGAL REQUIREMENTS. Independent Contractor acknowledges that the
State of Nevada and other governmental jurisdictions have adopted extensive rules,
regulations, ordinances and statutes specifically pertaining to all Company operations.
Independent Contractor agrees to comply with all governmental requirements essential to the
right of Company to continue to do business in the governmental jurisdictions involved.
Independent Contractor shall be solely and fully responsible for his compliance with any laws
relating to timeshare companies. In the event the government creates new legislation, laws, or
regulations applicable to this Agreement or the activities of Independent Contractor with
regard to the Agreement, Independent Contractor shall be solely and fully responsible for
compliance with such laws, and, upon being made aware of the initial drafting of such

	 	 	 

		 	
	 

	 	 
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	 	 	Contractor’s employees or agents, or any claim made by any current or former employee,
contractor or agent of Independent Contractor which alleges or seeks to assert that the Company
is such individual’s employer, or attempts to assert an employer-employee relationship with the
Company.
	 
	15.	 	INSURANCE. Independent Contractor shall maintain, at its own expense, appropriate
insurance in adequate amounts, including without limitation, liability insurance, automobile
insurance and worker’s compensation insurance. Independent Contractor shall provide evidence
of all such insurance to Company on a continuing basis.
	 
	16.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF INDEPENDENT CONTRACTOR. Independent
Contractor hereby represents, warrants and covenants to the Company as follows:

	 	a.	 	LICENSURE. Independent Contractor possesses and will continue to possess all
requisite licenses and permits in order to, and for the purpose of rendering all services
contemplated hereunder, and will otherwise comply with all laws.
	 
	 	b.	 	EXPERTISE. Independent Contractor is familiar with the United States timeshare
industry.
	 
	 	c.	 	NON-EMPLOYEE STATUS. Independent Contractor is an “authorized limited agent of
the Company” and not an employee, partner or other type of representative of the Company
and Independent Contractor will not, publicly or privately, hold himself out as being an
agent or employee of the Company for any purposes. As such, Independent Contractor agrees
at all times during the term of this Agreement to utilize only the name of the Independent
Contractor in any advertising or representations to the public. Use of the trade name and
trademarks of the Company or its affiliates are limited only to indicate that Independent
Contractor is an authorized limited agent of the Company.
	 
	 	d.	 	NO CONFLICT. Independent Contractor warrants that this Agreement does not
conflict with any other agreement, written or oral, to which Independent Contractor is a
party, or with any applicable law, rule, order, regulation, ordinance, decree or permit of
any kind.
	 
	 	e.	 	TAX COMPLIANCE. Independent Contractor (on his personal behalf and all of his
affiliated companies) has at all times prior to the execution of this Agreement complied
with all obligations under the Internal Revenue Code and similar regulations of federal,
state and local taxing authorities, and covenants to comply fully with such regulations
during the term of this Agreement. Independent Contractor (on his personal behalf and all
of his affiliated companies) has not received any notice from any such authority regarding
noncompliance or nonpayment in the last 10

	 	 	 

		 	
	 

	 	 
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	 	 	 	years, has not entered into any formal agreement or settlement with such
authorities in the past 10 years, and has not been during the past 10 years and is not
now the subject of any tax levy, attachment, garnishment or otherwise. Independent
Contractor shall submit evidence of all such matters upon the Company’s request.
	 
	 	f.	 	LITIGATION. There are no actions, suits, proceedings or injunctions, pending
or threatened against Independent Contractor.
	 
	 	g.	 	NOTICE OF CHANGE. Independent Contractor shall immediately notify the Company
in the event that any representation and warranty made herein becomes untrue in any way or
is imminently about to become untrue with the passage of time.

	17.	 	DEFINITIONS.

	 	a.	 	AGREEMENT: Agreement means this document.
	 
	 	b.	 	COMPANY AFFILIATE GROUP: Company Affiliate Group means Diamond Resorts
Centralized Services USA, LLC, and all of its affiliates.
	 
	 	c.	 	CONFIDENTIAL INFORMATION: See Section 13 above for a definition.
	 
	 	d.	 	EXECUTION DATE: Execution Date means the date both parties have signed this
Agreement and this Agreement becomes effective.

	18.	 	GOVERNING LAW. This Agreement and the rights and obligations hereunder shall be
governed, construed and enforced, and all of the rights, powers, and liabilities of the parties shall be
determined, in accordance with the laws of the State of Nevada,
United States, except to the extent governed by U.S. federal law, irrespective of the fact that one or more of the parties now is, or
may become, a resident of a different state or jurisdiction. This Agreement has been signed and
accepted in Nevada, and a significant portion of the services
provided hereunder is to be performed in Nevada. Independent Contractor agrees to exclusive jurisdiction of Clark County,
Nevada.
	 
	19.	 	COSTS AND ATTORNEY’S FEES. If any act is necessary by the Company to enforce any
provision of this Agreement, the Company shall be entitled to all costs and expenses incurred,
including any and all attorney’s fees.
	 
	20.	 	FURTHER ASSURANCES. Each party hereto agrees to perform such further acts and to
execute and deliver such further documents as may be reasonably necessary to carry out the
provisions and intentions of this agreement.

	 	 	 

	

	 	
	 

	 	 
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	21.	 	NOTICES. Notices required by the agreement shall be in English and shall be
forwarded to the parties by certified mail, return receipt requested, by personal delivery
service or by facsimile, so long as there is evidence of receipt by the other party, under
local law, at the following addresses, or at any subsequent addresses given by the parties:

	 	 	 	 	 

	 

	 	If to Independent Contractor:
	 	Praesumo Partners, LLC

c/o LOWELL KRAFF

227 W. Monroe St. 3920

Tel: 312-357-9880

Fax: 312-726-5797
	 
	 	 	 	 
	 

	 	If to Company:
	 	Diamond Resorts Centralized Services USA LLC

Senior Vice President & Global Director of Legal 
10600 W.
Charleston Blvd. 

Las Vegas, Nevada 89135

	 	 	Any changes in the above addresses for notice shall be provided in writing to the party to
this Agreement pursuant to the above terms within ten (10) days of such change.

	22.	 	EXECUTION OF COUNTERPARTS. This agreement may be executed in two or more
counterparts, each of which shall be an original, but all of which shall constitute one and the
same instruments. Facsimile signatures herein, if any shall have the same weight and authority
as original signatures.
	 
	23.	 	NO ASSIGNMENT. Independent Contractor may not assign, subcontract or
transfer this Agreement or any portion thereof to any third party.
	 
	24.	 	CONFLICT WITH COMPANY POLICIES AND PROCEDURES. In the event of a conflict between
Company’s policies and procedures as set forth herein and those in the Company Policy and
Procedure Handbook, as amended from time to time, this Agreement shall control.
	 
	25.	 	NO WAIVER. The failure of Company at any time to require performance by Independent
Contractor of any provision hereof shall not be construed as a waiver of such provision and
shall not affect in any way the full right to require such performance at any time
thereafter. A waiver by the Company shall only be effective if it is in writing, and any
such waiver by the Company shall be deemed to be a limited and not continuing waiver,
limited only to the specific act or occurrence being waived at the time in question.
	 
	26.	 	ENTIRE AGREEMENT. This Agreement, together with any exhibits which are attached to and
made a part of this Agreement, contain all the agreements, understandings, representations, conditions, warranties
and covenants made between the parties hereto regarding the subject matter hereof and any and
all

	 	 	 	 	 	 	 	 	 

	 

	 	 

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Company or its affiliates, contract packages, files, computer disks, written, printed or
computer-generated material, and all other property (including computer or hard copies of such
property) related to the business of the Company or its affiliates. “Confidential Information”
also includes any information related to or concerning the Company or its affiliates and their
businesses which the Company or its affiliates deem confidential or proprietary, or is not
generally known to and cannot be readily ascertained through proper means by persons or entities who
can obtain any type of value from its disclosure or use to the detriment of the Company or its
affiliates. Independent Contractor will hold in strictest confidence all Confidential
Information and other data pertaining to the Company or its affiliates furnished to Independent
Contractor or developed by Independent Contractor. Independent Contractor will not remove, reveal,
divulge or make known to any person or entity other than with the prior written consent of
Independent Contractor or its affiliates any Confidential Information.

All information, records and documents conceived, devised, made, developed, or perfected by
Independent Contractor during the term of this Agreement, or extension hereof, and related to the
Company or the Company Affiliate Group shall be promptly disclosed to and become the property of
the Company. Independent Contractor shall deliver to the Company all documents received and a copy
of all documents written by Independent Contractor pertaining to the Company or the Company
Affiliate Group.

Independent Contractor will notify the Company immediately if he receives a Subpoena or other
legal process and will cooperate in any effort of the Company to comply with or to contest the
legal process.

It is further understood and agreed that, without limiting the generality of the preceding
paragraphs, Independent Contractor’s use of such names and/or prospects, whether supplied by
Company or secured by Independent Contractor, for any purpose other than for the furtherance of
Company’s business, shall be considered a breach of this Agreement and an unlawful violation and
abuse of trust, and as such will be subject to such remedies as the law may provide. In the event
such unauthorized or unlawful disclosure or use is made, both parties agree that it would be
impractical and extremely difficult to estimate the damages that Company would suffer. Therefore,
the parties have agreed that a reasonable estimate of Company’s detriment upon any one breach is
$10,000.00 per customer/prospect names and address disclosed, as Company’s non-exclusive monetary
remedy per occurrence of breach. Such liquidated damages are not intended as a forfeiture or
penalty. It is also agreed that in the event of such unauthorized or unlawful disclosure or use as
is described above, Company has the right to request an ex parte temporary restraining order from a
court of competent jurisdiction, without posting a bond or other security, to restrain such
unauthorized or unlawful disclosure.

In no event shall Independent Contractor use the trademarks, trade names, service marks,
copyrights, or any other proprietary marks of the Company or its affiliates in

	 	 	 

		 	
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any advertising, publication, or other usage, unless such usage is pre-approved in writing
by Stephen J. Cloobeck.

At the termination of Independent Contractor’s engagement, or at any other time the Company or
its affiliates may request, Independent Contractor shall promptly deliver to the Company or its
affiliates all memoranda, notes, plans, records, reports, computer tapes and software and any
other documents and data (and all copies thereof) embodying, containing or relating to the
Confidential Information, work product or business of the Company, and its affiliates, which
Independent Contractor may then possess or have under his control.

Independent
Contractor acknowledges that the provisions of this Agreement are reasonable and
necessary for the protection of the Company and its affiliates and that the Company and its
affiliates will be irrevocably damaged if such provisions are not
specifically enforced.
 Accordingly, Independent Contractor agrees that, in addition to any other relief to which the
Company and its affiliates may be entitled in the form of actual or punitive damages, the
Company and its affiliates shall be entitled to injunctive relief as a non-exclusive remedy from
a court of competent jurisdiction (without posting a bond therefore, or by posting a bond in the
amount of $100, if required) for the purposes of restraining Independent Contractor from any
actual or threatened breach of such provisions.

Independent
Contractor acknowledges and agrees that Company has the absolute right to notify
any prospective Company of Independent Contractor of the
confidentiality and related provisions
in this Section hereof, where Company determines that Independent Contractor may be in violation
hereof by virtue of such prospective engagement, or by virtue of conduct during such engagement. In this
regard, without limitation, Company may pursue the prospective or subsequent employer or Company
for possible interference with contract claims against such Company. Nothing in this paragraph
limits Company’s remedies against Independent Contractor for breach of this Agreement.

Independent
Contractor shall not hire any employees or agents to fulfill the obligations of this
contract.

The
provisions of this Section in their entirety shall survive any termination of this
Agreement.

	14.	 	INDEMNITY. Independent Contractor agrees to indemnify the
Company and the Company Affiliate Group, and each of their owners, partners, subsidiaries
and affiliates, and each such entities, agents, employees, officers, directors, successors
and assignees (collectively “Indemnities”) and hold them harmless from all claims, demands
and other liabilities, including costs and attorneys’ fees, to which they are subjected by
reason of any act or occurrence related to this Agreement, the conduct of Independent
Contractor (or its employees and agents) in performing or in failing to perform his
obligations under this Agreement or otherwise related to this Agreement, any breaches
hereunder, or any demands, claims or legal actions by Independent

			
	 	 	 
		 	
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law, legislation, or enactment, will obtain a copy and forward the same to the general counsel for
the Company.

	11.	 	NON-COMPETE. During the term of this Agreement, neither Independent Contractor nor its
agents, contractors or employees shall directly or indirectly perform any similar services related
to, in connection with or directly or indirectly for any other
national or international timeshare,
vacation ownership or vacation club program, or for Independent
Contractor’s own benefit.
Independent Contractor represents that Independent Contractor shall not at any time during this
Agreement be subject to any obligations or agreements of any nature whatsoever to any other party,
so as to prohibit or impair Independent Contractor’s performance under this Agreement.
	 
	12.	 	NON-SOLICITATION. To meet the demands of the business, the Company invests a lot of time and
resources in hiring and training quality employees, and in finding
and building relationships with
customers and business partners. In recognition of the Company’s investment, Independent Contractor
agrees that during the term of this Agreement and for one (1) year after that:

	 	(a)	 	Independent Contractor will not directly or indirectly induce or attempt to induce
any person then engaged or employed part-time or full-time by the Company, whether as an
officer, employee, consultant, adviser or independent contractor, to leave the employ of
the Company or to cease providing or otherwise alter the services then provided to the
Company; and
	 
	 	(b)	 	Independent Contractor will not directly or indirectly induce or attempt to induce
any customer or business partner of the Company to cease doing business with the Company.

	13.	 	PROTECTION OF CONFIDENTIAL INFORMATION. In the course of engagement with the Company,
Independent Contractor may have access to “Confidential Information” concerning the Company’s or
its affiliate’s business, affairs, employee relationships, independent contractor relationships,
contracts, client relationships or potential customers or lead
relationships or existing customer
relationships or any other assets. Independent Contractor acknowledges that such Confidential
Information constitutes valuable trade secrets and the sole property of the Company and its
affiliates. Accordingly, Independent Contractor will not, at any time, reveal, divulge or make
known any Confidential Information to any person other than with the express written consent of the
Company and its affiliates and will not make any use of any Confidential Information for the
benefit or the gain of the Independent Contractor. For purposes of this Agreement, “Confidential
Information” includes without limitation, any and all client or customer names, phone numbers and
addresses, Company’s or its affiliates’ manuals, sales techniques, competitive marketing analyses,
registration cards, books, papers, records, marketing materials,
letters, forms, information related
in any manner whatsoever to the Company’s or its affiliate’s financial, accounting, banking or
pecuniary information relating to the

			
	 	 	 
		 	
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	 	 	 	modification and amendments hereto must be in writing duly and properly executed by both
parties.
	 
	 	27.	 	SEVERABILITY. In the event that any of the provisions, or portions thereof,
of this agreement are held to be unenforceable or invalid by any US court of competent
jurisdiction, such provision shall be abrogated and shall become null and void, but the
validity and enforceability of the remaining provisions, or portions thereof, shall not be
affected thereby and shall continue in full force and effect.
	 
	 	28.	 	GOVERNING LANGUAGE. In the event this Agreement or any document shall be
translated into one or more languages, then the English version of such document shall
control in the event of any conflict in interpretation.
	 
	 	29.	 	THIRD PARTY BENEFICIARIES. Each of the members of the Company Affiliate Group
is a third party beneficiary hereunder.
	 
	 	30.	 	CAPTIONS. The captions appearing at the commencement of each section hereof
are descriptive only and for convenience in reference to this Agreement and in no way
whatsoever define, limit, or describe the scope and intent of this Agreement nor in any
way affect this Agreement.
	 
	 	31.	 	AMENDMENTS/APPROVAL BY LEGAL DEPARTMENT. The form and content of this
Agreement are approved by the Company’s legal department, as acknowledged by the initials,
which serve as a footer to this agreement. Except hand-written insertions, which fill in
pre-printed blanks, no modifications may be made to this form and no amendments may be
made to this Agreement without the prior written approval of the Company’s legal
department. This Agreement may be subsequently altered, amended, or modified only in
writing signed by all of the parties herein, provided that the legal counsel to Company
must sign any such modification or amendment for the same to be binding on Company. Any
claims of oral representations or oral modifications, or any claims of modifications based
on prior or continuing conduct, shall be of no force and effect.

In executing this Agreement, Independent Contractor has not relied on any inducements, promises, or
representations by Company or any entity of the Company Affiliate Group, other than the terms and
conditions of this Agreement. The parties have read, understood, and agree to the terms of this
Agreement and have signed and dated this Agreement as indicated below:

	 	 	 

		 	
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IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

	 	 	 	 	 

	Praesumo Partners, LLC	 	 
	 
	By:

	 	/s/ Lowell D. Kraff	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Diamond Resorts Centralized Services USA, LLC	 	 
	 
	 	 	 	 
	By:

	 	/s/ C. Alan Bentley
 

	 	 
	Printed Name: C. Alan Bentley	 	 
	Title:

	 	Executive VP	 	 

	 	 	 

		 	
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AMENDMENT TO EXTENSION AGREEMENT

This Amendment to Extension Agreement is entered into as of January 1, 2011, by and between Diamond
Resorts Centralized Services Company, successor to Diamond Resorts Centralized Services USA, LLC
(the “Company”) and Praesumo Partners, LLC (“Independent Contractor”).

The parties had executed and delivered a Terms of Engagement Agreement for Individual Independent
Contractor dated June, 2009, and an Extension Agreement thereto, effective as of June 1, 2010
(collectively, the “Prior Agreement”). The parties now wish to formalize their agreement that the
Prior Agreement be amended as set forth herein. Capitalized terms not defined in this Amendment to
Extension Agreement shall have the meanings ascribed to them in the Prior Agreement.

Therefore, the undersigned hereby agree that:

	 	(a)	 	The Prior Agreement is hereby amended as of January 1, 2011 such that the remaining
compensation due to the Independent Contractor through August 31, 2012 for services
rendered to the Company pursuant to the Prior Agreement shall be $2,800,000, payable in
equal monthly installments of $140,000 for services rendered during such periods beginning
January 2011.
	 
	 	(b)	 	The parties hereby agree that, except as expressly modified pursuant to this Amendment
to Extension Agreement, the Prior Agreement remains in full force and effect.

IN WITNESS WHEREOF, this Amendment to Extension Agreement has been executed as of the date first
written above.

Praesumo Partners, LLC

	 	 	 	 	 

	By:

	 	/s/ Lowell Kraff
 

	 	 
	 

	 	Lowell Kraff	 	 
	 
	 	 	 	 
	Diamond Resorts Centralized Services Company	 	 
	 
	 	 	 	 
	By: 

Name:

	 	/s/ David F. Palmer
 

David F. Palmer
	 	 
	Title:

	 	President & CFOexv10w17

Exhibit 10.17

TERMS OF ADDITIONAL ENGAGEMENT AGREEMENT

FOR INDIVIDUAL INDEPENDENT CONTRACTOR

          This Terms Of Additional Engagement Agreement For Individual Independent Contractor (this
“Agreement”) is made and entered into as of January 1, 2011 (the “Execution Date”), by and between
Diamond Resorts Centralized Services Company (the “Company”) and Praesumo Partners, LLC
(“Independent Contractor”). Capitalized terms shall have those defined meanings as set forth
immediately in parenthesis by the phrase defined, or as set forth in the definition section herein.

	1.	 	GENERAL DESCRIPTION OF ENGAGEMENT. Independent Contractor will provide LOWELL KRAFF
as a consultant to perform such duties that are assigned to Independent Contractor
by the Company related to acquisition, development and finance and such other services as
shall be mutually agreed upon by Independent Contractor and the Company. Independent
Contractor shall report directly to Stephen J. Cloobeck.
	 
	2.	 	TERM OF AGREEMENT. This Agreement shall be for a one year term commencing as of
January 1, 2011. No oral extensions of this agreement are allowed. The contract may be
renewed at the sole discretion of the Company on a month to month basis upon written execution
of a new agreement approved by the Company’s legal department and executed by all parties.
	 
	3.	 	AUTOMATIC TERMINATION OF AGREEMENT. It is further understood and agreed that this
Agreement shall automatically terminate, without notice or action, in the event of the death
of the Independent Contractor; in the event Independent Contractor shall be unable to perform
the essential functions of his position; in the event of the dissolution, termination of
existence, insolvency, business failure, appointment of any part of the property of,
assignment for the benefit of creditors by, or the commencement of any proceeding under any
bankruptcy, or insolvency laws by or against the Independent Contractor; in the event that
Independent Contractor has committed any act of fraud or embezzlement in the performance of
his duties or has in any way mishandled or misappropriated funds belonging to Company or its
customers; Independent Contractor is convicted or indicted for breaching any law including but
limited to those relating to the promotion of timeshares; Independent Contractor’s dishonesty
or serious misconduct in relation to any aspect of the Company’s business, or other conduct by
Independent Contractor calculated or with the potential to bring the Company into disrepute or
to materially damage or materially affect prejudicially the interests of the Company;
Independent Contractor’s failure to follow the reasonable directions of the Company; or a
breach by Independent Contractor of this Agreement. The above is a non-exhaustive list of
“cause” for termination under this Agreement.
	 
	4.	 	PROMOTION OF GOODWILL. Independent Contractor hereby agrees dutifully to perform
services for the Company as a consultant, and agrees to devote Independent Contractor’s best
efforts to the affairs of the Company, to faithfully and diligently endeavor to promote the
best interests of the Company and comply with all policies,

 

 

	 	 	rules, regulations and procedures established by the Company from time to time in order
to maintain and increase, rather than diminish, the goodwill of the Company.
	 
	5.	 	KNOWLEDGE OF COMPANY POLICIES AND PRODUCTS. Independent Contractor acknowledges and
agrees that Independent Contractor must initially and continually develop accurate and
complete knowledge of Company policies, procedures and techniques. Independent
Contractor agrees that Independent Contractor will constantly possess product knowledge,
which, under this Agreement, means a thorough knowledge of Company’s affiliated resorts and
the timeshare interests that can be purchased.
	 
	6.	 	COMPENSATION. As compensation for productive services to the Company and for timely
and total performance of each obligation herein, Independent Contractor shall be paid monies
only while LOWELL KRAFF is serving as a consultant in accordance with the following. The
Compensation is not based on the number of hours worked by Independent Contractor.
Independent Contractor shall be entitled to no other compensation except as
expressly provided herein. Without limiting the generality of the above sentence, Independent
Contractor shall not receive or otherwise be entitled to participate in any Company benefit
programs of any sort, unless and only to the extent expressly agreed to in writing. The
Company has no obligation to pay any employee or agent of the Independent Contractor and the
Independent Contractor shall indemnify the Company against any such claims by such employees
or agents. For all services to be rendered by Independent Contractor, Independent Contractor
will receive $1,500,000 (One Million Five Hundred Thousand U.S. Dollars), payable in twelve
(12) equal monthly installments of $125,000 for services rendered during such periods. The
first monthly payment will be paid in January 2011 upon the execution and delivery of this
Agreement and each subsequent monthly payment will be paid not later than the first business
day of each succeeding month.
	 
	7.	 	DEDUCTION OF MONIES DUE. Independent Contractor agrees that Company shall be entitled
to deduct, offset or otherwise withhold from Independent Contractor’s
compensation any monies due including, without limitation, advances, training fees, stolen
property and any damages arising from, related to or in connection with a breach of this
Agreement, or any monies otherwise due to Company or its affiliates.
	 
	8.	 	INDEPENDENT CONTRACTOR STATUS. It is the intent and understanding of the parties
hereto that Independent Contractor is solely an independent contractor of the Company. The
Company and Independent Contractor shall not be considered to be partners, joint venturers or
in any other similar relationship in which one party is entitled to share in the profits of
the other. Independent Contractor shall retain sole and absolute discretion and judgment in
the manner and means of carrying out Independent Contractor’s duties and activities. The
Company will describe to Independent Contractor the basic responsibilities and the Company
then shall rely on Independent Contractor’s expertise to execute the responsibilities. The
Company shall not, except to the extent required by law, have the right to direct or limit
Independent Contractor’s activities, including but not limited to, Independent Contractor’s
hours, production, reports, schedule, services, inventory, time off training and vacation.
Independent Contractor shall at all reasonable times make himself available to consult and
advise the Company.

2

 

	9.	 	INDEPENDENT CONTRACTOR’S LIMITED AUTHORITY TO BIND
COMPANY. Independent
Contractor does not have authority to enter into any business transactions or
contracts on behalf of the Company unless specifically authorized in writing in
accordance with the provisions set forth herein. The Company shall not be liable for any
expenses incurred by Independent Contractor or for any acts of Independent Contractor,
except as specifically required and approved in advance in writing by Stephen J. Cloobeck,
or as expressly permitted by this Agreement. Independent Contractor shall not obligate the
Company for materials, services, the purchase of real property, or in any other away without
first obtaining written consent of Stephen J. Cloobeck. Independent Contractor shall have
no authority to bind the Company by any promise or representation unless such promise or
representation is specifically authorized in writing by Stephen J. Cloobeck. In the event
the Company elects, in its sole and absolute discretion, to advance sums to Independent
Contractor for fees or other items, Independent Contractor shall repay the same to the
Company on demand and the Company may deduct or offset such advances from the Earnings
Payable otherwise payable to Independent Contractor. The Company shall not treat Independent
Contractor, or Independent Contractor’s agents, as employee(s) and Independent Contractor
shall be solely responsible for paying his income tax and filing the necessary tax,
unemployment, social security, and any other forms applicable to his own employees and
agents. Independent Contractor shall be solely responsible for paying his employees and
agents and shall indemnify to the fullest extent (without limiting the generality of any
other indemnity section herein) the Company and the Company Affiliate Group (as defined
below) against any claims made by such individuals.
	 
	10.	 	COMPLIANCE WITH LEGAL REQUIREMENTS. Independent Contractor
acknowledges that the State of Nevada and other governmental jurisdictions have adopted
extensive rules, regulations, ordinances and statutes specifically pertaining to all Company
operations. Independent Contractor agrees to comply with all governmental requirements
essential to the right of Company to continue to do business in the governmental jurisdictions
involved. Independent Contractor shall be solely and fully responsible for his compliance
with any laws relating to timeshare companies. In the event the government creates new
legislation, laws, or regulations applicable to this Agreement or the activities of
Independent Contractor with regard to the Agreement, Independent Contractor shall be solely
and fully responsible for compliance with such laws, and, upon being made aware of the initial
drafting of such law, legislation, or enactment, will obtain a copy and forward the same to
the general counsel for the Company.
	 
	11.	 	NON-COMPETE. During the term of this Agreement, neither Independent Contractor nor
its agents, contractors or employees shall directly or indirectly perform any similar services
related to, in connection with or directly or indirectly for any other national or
international timeshare, vacation ownership or vacation club program, or for Independent
Contractor’s own benefit. Independent Contractor represents that Independent Contractor shall
not at any time during this Agreement be subject to any obligations or agreements of any
nature whatsoever to any other party, so as to prohibit or impair Independent Contractor’s
performance under this Agreement.

3

 

	12.	 	NON-SOLICITATION. To meet the demands of the business, the Company invests
a lot of time and resources in hiring and training quality employees, and in finding and
building relationships with customers and business partners. In recognition of the
Company’s investment, Independent Contractor agrees that during the term of this Agreement
and for one (1) year after that:

	 	(a)	 	Independent Contractor will not directly or indirectly induce or attempt to
induce any person then engaged or employed part-time or full-time by the Company,
whether as an officer, employee, consultant, advisor or independent contractor, to
leave the employ of the Company or to cease providing or otherwise alter the services
then provided to the Company; and
	 
	 	(b)	 	Independent Contractor will not directly or indirectly induce or attempt to
induce any customer or business partner of the Company to cease doing business with the
Company.

	13.	 	PROTECTION OF CONFIDENTIAL INFORMATION. In the course of engagement with the
Company, Independent Contractor may have access to “Confidential Information”
concerning the Company’s or its affiliate’s business, affairs, employee relationships,
independent contractor relationships, contracts, client relationships or potential customers
or lead relationships or existing customer relationships or any other assets. Independent
Contractor acknowledges that such Confidential Information constitutes valuable trade
secrets and the sole property of the Company and its affiliates. Accordingly, Independent
Contractor will not, at any time, reveal, divulge or make known any Confidential Information
to any person other than with the express written consent of the Company and its affiliates
and will not make any use of any Confidential Information for the benefit or the gain of the
Independent Contractor. For purposes of this Agreement, “Confidential Information” includes
without limitation, any and all client or customer names, phone numbers and addresses,
Company’s or its affiliates’ manuals, sales techniques, competitive marketing analyses,
registration cards, books, papers, records, marketing materials, letters, forms,
information related in any manner whatsoever to the Company’s or its affiliate’s
financial, accounting, banking or pecuniary information relating to the Company or its
affiliates, contract packages, files, computer disks, written, printed or computer-generated
material, and all other property (including computer or hard copies of such property) related
to the business of the Company or its affiliates. “Confidential Information” also includes
any information related to or concerning the Company or its affiliates and their businesses
which the Company or its affiliates deem confidential or proprietary, or is not generally
known to and cannot be readily ascertained through proper means by persons or entities who can
obtain any type of value from its disclosure or use to the detriment of the Company or its
affiliates. Independent Contractor will hold in strictest confidence all Confidential
Information and other data pertaining to the Company or its affiliates furnished to
Independent Contractor or developed by Independent Contractor. Independent Contractor will
not remove, reveal, divulge or make known to any person or entity other than with the prior
written consent of Independent Contractor or its affiliates any Confidential Information.

4

 

	 	 	All information, records and documents conceived, devised, made, developed, or
perfected by Independent Contractor during the term of this Agreement, or extension hereof,
and related to the Company or the Company Affiliate Group shall be promptly disclosed to
and become the property of the Company. Independent Contractor shall deliver to the Company
all documents received and a copy of all documents written by Independent Contractor
pertaining to the Company or the Company Affiliate Group.
	 
	 	 	Independent Contractor will notify the Company immediately if he receives a Subpoena or
other legal process and will cooperate in any effort of the Company to comply with or to
contest the legal process.
	 
	 	 	It is further understood and agreed that, without limiting the generality of the preceding
paragraphs, Independent Contractor’s use of such names and/or prospects, whether supplied
by Company or secured by Independent Contractor, for any purpose other than for the
furtherance of Company’s business, shall be considered a breach of this Agreement and an
unlawful violation and abuse of trust, and as such will be subject to such remedies as the
law may provide. In the event such unauthorized or unlawful disclosure or use is made, both
parties agree that it would be impractical and extremely difficult to estimate the damages
that Company would suffer. Therefore, the parties have agreed that a reasonable estimate of
Company’s detriment upon any one breach is $10,000.00 per customer/prospect names and
address disclosed, as Company’s non-exclusive monetary remedy per occurrence of breach. Such
liquidated damages are not intended as a forfeiture or penalty. It is also agreed that in
the event of such unauthorized or unlawful disclosure or use as is described above, Company
has the right to request an ex parte temporary restraining order from a court of competent
jurisdiction, without posting a bond or other security, to restrain such unauthorized or
unlawful disclosure.
	 
	 	 	In no event shall Independent Contractor use the trademarks, trade names, service marks,
copyrights, or any other proprietary marks of the Company or its affiliates in any
advertising, publication, or other usage, unless such usage is pre-approved in writing by
Stephen J. Cloobeck.
	 
	 	 	At the termination of Independent Contractor’s engagement, or at any other time the Company
or its affiliates may request, Independent Contractor shall promptly deliver to the Company
or its affiliates all memoranda, notes, plans, records, reports, computer tapes and
software and any other documents and data (and all copies thereof) embodying, containing or
relating to the Confidential Information, work product or business of the Company, and its
affiliates, which Independent Contractor may then possess or have under his control.
	 
	 	 	Independent Contractor acknowledges that the provisions of this Agreement are reasonable and
necessary for the protection of the Company and its affiliates and that the Company and its
affiliates will be irrevocably damaged if such provisions are not specifically enforced.
Accordingly, Independent Contractor agrees that, in addition to any other relief to which
the Company and its affiliates may be entitled in the form of actual or punitive damages,
the Company and its affiliates shall be entitled to injunctive relief as a non-exclusive
remedy from a court of competent jurisdiction (without posting

5

 

	 	 	a bond therefore, or by posting a bond in the amount of $100, if required) for the
purposes of restraining Independent Contractor from any actual or threatened breach of such
provisions.
	 
	 	 	Independent Contractor acknowledges and agrees that Company has the absolute right to
notify any prospective Company of Independent Contractor of the confidentiality and related
provisions in this Section hereof, where Company determines that Independent Contractor may
be in violation hereof by virtue of such prospective engagement, or by virtue of conduct
during such engagement. In this regard, without limitation, Company may pursue the
prospective or subsequent employer or Company for possible interference with contract
claims against such Company. Nothing in this paragraph limits Company’s remedies against
Independent Contractor for breach of this Agreement.
	 
	 	 	Independent Contractor shall not hire any employees or agents to fulfill the obligations of
this contract.
	 
	 	 	The provisions of this Section in their entirety shall survive any termination of this
Agreement.
	 
	14.	 	INDEMNITY. Independent Contractor agrees to indemnify the Company and the Company
Affiliate Group, and each of their owners, partners, subsidiaries and affiliates, and each
such entities, agents, employees, officers, directors, successors and assignees (collectively
“Indemnities”) and hold them harmless from all claims, demands and other liabilities,
including costs and attorneys’ fees, to which they are subjected by reason of any act or
occurrence related to this Agreement, the conduct of Independent Contractor (or its employees
and agents) in performing or in failing to perform his obligations under this Agreement or
otherwise related to this Agreement, any breaches hereunder, or any demands, claims or legal
actions by Independent Contractor’s employees or agents, or any clam made by any current or
former employee, contractor or agent of Independent Contractor which alleges or seeks to
assert that the Company is such individual’s employer, or attempts to assert an
employer-employee relationship with the Company.
	 
	15.	 	INSURANCE. Independent Contractor shall maintain, at its own expense, appropriate
insurance in adequate amounts, including without limitation, liability
insurance, automobile insurance and worker’s compensation insurance. Independent Contractor
shall provide evidence of all such insurance to Company on a continuing basis.
	 
	16.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF INDEPENDENT CONTRACTOR.
Independent Contractor hereby represents, warrants and covenants to the Company as follows:

	 	(a)	 	LICENSURE. Independent Contractor possesses and will continue to
possess all requisite licenses and permits in order to, and for the purpose of,
rendering all services contemplated hereunder, and will otherwise comply with all laws.

	 	(b)	 	EXPERTISE. Independent Contractor is familiar with the United
States timeshare industry.

6

 

	 	(c)	 	NON-EMPLOYEE STATUS. Independent Contractor is an “authorized
limited agent of the Company” and not an employee, partner or other type
of representative of the Company and Independent Contractor will not, publicly or
privately, hold himself out as being an agent or employee of the Company for any
purposes. As such, Independent Contractor agrees at all times during the term of
this Agreement to utilize only the name of the Independent Contractor in any
advertising or representations to the public. Use of the trade name and trademarks
of the Company or its affiliates are limited only to indicate that Independent
Contractor is an authorized limited agent of the Company.
	 
	 	(d)	 	NO CONFLICT. Independent Contractor warrants that this Agreement does
not conflict with any other agreement, written or oral, to which Independent
Contractor is a party, or with any applicable law, rule, order, regulation,
ordinance, decree or permit of any kind.
	 
	 	(e)	 	TAX COMPLIANCE. Independent Contractor (on his personal behalf and all
of his affiliated companies) has at all times prior to the execution of this Agreement
complied with all obligations under the Internal Revenue Code and similar regulations
of federal, state and local taxing authorities, and covenants to comply fully with such
regulations during the term of this Agreement. Independent Contractor (on his
personal behalf and all of his affiliated companies) has not received any notice
from any such authority regarding noncompliance or nonpayment in the last 10
years, has not entered into any formal agreement or settlement with such authorities in
the past 10 years, and has not been during the past 10 years and is not now the subject
of any tax levy, attachment, garnishment or otherwise. Independent Contractor shall
submit evidence of all such matters upon the Company’s request.
	 
	 	(f)	 	LITIGATION. There are no actions, suits, proceedings or injunctions,
pending or threatened against Independent Contractor.
	 
	 	(g)	 	NOTICE OF CHANGE. Independent Contractor shall immediately notify the
Company in the event that any representation and warranty made herein becomes untrue in
any way or is imminently about to become untrue with the passage of time.

	17.	 	DEFINITIONS.

	 	(a)	 	AGREEMENT: Agreement means this document.
	 
	 	(b)	 	COMPANY AFFILIATE GROUP: Company Affiliate Group means Diamond
Resorts Centralized Services Company, and all of its affiliates.
	 
	 	(c)	 	CONFIDENTIAL INFORMATION: See Section 13 above for a definition.
	 
	 	(d)	 	EXECUTION DATE: Execution Date means the date both parties have
signed this Agreement and this Agreement becomes effective.

7

 

	18.	 	GOVERNING LAW. This Agreement and the rights and obligations hereunder
shall be governed, construed and enforced, and all of the rights, powers, and liabilities of
the parties shall be determined, in accordance with the laws of the State of Nevada, United
States, except to the extent governed by U.S. federal law, irrespective of the fact that one
or more of the parties now is, or may become, a resident of a different state or
jurisdiction. This Agreement has been signed and accepted in Nevada, and a significant
portion of the services provided hereunder is to be performed in Nevada. Independent
Contractor agrees to exclusive jurisdiction of Clark County, Nevada.
	 
	19.	 	COSTS AND ATTORNEY’S FEES. If any act is necessary by the Company to enforce any
provision of this Agreement, the Company shall be entitled to all costs and expenses incurred,
including any and all attorney’s fees.
	 
	20.	 	FURTHER ASSURANCES. Each party hereto agrees to perform such further acts and to
execute and deliver such further documents as may be reasonably necessary to carry out the
provisions and intentions of this agreement.
	 
	21.	 	NOTICES. Notices required by the agreement shall be in English and shall be forwarded
to the parties by certified mail, return receipt requested, by personal delivery service or by
facsimile, so long as there is evidence of receipt by the other party, under local law, at the
following addresses, or at any subsequent addresses given by the parties:

	 	 	 

	If to Independent Contractor:

	 	Praesumo Partners, LLC
	 

	 	c/o LOWELL KRAFF 
	 

	 	227 W. Monroe Street
	 

	 	Suite 3920
	 

	 	Chicago, Illinois 60606
	 

	 	Tel: (312) 357-8800
	 
	 	 
	If to Company:

	 	Diamond Resorts Centralized Services Company
	 

	 	ATTENTION: General Counsel
	 

	 	10600 W. Charleston Boulevard
	 

	 	Las Vegas, NV 89135

	 	 	Any changes in the above addresses for notice shall be provided in writing to the party to
this Agreement pursuant to the above terms within ten (10) days of such change.
	 
	22.	 	EXECUTION OF COUNTERPARTS. This agreement may be executed in two or more
counterparts, each of which shall be an original, but all of which shall constitute one and
the same instruments. Facsimile signatures herein, if any shall have the same weight and
authority as original signatures.
	 
	23.	 	NO ASSIGNMENT. Independent Contractor may not assign, subcontract or transfer this
Agreement or any portion thereof to any third party.
	 
	24.	 	CONFLICT WITH COMPANY POLICIES AND PROCEDURES. In the event of a conflict between
Company’s policies and procedures as set forth herein and those in the

8

 

	 	 	Company Policy and Procedure Handbook, as amended from time to time, this
Agreement shall control.
	 
	25.	 	NO WAIVER. The failure of Company at any time to require performance by
Independent Contractor of any provision hereof shall not be construed as a waiver of such
provision and shall not affect in any way the full right to require such performance at any
time thereafter. A waiver by the Company shall only be effective if it is in writing, and any
such waiver by the Company shall be deemed to be a limited and not continuing waiver, limited
only to the specific act or occurrence being waived at the time in question.
	 
	26.	 	ENTIRE AGREEMENT. This Agreement, together with any exhibits which are attached to
and made a part of this Agreement, contain all the agreements, understandings,
representations, conditions, warranties and covenants made between the parties hereto
regarding the subject matter hereof and any and all modification and amendments hereto must be
in writing duly and properly executed by both parties.
	 
	27.	 	SEVERABILITY. In the event that any of the provisions, or portions thereof, of this
agreement are held to be unenforceable or invalid by any US court of competent jurisdiction,
such provision shall be abrogated and shall become null and void, but the validity and
enforceability of the remaining provisions, or portions thereof, shall not be affected thereby
and shall continue in full force and effect.
	 
	28.	 	GOVERNING LANGUAGE. In the event this Agreement or any document shall be translated
into one or more languages, then the English version of such document shall control in the
event of any conflict in interpretation.
	 
	29.	 	THIRD PARTY BENEFICIARIES. Each of the members of the Company Affiliate Group is a
third party beneficiary hereunder.
	 
	30.	 	CAPTIONS. The captions appearing at the commencement of each section hereof are
descriptive only and for convenience in reference to this Agreement and in no way whatsoever
define, limit, or describe the scope and intent of this Agreement nor in any way affect this
Agreement.
	 
	31.	 	AMENDMENTS/APPROVAL BY LEGAL DEPARTMENT. The form and content of this Agreement are
approved by the Company’s legal department, as acknowledged by the initials, which serve as a
footer to this agreement. Except hand-written insertions, which fill in pre-printed blanks,
no modifications may be made to this form and no amendments may be made to this Agreement
without the prior written approval of the Company’s legal department. This Agreement may be
subsequently altered, amended, or modified only in writing signed by all of the parties
herein, provided that the legal counsel to Company must sign any such modification or
amendment for the same to be binding on Company. Any claims of oral representations or oral
modifications, or any claims of modifications based on prior or continuing conduct, shall be
of no force and effect.

9

 

	32.	 	ADDITIONAL AGREEMENT. The parties acknowledge that this Agreement is made
and entered into by them in addition to, and not in substitution for, that certain Terms of
Engagement Agreement for Individual Independent Contractor, dated June, 2009, as extended by
that certain Extension Agreement, effective as of June 1, 2010, as amended by that certain
Amendment to Extension Agreement, dated as of January 1, 2011.

          In executing this Agreement, Independent Contractor has not relied on any inducements,
promises, or representations by Company or any entity of the Company Affiliate Group, other than
the terms and conditions of this Agreement. The parties have read, understood, and agree to the
terms of this Agreement and have signed and dated this Agreement as indicated below.

          IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

Praesumo Partners, LLC

	 	 	 	 	 

	By:

	 	/s/ Lowell Kraff
 

Lowell Kraff
	 	 

Diamond Resorts Centralized Services Company

	 	 	 	 	 

	By:

	 	/s/ David F. Palmer
 

	 	 
	Name: David F. Palmer	 	 
	Title: President & CFO	 	 

10

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