Document:

EX-10.24

 

Exhibit 10.24

Lease

By and Between

Ramparts, Inc.,

a Nevada corporation,

and

Premier Exhibitions, Inc.

 

 

*** TEXT OMITTED AND FILED SEPARATELY

CONFIDENTIAL TREATMENT REQUESTED

LEASE

     THIS LEASE (“Lease”) is entered into as of March 12, 2008, by and between Ramparts, Inc., a
Nevada corporation (“Landlord”), and Premier Exhibitions, Inc., a Florida corporation (“Tenant”).

Recitals

     1. Landlord owns and operates the Luxor Hotel and Casino (“Hotel Complex”) located in Clark
County, Nevada.

     2. Tenant desires to lease from Landlord, and Landlord desires to lease to Tenant, certain
space within the Hotel Complex pursuant to the terms and provisions of this Lease.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are
acknowledged, Landlord and Tenant hereby agree as follows:

ARTICLE I

EXHIBITS

     The exhibits listed below and attached to this Lease are incorporated herein by reference:

	 	 	 
	EXHIBIT “A”

	 	Plot Plan of that area of the Hotel Complex upon which is
located the space herein to be leased to Tenant. This Exhibit
is provided for informational purposes only, and shall not be
deemed to be a warranty, representation or agreement by
Landlord that the Hotel Complex or buildings and/or any stores
will be exactly as indicated on the Exhibit. Landlord reserves
unto itself the unlimited right to modify the configuration of
the Hotel Complex at any time for the purpose of incorporating
additional buildings within the Hotel Complex.
	 
	 	 
	EXHIBIT “B”

	 	Description of Landlord’s Work and Tenant’s Work.
	 
	 	 
	EXHIBIT “C”

	 	Pepsi and Anheuser Busch Sponsorship Agreements.
	 
	 	 
	EXHIBIT “D”

	 	Landlord’s Tenant/Leasing Employment Drug/Alcohol Testing
Program.
	 
	 	 
	EXHIBIT “E”

	 	Logo.
	 
	 	 
	EXHIBIT “F”

	 	Tenant’s Present Officers, Directors and Owners/Members.
	 
	 	 
	EXHIBIT “G”

	 	To the extent applicable, if at all, the License Agreements
providing for use of the “Required Trade Names,” as defined
herein.

 

 

	 	 	 
	EXHIBIT “H”

	 	Landlord’s Contractor Work Standards.
	 
	 	 
	EXHIBIT “I”

	 	Prohibited Menu Items.
	 
	 	 
	EXHIBIT “J”

	 	Merchandise.
	 
	 	 
	EXHIBIT “K”

	 	Marketing Package.

     Notwithstanding Exhibit “A” or anything else contained in this Lease, so long as the same does
not materially and adversely affect Tenant’s access, ingress and egress to the Premises, Landlord
reserves the right to change or modify and add to or subtract from the size and dimensions of the
Hotel Complex, or any part thereof including the Premises in accordance with the Terms of this
Lease, the number, location and dimensions of buildings and stores, the size and configuration of
the parking areas, entrances, exits and parking aisle alignments, dimensions of hallways, malls and
corridors, the number of floors in any building, the location, size and number of tenants’ spaces
and kiosks which may be erected in or fronting on any mall or otherwise (so long as kiosks and use
of Landlord’s frontage space do not materially and adversely interfere with Tenant’s operations),
the identity, type and location of other stores and tenants, and the size, shape, location and
arrangement of Common Areas (hereinafter defined), and to design and decorate any portion of the
Hotel Complex as it desires.

ARTICLE II

PREMISES AND TERM

Section 2.1. Premises.

     Landlord hereby leases to Tenant, and Tenant hereby rents from Landlord, the space located at
the Hotel Complex which is designated (by cross-hatching) on Exhibit “A” attached hereto comprised
of the space previously used as the IMAX Theatre, Arcade, Tut Museum and Tut Museum Retail. For
purposes of this Lease, the Premises is divided into the following six (6) spaces: (a) the “Bodies
Exhibition,” containing approximately thirteen thousand four hundred eighty nine (13,489) square
feet, (b) the “Titanic Exhibition” (with a themed Titanic façade and life boat(s) functioning as
passenger elevators) containing approximately fifteen thousand one hundred six(15,106) square feet,
(c) the “Photographic Effect (“King of the World”),” containing approximately nine hundred eighty
one (981) square feet, (d) “High Tea Area” containing approximately one thousand one hundred
seventy six (1,176) square feet, (e) “TBD Venue” containing approximately eight thousand seven
hundred ten (8,710) square feet, and (f) “Iceberg Bar” containing approximately seven thousand
seven hundred two (7,702) square feet. The locations and sizes of these six (6) spaces are
designated (by cross-hatching) on Exhibit “A-2” attached hereto. When the Premises are completed,
Landlord shall deliver to Tenant a certificate stating Landlord’s determination of the actual
number of square feet in the Premises (hereinafter called the “ Floor Area”), and the parties agree
that Landlord’s determination shall be final, binding and conclusive. The square footage of the
Premises is greater than the square footage of the space previously used as the IMAX Theatre,
Arcade, Tut Museum and Tut Museum Retail because the Premises will contain additional floor space
to be constructed within the overall volume of the space. The TBD Venue will be a food and beverage
operation but the final concept shall be subject to the prior written approval of the Landlord
exercising sole and absolute discretion. If Landlord and

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Tenant have not agreed to a concept for the TBD Venue on or before July 31, 2008, Tenant shall
pay additional Minimum Monthly Rent for that space of Fifty Five Thousand Five Hundred Dollars
($55,500.00) per month beginning November 1, 2008 and on the first day of each month thereafter
until that space is built out and operating pursuant to plans and specifications approved by
Landlord exercising sole and absolute discretion. The additional Minimum Monthly Rent due for the
TBD Venue shall be adjusted upward for any changes in the Consumer Price Index in the same manner
as provided in Section 4.1A below.

Section 2.2. Roof and Walls.

     Subject to Tenant’s rights under Section 8.4 pertaining to visual displays and projections on
the exterior wall, Landlord shall have the exclusive right to use all or any part of the roof, side
and rear walls of the Premises for any purpose, including but not limited to erecting signs or
other structures on or over all or any part of the same, erecting scaffolds and other aids to the
construction and installation of the same and, provided the same is done with reasonable prior
written notice to Tenant, and in a manner so as to minimize the disruption to Tenant’s operation of
the Premises, installing, maintaining, using, repairing and replacing pipes, ducts, conduits and
wires leading through, to or from the Premises and serving other parts of the Hotel Complex. Except
signage and/or scrim allowed by Landlord from time to time exercising sole and absolute discretion,
Tenant shall have no right whatsoever in the exterior of exterior walls or the roof of the
Premises. Landlord shall have an absolute and unconditional right to require Tenant, at its sole
cost, to remove signage and/or scrim from the exterior of exterior walls.

Section 2.3. Lease Term. 

     This Lease shall be in full force and effect from and after the date of full execution and
delivery by Landlord and Tenant. The term of this Lease (hereinafter called “Lease Term”) shall
commence upon the earlier of (a) the day following the last day allowed to Tenant in Section 3.3
below for completion of “Tenant’s Work,” as defined herein in connection with the Bodies
Exhibition(hereinafter called the “Bodies Exhibition Required Completion Date”) or (b) the day on
which Tenant opens the Bodies Exhibition for business to the public, the applicable date being
hereinafter called the “Bodies Exhibition Commencement Date.” Upon determination of the Bodies
Exhibition Commencement Date, Landlord shall notify Tenant thereof in writing. The initial Term of
this Lease shall end on the last day of the tenth (10th) “Lease Year,” as defined herein, after the
Bodies Exhibition Commencement Date unless sooner terminated as herein provided. The “Titanic
Exhibition Commencement Date” shall be the earlier of (a) the day following the last day allowed to
Tenant in Section 3.3 below for completion of ‘Tenant’s Work”, as defined herein, in connection
with the Titanic Exhibition (hereinafter called the “Titanic Exhibition Required Completion Date”)
or (b) the day on which Tenant opens the Titanic Exhibition for business to the public. The “King
of the World/High Tea/TBD Venue/Iceberg Bar Commencement Date” shall be the earlier of (a) the day
following the last day allowed to Tenant in Section 3.3 below for completion of “Tenant’s Work”, as
defined herein, in connection with the King of the World/High Tea/TBD Venue/Iceberg Bar
(hereinafter called the “King of the World/High Tea/TBD Venue/Iceberg Bar Required Completion
Date”) or (b) the day on which Tenant opens the King of the World/High Tea/TBD Venue/Iceberg Bar
for business to the public.

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Section 2.3.1. Conditioned First Option to Extend Lease Term. 

     Provided that (a) Tenant has notified Landlord in writing that Tenant elects to extend the
Term of this Lease (which notice must be delivered to and received by Landlord, if at all, no more
than one (1) year and not later than six (6) months prior to the expiration of the original Lease
Term) (the “First Option Exercise Period”), (b) Tenant has performed all of Tenant’s obligations
hereunder or any failures to perform have been cured or waived in writing pursuant to the terms
hereof, (c) there then exists no uncured Event of Default by Tenant under this Lease, (d) there
have been no more than four (4) total Events of Default during the Lease Term, whether or not such
defaults have been cured, (e) Tenant’s Gross Sales adjusted to reflect any force majeure events as
defined in Section 24.5 which lasts in excess of fifteen (15) days and conditioned upon Tenant
promptly notifying Landlord of the occurrence of any such force majeure event, have exceeded ***
Dollars ($***) (as adjusted pursuant to Section 2.3.3 and hereinafter called the “Minimum Option
Gross Sales Threshold”) during each of the eighth (8th) and ninth (9th) Lease Years, (f) Tenant’s
average “Shopper Grade,” if applicable and as defined in Section 8.8(B) of this Lease, has during
the twelve (12) month period prior to the First Option Exercise Period equaled or exceeded the
“Minimum Shopper Grade,” as defined herein; Tenant shall (subject to the conditions precedent set
forth above) have one (1) option to renew this Lease for an additional term of five (5) years (the
“First Renewal Term”) commencing upon the expiration of the original Lease Term. The terms and
conditions of this Lease shall apply with full force and effect during the First Renewal Term as if
it were the Lease Term. Failure by Tenant to exercise such option in accordance with this Section
shall constitute a waiver of said First Renewal Option and the Second Renewal Option as set forth
in Section 2.3.2 below.

Section 2.3.2. Conditioned Second Option to Extend Lease Term. 

     Provided that (a) the First Renewal Option was duly and timely exercised and the Lease Term
was extended for the First Renewal Term, (b) Tenant has notified Landlord in writing that Tenant
elects to extend the Term of this Lease (which, notice must be delivered to and received by
Landlord, if at all, no more than one (1) year and not later than six (6) months prior to the
expiration of the First Renewal Term) ( the “Second Option Exercise Period”), (c) Tenant has
performed all of Tenant’s obligations hereunder or any failures to perform have been cured or
waived in writing pursuant to the terms hereof, (d) there then exists no uncured Event of Default
by Tenant under this Lease, (e) there have been no more than four (4) total Events of Default
during the Lease Term, whether or not such defaults have been cured, (f) Tenant’s Gross Sales
adjusted to reflect any force majeure events as defined in Section 24.5 which lasts in excess of
fifteen (15) days and conditioned upon Tenant promptly notifying Landlord of the occurrence of any
such force majeure event, have exceeded *** Dollars ($***) (as adjusted pursuant to Section 2.3.3
and hereinafter called the “Minimum Option Gross Sales Threshold”) during each of the thirteenth
(13th) and fourteenth (14th) Lease Years, and (g) Tenant’s average “Shopper Grade,” if applicable
and as defined in Section 8.8(B) of this Lease, has during the twelve (12) month period prior to
the Second Option Exercise Period equaled or exceeded the “Minimum Shopper Grade,” as defined
herein; Tenant shall (subject to the conditions precedent set forth above) have one (1) option to
renew this Lease for an additional term of five (5) years (the “Second Renewal Term”) commencing
upon the expiration of the First Renewal Term. The terms and conditions of this Lease shall apply
with full force and effect during the Second Renewal Term as if it were the Lease Term, except
there shall be no option for any

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further renewal term. Failure by Tenant to exercise such option in accordance with this
Section shall constitute a waiver of said option right.

Section 2.3.3. CPI Adjustment to Minimum Option Gross Sales Threshold. 

     Effective as of the first day of each Adjustment Date (as defined in Section 4.1 below), the
Minimum Option Gross Sales Threshold shall be adjusted upward for any changes in the Consumer Price
Index (as defined in Section 4.1 below) in the manner hereinafter provided. The adjusted Minimum
Option Gross Sales Threshold shall be *** Dollars ($***) multiplied by a fraction, the numerator of
which shall be the index number for the month which is three (3) months prior to the Adjustment
Date and the denominator of which shall be the index number for the month which is three (3) months
prior to the Bodies Exhibition Commencement Date (the “Base Index”). Landlord shall, within a
reasonable time after obtaining the appropriate data necessary for computing such adjustment, give
Tenant notice of any adjustment to the Minimum Option Gross Sales Threshold.

Section 2.4. Lease Year Defined. 

     “Lease Year,” as used herein, means a period of twelve (12) consecutive months during the
Lease Term; provided that the first Lease Year shall mean a period of twelve (12) consecutive
months next following the month in which the Bodies Exhibition Commencement Date occurs, plus the
partial month from the date on which the Bodies Exhibition Commencement Date occurred until the end
of such month (if such Bodies Exhibition Commencement Date occurs on a date other than the first
day of the month) and each subsequent Lease Year shall commence on the first day of the month next
following the expiration of the prior Lease Year.

Section 2.5. Relocation of Premises and Termination. 

     A. Landlord shall have the right, subject to Tenant’s right of termination as set forth
in subparagraph (B), to relocate the entirety of Tenant’s operation to other premises (the
“New Premises”) in another part of the Hotel Complex in accordance with the following:

     (i) Landlord shall notify Tenant, at least twelve (12) months prior to the
proposed relocation date, of Landlord’s intention to relocate Tenant’s operation to
the New Premises;

     (ii) The proposed relocation date and the size, configuration and location of
the New Premises shall be set forth in Landlord’s notice; and

     (iii) The New Premises shall be substantially identical or superior in size as
the Premises described in the Lease and shall be exposed to reasonably equivalent or
superior pedestrian traffic. If Landlord elects to relocate Tenant during the first
ten (10) Lease Years, Landlord shall, at Landlord’s cost, construct on the New
Premises improvements substantially similar to those constructed pursuant to
Tenant’s final plans. The new Premises shall be fully built out (except for minor
punch list items) and ready for occupancy prior to Tenant being required to
relocate, Landlord shall compensate Tenant for lost net profits during any period
Tenant is required to be closed prior to the date the new Premises are built out and
ready for occupancy and

5

 

for such time, but in no event greater than fifteen (15) days, as it takes
Tenant to move the exhibits to the new Premises using reasonable diligence. All
reasonable costs of relocation shall be paid for by Landlord, including those trade
fixtures built into walls and not moveable but excluding the purchase or replacement
of Tenant’s furniture, non-trade fixtures, equipment and inventory. After the first
ten (10) Lease Years, all relocation and improvement costs shall be the sole
responsibility of Tenant.

     B. In the event the New Premises described in Landlord’s relocation notice are
unacceptable to Tenant, Tenant shall have the right, exercisable by written notice received
by Landlord not more than sixty (60) days following receipt of Landlord’s relocation notice,
to terminate this Lease, such termination to be effective as of the proposed relocation date
as set forth in Landlord’s notice. Failure by Tenant to timely exercise such right shall be
deemed a waiver with respect thereto and confirmation that the New Premises are acceptable
to Tenant. Tenant shall have the right to accept the New Premises only for the unexpired
term of this Lease. Notwithstanding anything hereinabove to the contrary, should Tenant
notify Landlord of Tenant’s election to terminate this Lease, Landlord shall have the right
to rescind Landlord’s relocation notice to Tenant, within thirty (30) days after receipt of
Tenant’s notice to terminate and Tenant’s termination notice shall be of no force and
effect. In the event this Lease terminates as provided in this Section 2.5, Landlord shall
reimburse Tenant, as Tenant’s sole and exclusive remedy, for the unamortized portion of the
cost of Tenant’s Work, excluding inventory and removable trade fixtures. Such amount shall
be amortized on a straight-line ten (10) year basis concurrent with the initial Lease Term.

     C. Landlord has made no representation as to any additional attractions, entertainment,
improvements or stores or the continuation of any existing use in the Hotel Complex, and
this provision does not create any rights of option, first refusal or otherwise with respect
to any present or future space in the Hotel Complex.

     D. If Landlord elects to relocate Tenant after the first ten (10) Lease Years, Tenant
shall have the right, exercisable by written notice received by Landlord not more than sixty
(60) days following receipt of Landlord’s relocation notice, to terminate this Lease, such
termination to be effective as of the proposed relocation date as set forth in Landlord’s
notice. However, Tenants election to terminate the Lease shall be without further obligation
or liability of either party and such right of termination shall be Tenant’s sole and
exclusive remedy.

Section 2.6. Termination for Convenience.

     After the expiration of the forty eighth (48th) month following the Bodies Exhibition
Commencement Date, Landlord shall have the right upon at least twelve (12) months advance written
notice to terminate this Lease, without cause and without further obligation or liability except as
provided herein. If Landlord terminates this Lease as provided herein, Landlord shall reimburse
Tenant, as Tenant’s sole and exclusive remedy, for the sum of (i) an amount equal to twelve (12)
months net profit (determined in accordance with United States generally accepted accounting
principles and practices, as in effect from time to time) based on Tenant’s average net profit, if
any, during the period from the last Required Completion Date set forth in Section 3.3 through the
date of

6

 

Landlord’s notice of termination; and (ii) if such termination occurs during the initial ten
(10) year Lease Term, an amount equal to the unamortized portion of the cost of Tenant’s Work
(excluding furniture, inventory and removable fixtures and equipment, for the period from the date
which is twelve (12) months following the date of termination, through the original expiration date
of the initial Lease Term; such amortization to be on a straight line ten (10) year basis
concurrent with the initial Lease Term. Tenant shall be given fifteen (15) days following the
termination date to vacate the Premises.

Section 2.7. Additional Landlord Termination Rights. 

     In the event that, in connection with its review and approval of the proposed Tenant’s Work,
the building department, fire department and/or other applicable governmental authorities
possessing and exercising jurisdiction over the Hotel Complex impose any requirements or conditions
of whatsoever nature (including without limitation, retrofitting or other requirements relating to
demolition, building material removal, entering and exiting, life safety, smoke evacuation,
restroom facilities, or as-built documentation) affecting any portion of the Hotel Complex outside
of the demised Premises (any such requirement “Additional Conditions”), Landlord shall not be
obligated to approve or comply with such Additional Conditions. If Landlord, in its sole
discretion, disapproves any such Additional Conditions and/or the costs of complying with same,
Landlord shall have the right, upon written notice to Tenant, to terminate this Lease; provided
however, that in the event of such termination, Landlord as its sole obligation and liability to
Tenant with respect to such termination shall reimburse Tenant for an amount equal to the direct,
out-of-pocket fees and costs actually incurred by Tenant for (i) third party design professional
work performed prior to the date of termination and (ii) permit fees paid prior to the date of
termination, within thirty (30) days after receipt by Landlord of detailed invoices and supporting
documentation in form and substance acceptable to Landlord; and provided further however, if the
retrofitting or other work relating to any such Additional Condition is otherwise acceptable to
Landlord in its sole discretion, but Landlord is not willing to pay the costs and expenses of
performing or otherwise satisfying such Additional Condition(s), Tenant may agree upon written
notice to Landlord, to pay such costs itself, in which event Landlord shall rescind its termination
notice, and this Lease shall remain in full force and effect.

Section 2.8. Interruption of Service.

     Notwithstanding anything contained in this Lease to the contrary, if any material portion of
the Premises is untenantable for Tenant’s intended use as a result of any failure of Landlord to
provide any service or perform any obligations set forth in this Lease, for a reason within
Landlord’s control, and such condition continues for a period of at least five (5) consecutive
days, rent and other amounts payable by Tenant hereunder shall be equitably abated; and provided
further, if such condition continues for a period of at least sixty (60) consecutive days, Tenant
shall have the right, as its sole and exclusive remedy, to terminate this Lease by giving written
notice of such termination to Landlord.

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ARTICLE III

LANDLORD’S AND TENANT’S WORK

Section 3.1. Landlord’s Work.

     Except for the work to be performed by Landlord as expressly set forth on attached Exhibit B,
if any (“Landlord’s Work”), Landlord shall only be obligated to provide the Premises, including the
floor slab, exterior walls, columns, beams, roof and all other structural and non-structural
elements on or within the Premises to Tenant in its present condition, absolutely “as is, where is,
with all faults.” Landlord’s Work, if any, shall, at the time of installation, comply with all
applicable laws, ordinances, rules and regulations including, but not limited to, the Occupational
Safety and Health Act (“OSHA”) and the American with Disabilities Act of 1990, as amended from time
to time (“ADA”). Tenant’s taking possession of the Premises shall be conclusive evidence of
Tenant’s acceptance thereof in good order and satisfactory condition. Landlord shall deliver
possession of the Arcade space to Tenant on April 6, 2008 and the IMAX Theatre, Tut Museum and Tut
Retail Space on April 13, 2008 (the “Delivery Date”) (or such later date as is mutually agreed upon
by Landlord and Tenant, such agreement not to be unreasonably withheld, conditioned or delayed).
Landlord and Tenant shall each have a right to terminate this Lease with neither having any further
obligation or liability if the Delivery Date does not occur on or before July 1, 2008. Subject to
the terms and conditions of this Lease, including the Exhibits hereto, Tenant agrees that no
representation respecting the condition of the Premises and no warranties or guarantees, expressed
or implied, with respect to workmanship or any defects in material, and no promise to decorate,
alter, repair or improve the Premises either before or after the execution hereof (except to the
extent expressly provided on attached Exhibit B, if at all), have been made by Landlord or
Landlord’s agents to Tenant.

Section 3.2. Tenant’s Work.

     All work not expressly designated herein as Landlord’s Work shall be performed by Tenant
(hereinafter called “Tenant’s Work”) including, but not limited to, all work designated as Tenant’s
Work in Exhibit “B”, and Tenant shall do and perform at Tenant’s expense all Tenant’s Work
diligently and promptly and in accordance with the following provisions. Notwithstanding anything
to the contrary contained herein, each and every aspect of Tenant’s Work shall be subject to the
prior written approval of Landlord and shall be in accordance with the standards of a first class
resort/hotel facility. Without limiting the immediately preceding sentence, Tenant hereby
represents and warrants to Landlord that the construction budget for Tenant’s Work, not including
the costs of inventory, payroll, training or any other ancillary start-up costs, is at least Twelve
Million Dollars ($12,000,000.00). However, if Tenant is able (while still complying in all respects
with the minimum standards and requirements contained herein, in Landlord’s reasonable judgment) to
complete Tenant’s Work for less than the minimum construction budget amount provided for in the
immediately preceding sentence, then Landlord shall consent to such lower, actual amount for
Tenant’s Work. Tenant’s Work shall at all times comply with all applicable laws, ordinances, rules
and regulations including, but not limited to, OSHA and the ADA.

     Tenant shall not contract with any contractors or subcontractors, and Tenant’s contractors and
subcontractors may not perform any work on the Premises or the Hotel Complex, unless and until (a)
a background investigation of each such contractor and subcontractor has been completed

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by Landlord’s corporate security department and the results thereof are satisfactory to
Landlord and (b) Landlord has, in Landlord’s reasonable discretion, approved each such contractor
and subcontractor. Notwithstanding the foregoing, though, Tenant may only use union signatory
contractors and subcontractors (and, if applicable, Tenant must ensure that Tenant’s union
signatory contractors and subcontractors only use union signatory contractors and subcontractors),
who are in compliance with their respective collective bargaining/union agreements, to perform work
at the Hotel Complex (either as part of Tenant’s Work or otherwise). Further, and in addition to
any other indemnity obligation contained herein, Tenant hereby covenants and agrees to indemnify,
defend, save, and hold Landlord, and Landlord’s parent company, subsidiaries and affiliates, and
their officers, directors, shareholders and employees, free, clear and harmless from, and against,
any and all liabilities, losses, costs, expenses (including reasonable attorney’s fees), judgments,
claims, liens, fines, penalties, and demands of any kind whatsoever caused by or resulting from
Tenant’s use of any particular contractor or subcontractor, or their use of any particular
contractor or subcontractor, for any work in connection with the Premises (whether part of Tenant’s
Work or otherwise) regardless of whether Landlord approved of such contractor or subcontractor
pursuant to this Section. Tenant shall at all times provide to Landlord a complete and accurate
list of all contractors and subcontractors performing work at the Hotel Complex on behalf of Tenant
and/or Tenant’s contractors and/or subcontractors. In addition, Tenant’s Work shall at all times be
conducted in accordance with Landlord’s Contractor Work Standards, a copy of which is attached
hereto as Exhibit “H”.

			
	Section 3.3.	 	Bodies Exhibition Commencement Date, Titanic Exhibition Commencement Date and King
of the World/High Tea/TBD Venue/Iceberg Bar Commencement Date.

     The following constitutes the work schedule for the Bodies Exhibition, Titanic Exhibition and
King of the World/High Tea/TBD Venue/Iceberg Bar:

Bodies Exhibition

	 	 	 
	Design Development:

	 	Done
	Construction Documents (including Millwork):

	 	Done
	Final Architectural Plans for Submission to Building Dept.:

	 	March 28, 2008
	Start Construction:

	 	April 7, 2008
	Finish Construction:

	 	June 16, 2008
	Bodies Exhibition Required Completion Date:

	 	June 19, 2008

Titanic Exhibition

	 	 	 
	Design Development:

	 	March 16, 2008
	Construction Documents (including Millwork):

	 	March 16, 2008
	Final Architectural Plans for Submission to Building Dept.:

	 	March 20, 2008
	Start Construction:

	 	April 14, 2008
	Finish Construction:

	 	August 15, 2008
	Titanic Exhibition Required Completion Date:

	 	August 20, 2008

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King of the World/High Tea/TBD Venue/Iceberg Bar

	 	 	 
	Design Development:

	 	April 30, 2008
	Construction Documents (including Millwork):

	 	May 16, 2008
	Final Architectural Plans for Submission to Building Dept.:

	 	June 1, 2008
	Start Construction:

	 	July 31, 2008
	Finish Construction:

	 	October 30, 2008
	King of the World/High Tea/TBD Venue/Iceberg Bar/
	 	 
	Exhibition Required Completion Date:

	 	November 15, 2008

     The foregoing schedule is based upon the assumption that (a) Landlord delivers possession of
the Arcade portion of the Premises to Tenant on or before April 6, 2008 and the balance of the
Premises on or before April 13, 2008, (b) Landlord timely approves all matters to be approved by
Landlord, and (c) Landlord provides reasonable access and utilities, at Tenant’s cost, to Tenant
and its contractors and subcontractors. The scheduled performance dates shall be extended on a day
for day basis if and to the extent the performance is delayed by reason of the occurrence of force
majeure events as provided in Section 24.5 below.

     Tenant shall submit all of Tenant’s planned improvements to the Premises, and Tenant’s Work
including, but not limited to, all drawings, specifications, color boards and other samples, to
Landlord for Landlord’s prior written approval. Tenant hereby acknowledges that Landlord will, at
Tenant’s sole cost and expense, submit a copy of all of Tenant’s drawings, plans and specifications
to Landlord’s approved and designated ADA consultants (“ADA Consultant”), or such other entity as
is designated by Landlord, for Landlord’s review of compliance with the ADA. Tenant shall pay ADA
Consultant’s or such other entity’s charge for such ADA Consultant’s or such other entity’s
services based upon the actual time required for such ADA Consultant or such other entity to
conduct that review. Within five (5) days after receipt of each such submittal from Tenant,
Landlord shall notify Tenant of any failure to meet with Landlord’s approval. Tenant shall within
ten (10) days after receipt of any such notice (or as quickly as reasonably possible thereafter)
submit final documents based upon the preliminary submittal and incorporating Landlord’s comments
thereto. Landlord shall notify Tenant of Landlord’s approval or disapproval of the final documents
within five (5) days (or as quickly as reasonably possible thereafter) after receipt. If Landlord
delays in giving such approval, the scheduled performance dates set forth in Section 3.3 shall be
extended for each day Landlord fails to give such approval. Upon approval, Landlord shall return
one (1) set of approved final documents to Tenant and the same shall become a part hereof by this
reference as Exhibit “B-1”. Tenant’s final documents shall comply with all applicable laws,
ordinances, rules and regulations including, but not limited to the ADA. Approval of construction
documents by Landlord shall not constitute the assumption of any responsibility by Landlord for
their accuracy or sufficiency, or compliance with applicable codes and Tenant shall be solely
responsible for such construction documents. Tenant shall not commence any phase of Tenant’s Work
until Landlord has approved final plans and specifications for such phase of Tenant’s Work.
Landlord recognizes that Tenant will be starting and completing different phases of Tenant’s Work
at different times and Landlord shall work cooperatively with Tenant with regard thereto.

     From and after the date Landlord delivers possession of the applicable portions of the
Premises to Tenant, Tenant shall promptly commence and shall diligently and continuously pursue the
performance of Tenant’s Work to completion.

10

 

Section 3.4. Failure of Tenant to Perform. 

     Because of the difficulty or impossibility of determining Landlord’s damages resulting from
Tenant’s failure to open for business fully fixtured, stocked and staffed on or before the Bodies
Exhibition Required Completion Date, the Titanic Exhibit Required Completion Date and/or the King
of the World/High Tea/TBD Venue/Iceberg Bar Required Completion Date including, but not limited to,
damages from loss of Percentage Rent (hereinafter defined) from Tenant and other tenants,
diminished salability, leaseability, mortgageability or economic value of the Hotel Complex, if
Tenant fails to commence Tenant’s Work within the time provided above and proceed with the same
diligently, or to open for business fixtured, stocked and staffed in a manner consistent with the
standards of a first-class resort hotel on or before the Bodies Exhibition Required Completion
Date, the Titanic Exhibit Required Completion Date and/or the King of the World/High Tea/TBD
Venue/Iceberg Bar Required Completion Date or to perform any of Tenant’s obligations to be
performed prior to the Bodies Exhibition Required Completion Date, the Titanic Exhibition Required
Completion Date and/or the King of the World/High Tea/TBD Venue/Iceberg Bar Required Completion
Date, Landlord may (but shall not be obligated to), upon the expiration of ten (10) days written
notice to Tenant without cure or material steps taken by Tenant that are reasonably likely to cause
cure within a reasonable amount of time, in addition to the right to exercise any other remedies
and rights herein or at law provided, (a) proceed with Tenant’s Work, at Tenant’s expense (so long
as such charges are reasonable and at market rates) using any qualified and licensed contractor
Landlord selects and making any changes or revisions to Tenant’s Work and/or Landlord’s Work
required because of any delay or failure of Tenant to perform Tenant’s obligations hereunder, which
changes or revisions shall in any event be made at Tenant’s expense (so long as such charges are
reasonable and at market rates), and collect rent in an amount equal to the Minimum Annual Rent
(hereinafter defined) and other additional rent and other amounts payable by Tenant hereunder; and
(b) collect an amount equal to 1.25/365ths of the Minimum Annual Rent for each day that Tenant has
failed to open for business on and after the Bodies Exhibition Commencement Date, the Titanic
Exhibition Commencement Date and/or the King of the World/High Tea/TBD Venue/Iceberg Bar
Commencement Date, which latter amount shall be in lieu of Percentage Rent that might have been
earned had Tenant opened in timely fashion. In addition, in lieu of, or any time after proceeding
as provided in sub-section (a) and (b) above, and provided that Landlord has given Tenant an
additional written notice of not less than thirty (30) days and without cure or material steps
taken by Tenant that are reasonably likely to cause cure within a reasonable amount of time,
terminate this Lease and pursue any remedy available to Landlord pursuant to this Lease, at law or
in equity.

     In the event that Tenant fails to make timely submission of Tenant’s drawings as provided in
this Lease, then Landlord shall have the right, in addition to Landlord’s other rights and remedies
as herein provided, to collect from Tenant a sum which shall be Five Hundred Dollars ($500.00) per
business day for each business day that Tenant’s drawings are not so submitted (after giving Tenant
written demand which is not cured within five (5) business days thereof). For purposes of this
Lease, the term “business day” shall mean each Monday thru Friday, inclusive, which is not a U.S.
and/or State of Nevada designated holiday. All remedies in this Lease or at law provided shall be
cumulative and not exclusive.

11

 

Section 3.5. Condition of Premises. 

     Subject to the satisfaction of Landlord’s obligations contained in Exhibit “B” of this Lease
for the performance of Landlord’s Work, if any, Tenant’s taking possession of the Premises after
final completion of Landlord’s Work shall be conclusive evidence of Tenant’s acceptance thereof in
good order and satisfactory condition except for those items of Landlord’s Work (if any) delineated
by Tenant on a punch list delivered to Landlord within ten (10) days after Landlord notifies Tenant
in writing that Landlord’s Work has been finally completed.

Section 3.6. Governmental Approvals. 

     In the event that any governmental approval or permit is required for Tenant’s Work or
Tenant’s use of the Premises including, but not limited to, any special use permit or variance,
Tenant shall, at Tenant’s sole cost and expense, promptly obtain such approval or permit before
such work may be commenced or the Premises may be opened for business. In the event any such
approval or permit, or any such approval or permit, cannot be timely obtained or can be obtained
but only in connection or compliance with, or upon the satisfaction of, requirements, limitations
or restrictions, which are not satisfactory to Landlord, Landlord may, in Landlord’s sole and
absolute discretion, terminate this Lease without any further obligation or liability to Tenant.

ARTICLE IV

RENT

Section 4.1. Minimum and Percentage. 

     Tenant covenants and agrees to pay to Landlord, without notice or demand, at Landlord’s
address for notice (Landlord’s and Tenant’s notice addresses being the addresses specified in
Section 24.7 hereof), as rent for the Premises:

     A. Minimum Annual Rent for the first three (3) years following the Bodies Exhibition
Commencement Date shall be Three Million Two Hundred Sixty Six Thousand Six Hundred Sixty
Seven Dollars ($3,266,667.00) per annum payable in equal monthly installments of Two Hundred
Seventy Two Thousand Two Hundred Twenty Two and 25/100 Dollars ($272,222.25) in advance upon
the first day of each and every month commencing upon the Bodies Exhibition Commencement
Date and thereafter Minimum Annual Rent in the amount of Three Million Six Hundred Thousand
Dollars ($3,600,000.00) per annum payable in equal monthly installments of Three Hundred
Thousand Dollars ($300,000.00) in advance upon the first day of each and every month and
continuing thereafter through and including the last month of the Lease Term (such monthly
installment being hereinafter called “Minimum Monthly Rent”). Notwithstanding the foregoing,
the Minimum Annual Rent shall be pro-rated, on a square foot basis, for such portion of the
Premises which is open for business on each such day prior to the King of the World/High
Tea/TBD Venue/Iceberg Bar Commencement Date. However, there shall be no further pro-ration
or reduction of the Minimum Annual Rent from and after the King of the World/High Tea/TBD
Venue/Iceberg Bar Commencement Date regardless of whether any portion of the Premises is not
then open for business.

12

 

Upon the first day of the fifth (5th) and eighth (8th) and, if applicable, eleventh (11th),
fourteenth (14th), seventeenth (17th) and twentieth (20th) Lease Years of the Lease Term
(each, an “Adjustment Date”), the Minimum Monthly Rent shall be adjusted upward for any
changes in the cost of living in the manner hereinafter provided. The index for such
purposes shall be the U.S. All Cities Average Consumer Price Index for Urban Wage Earners
and Clerical Workers for all items (1982-1984 = 100), published by the Bureau of Labor
Statistics of the U.S. Department of Labor. However, if at the time required for the
determination of such adjustment the Consumer Price Index is no longer published or issued,
the parties shall use such index as is then generally recognized and accepted for similar
determinations of purchasing power as reasonably determined by Landlord. The adjusted
Minimum Monthly Rent shall be the Minimum Monthly Rent in effect as of the Adjustment Date
multiplied by a fraction, the numerator of which shall be the index number for the month
which is three (3) months prior to the Adjustment Date and the denominator of which shall be
the index number for the month which is three (3) months prior to the Bodies Exhibition
Commencement Date for the Adjustment Date calculation for the fifth (5th) Lease Year and for
each Adjustment Date thereafter the immediately preceding Adjustment Date (the “Base
Index”). Landlord shall, within a reasonable time after obtaining the appropriate data
necessary for computing such adjustment, give Tenant notice of any adjustment to the Minimum
Monthly Rent. Prior to delivery of any such notice of adjustment, Tenant shall continue
paying Minimum Monthly Rent at the rate in effect for the prior period. Within ten (10) days
after receipt of the notice of adjustment, Tenant shall pay to Landlord the cumulative
amount of any increased Minimum Monthly Rent from the Adjustment Date to the date of receipt
of the notice of adjustment; and

     B. In addition to Minimum Annual Rent, Tenant shall pay Landlord the sum of the
respective percentages of Tenant’s “Gross Sales,” as defined herein, for each Lease Year
based upon the following schedule:

	 	 	 
	Gross Sales	 	Percentage
	$17,000,000.00 — $19,000,000.00

	 	***%
	$19,000,001.00 — $21,000,000.00

	 	***%
	$21,000,001.00 — $23,000,000.00

	 	***%
	$23,000,001.00 — $25,000,000.00

	 	***%
	$25,000,001.00 — $27,000,000.00

	 	***%
	$27,000,001.00 — $29,000,000.00

	 	***%
	$29,000,001.00 — $31,000,000.00

	 	***%
	$31,000,001.00 — $33,000,000.00

	 	***%
	$33,000,001.00 — $35,000,000.00

	 	***%
	$35,000,001.00 — $37,000,000.00

	 	***%,
	$37,000,001.00 — $39,000,000.00

	 	***%
	$39,000,001.00 — $41,000,000.00

	 	***%
	$41,000,001.00 — $43,000,000.00

	 	***%
	$43,000,001.00 — $45,000,000.00

	 	***%
	$45,000,001.00 — $47,000,000.00

	 	***%
	$47,000,001.00 — $49,000,000.00

	 	***%
	$49,000,001.00 — $51,000,000.00

	 	***%
	Greater than $51,000,001.00

	 	***%

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This amount shall be payable at the times, in the manner, and under the terms, set forth in
Section 4.3 of this Lease (hereinafter called “Percentage Rent”).

Section 4.2. Miscellaneous Rent Provisions. 

     Any rent or other amounts to be paid by Tenant which are not paid by the fifth (5th) day after
the date when due shall bear interest as of the first day of the month on which any sum is due and
owing at a rate equal to two percent (2%) over the prime rate announced by Citibank, N.A., and such
default interest shall thereafter be compounded on a monthly basis. If the Bodies Exhibition
Commencement Date, the Titanic Exhibition Commencement Date and/or the King of the World/High
Tea/TBD Venue/Iceberg Bar Commencement Date is other than the first day of a month, Tenant shall
pay a prorated partial Minimum Monthly Rent for the period prior to the first day of the next
calendar month, and thereafter Minimum Monthly Rent payments shall be made not later than the first
day of each calendar month.

Section 4.3. Percentage Rent. 

     On or before the fifteenth (15th) day following the end of each calendar month during the
Lease Term (including the calendar month in which, or concurrently with which, this Lease
terminates), Tenant shall deliver to Landlord a written statement, signed and certified on behalf
of Tenant by an accountant licensed by the State of Nevada or Tenant’s primary financial officer to
be true and correct, setting forth separately (i) the amount of Tenant’s Gross Sales made during
the preceding month, and (ii) a calculation of the projected annualized amount of Tenant’s Gross
Sales (determined by multiplying the amount of Tenant’s Gross Sales for the prior month by twelve).
If he projected annualized amount, based on a Lease Year to date basis exceeds the threshold
amount(s) in Section 4.1(B), then Tenant shall, concurrently with the submission of such statement,
pay Landlord the proportionate amount of the Percentage Rent due for such prior month. With respect
to each calendar quarter during a Lease Year, such statement shall also include a calculation of
the projected annualized Tenant’s Gross Sales, based on the total number of months elapsed from the
beginning of such Lease Year through the end of the calendar month preceding the date of
calculation, and the amount of Percentage Rent payable with respect to the immediately preceding
calendar quarter shall be adjusted upward or downward, if applicable, to reflect the projected
annualized aggregate of Tenant’s Gross Sales for all prior periods during such Lease Year. If such
adjustment reflects an overpayment of Percentage Rent with respect to the portion of the Lease Year
then ended, such excess shall be credited against the Minimum Monthly Rent and any Percentage Rent
due for the next calendar month(s) of such Lease Year. If the calculation of the Percentage Rent
for the last calendar quarter of the applicable Lease Year reflects a net overpayment of Percentage
Rent for such Lease Year, then the amount of such excess shall be refunded to Tenant by Landlord
within forty five (45) days after Landlord’s receipt and confirmation of such statement. Landlord
shall confirm the accuracy of Tenant’s calculation of the annual rent due within such forty five
(45) day period. The authorized deductions from Percentage Rent as set forth in the Lease shall be
noncumulative and a computation of payment of the Percentage Rent shall be made separately for each
Lease Year throughout the Lease Term without regard to Tenant’s Gross Sales, Percentage Rent or
authorized deductions therefrom in connection with any other Lease Year. By way of illustration and
not by way of limitation, attached hereto as Schedule 4.3 are examples of the method of calculation
of Percentage Rent pursuant to this Section 4.3.

14

 

Section 4.4. Gross Sales Defined. 

     As used in this Lease, “Gross Sales” means the aggregate cover or admission charges for any
entertainment, attraction or other facility at the Premises, sponsorship and/or naming rights for
the exhibitions presented at the Premises, the aggregate selling price of (a) all tickets, food,
beverages, products, merchandise, goods and services sold in, upon or from the Premises and (b) all
Luxor branded or connected products, merchandise, goods or services sold through, in, or from
internet based activities and/or a catalog controlled by Tenant or distributed in, upon or from the
Premises (regardless of where or when payment is made for such Luxor branded or connected products,
merchandise or goods or where such Luxor branded or connected products, merchandise or goods are
shipped from or delivered to) by Tenant, Tenant’s subtenants, licensees and concessionaires,
personally or from any vending or coin operated or token operated device, whether for check, cash,
on credit or otherwise excluding only the following:

     A. Insurance proceeds of any kind received by Tenant, and all other monies and credit
received by Tenant in the settlement of claims for loss or damages of Tenant’s food,
beverages, products, merchandise, goods or services.

     B. Box office service fees and credit card processing fees and charges payable to
Landlord.

     C. Ticket broker service fees and commissions.

     D. Credit card charge backs so long as the party seeking to exclude such charges
followed all of its procedures with regard to authenticating and processing credit card
charges.

     E. An amount equal to the cash refunded or credit allowed on tickets, food, beverages,
products, merchandise or goods returned by customers and accepted by Tenant (or Landlord
under Section 8.4H), or the amount of cash refunded or credit allowed thereon in lieu of
Tenant’s acceptance thereof, but only to the extent that the sales relating to such tickets,
food, beverages, products, merchandise, goods or services were made in, about or from the
Premises. Any credit or refund shall reduce Gross Sales for the accounting period during
which such credit or refund is made but shall not affect Gross Sales, for the period in
which the original sale was made

     F. The discounted portion of promotional coupons for admission to the Bodies and/or
Titanic Exhibit.

     G. Sales taxes, so called luxury or value added taxes, Live Entertainment Taxes (“LET”)
or similar taxes now or hereafter imposed upon the sale of tickets, food, beverages,
products, merchandise, goods or services, whether such taxes are added separately to the
selling price thereof and collected from customers or paid by Tenant and included in the
retail selling price; provided however, that Tenant maintains adequate records of the method
of calculation and amounts of such taxes.

     H. Any discounted portion of sales of services, admissions, merchandise, food and/or
beverages pursuant to Section 8.17.

15

 

     All gross income of Tenant or any other person, firm or corporation from any operations in, at
or upon the Premises, which are not specifically excluded by this Section, shall be included in
Gross Sales. All sales originating at, upon or from the Premises shall be considered as made and
completed thereon and shall be included in Tenant’s Gross Sales even though the supplying of the
goods or services sold or delivery of the goods or services sold may be made from a place other
than the Premises. In the event Landlord permits Tenant, or Tenant is required by this Lease, to
allow Tenant’s customers to make credit purchases, or to charge purchases to their guest room
account, no deduction shall be allowed from Gross Sales for uncollected or uncollectible credit or
hotel accounts. Each sale upon installment or credit shall be treated as a sale for the full price
in the month during which such sale is made, regardless of the time of when or whether Tenant shall
receive payment therefor.

Section 4.5. Failure To Attain Minimum Gross Sales. 

     Landlord may terminate this Lease in the event that subsequent to the initial twelve (12)
month period following the Bodies Exhibition Commencement Date, Tenant’s monthly Gross Sales are
less than *** Dollars ($***) per month (“Minimum Monthly Gross Sales”) for four (4) consecutive
months, unless the failure to meet this Minimum Monthly Gross Sales requirement is due to the
occurrence of a force majeure event as defined in Section 24.5 of this Lease. In that event,
Landlord may, upon ninety (90) days prior written notice to Tenant, terminate this Lease without
further obligation or liability. For the purpose of determining whether Tenant has met the
conditions of this Section for any month during which the condition of Minimum Monthly Gross Sales
was abated pursuant to any other provision of this Lease, such Minimum Monthly Gross Sales amount
then in effect shall be reduced on a pro rata basis in light of the actual number of days during
such month that the abatement occurred.

     Upon each Adjustment Date, the Minimum Monthly Gross Sales shall be adjusted upward for any
changes in the Consumer Price Index in the same manner as provided in Section 4.1A above. Landlord
shall, within a reasonable time after obtaining the appropriate data necessary for computing such
adjustment, give Tenant notice of any adjustment to the Minimum Monthly Gross Sales.

Section 4.6. Failure to Attain Required Attendance. 

     Landlord and Tenant shall each have the right, but not the obligation, to terminate this Lease
if, after six (6) months from the Titanic Exhibition Commencement Date, paid admissions for either
the Titanic Exhibition or the Bodies Exhibition average below four hundred twenty-five thousand
(425,000) tickets for any consecutive twelve (12) month period.

Section 4.7. Real Estate Taxes. 

     A. Responsibility and Definition. Landlord shall pay or cause to be paid all
Real Estate Taxes (as hereinafter defined) assessed or imposed upon the Hotel Complex. As
used in this Section 4.7 the term Real Estate Taxes shall mean and include all real estate
taxes, public and governmental charges and assessments, including all extraordinary or
special assessments, or assessments against or with respect to the Hotel Complex or any of
Landlord’s personal property now or hereafter located in the Hotel Complex, all costs,
expenses and attorney’s fees incurred by Landlord in contesting or negotiating with public

16

 

authorities (Landlord having the sole authority to conduct such a contest or enter into
such negotiations) as to any of the same, but shall not include taxes on Tenant’s
operation(s) in the Premises, machinery, equipment, inventory or other personal property or
assets of Tenant, Tenant agreeing to pay, before delinquency, all taxes upon or attributable
to such excluded items without apportionment.

     B. Newly Imposed Taxes. Tenant’s proportionate share of any newly imposed
governmental tax or charge (other than income tax) levied, assessed, or imposed on account
of the payment by Tenant or receipt by Landlord, or based in whole or in part upon, the
rents in this Lease reserved or upon the Hotel Complex or the value thereof shall be paid by
Tenant.

     C. LET. Tenant agrees that it will collect any applicable LET associated with
the sale of food, beverage, merchandise and/or goods from the Premises. LET taxes, required
reporting information and a check for the amount owed shall be provided to Landlord’s
accounting department by the tenth (10th) of the following month. Tenant is held responsible
for various monthly, quarterly and annual audits and reporting that will be communicated as
required to the Nevada Gaming Control Board (“NGCB”) and reported to Landlord for subsequent
reporting to the NGCB. Tenant shall make all documents containing information relative to
the computation of the LET available for inspection upon prior written notice by
representatives of Landlord and/or the NGCB. This obligation shall continue beyond the term
of this Lease. Tenant shall be liable for any and all LET, interest and penalties found to
be payable in connection with the sale of admissions, food, beverage, merchandise and/or
goods from the Premises as a result of understated taxable revenues, insufficiency of
records or, if Tenant is permitted to pay the LET directly to the NGCB, untimely payment of
the LET. If Tenant is not permitted to pay the LET directly to the NGCB, then if Tenant has
timely remitted the payment to Landlord as required in this Section 4.7 (B), Tenant shall
not be liable for the untimely payment of the LET to the NGCB or penalties or fees. Landlord
will collect any applicable LET on tickets sold by it through its box office and remit the
amount collected to the appropriate taxing authority. Any applicable LET will be added on
top of the ticket prices and charged at the time the tickets are sold.

Section 4.8. Additional Rent. 

     All amounts required or provided to be paid by Tenant under this Lease other than Minimum
Annual Rent and Percentage Rent shall be deemed additional rent and Minimum Annual Rent, Percentage
Rent and additional rent shall in all events be deemed rent, and such amounts shall be due within
thirty (30) days after Tenant’s receipt of Landlord’s invoice for any such amounts, unless payment
within a shorter period of time is required pursuant to any other provision of this Lease.

Section 4.9. Landlord’s Expenses. 

     If Landlord pays any monies or incurs any expense to correct a breach of this Lease by Tenant
or to do anything in this Lease required to be done by Tenant after the expiration of any
applicable notice and cure period, or incurs any expense (including, but not limited to, reasonable
attorney’s fees and court costs), as a result of Tenant’s failure to perform any of Tenant’s
obligations under this Lease, all reasonable and necessary amounts so paid or incurred shall, on
notice to Tenant,

17

 

be considered additional rent payable in full by Tenant with the first Minimum Monthly Rent
installment thereafter becoming due and payable at least ten (10) days thereafter, and may be
collected as by law provided in the case of rent.

ARTICLE V

PARKING AND COMMON AREAS AND FACILITIES

Section 5.1. Common Areas.

     All parking areas, access roads and facilities furnished, made available or maintained by
Landlord in or near the Hotel Complex, including employee parking areas, truck ways, driveways,
loading docks and areas, delivery areas, multi-story parking facilities, package pickup stations,
elevators, escalators, pedestrian sidewalks, courts and ramps, landscaped areas, retaining walls,
stairways, lighting facilities, sanitary systems, utility lines, water filtration and treatment
facilities, those areas within and adjacent to the Hotel Complex for ingress and egress to and from
the Hotel Complex, which from time to time may be provided by Landlord or others for the
convenience, use or benefit of the tenants of the Hotel Complex, Landlord, the occupants and
visitors of the Hotel Complex and their respective concessionaires, agents, employees, customers,
invitees and licensees, those areas, if any, upon which temporary or permanent off-site utility
systems or parking facilities serving the Hotel Complex, may from time to time be located and other
areas and improvements provided by Landlord for the general use in common of tenants and their
customers in the Hotel Complex (all herein called “Common Areas”) shall at all times be subject to
the exclusive control and management of Landlord, and Landlord shall have the right, from time to
time, to establish, modify and enforce reasonable rules, regulations and requirements with respect
to all Common Areas. Tenant agrees to comply with, and to cause Tenant’s employees and contractors
to comply with, all rules, regulations and requirements set forth by Landlord, and all amendments
thereto, relating to the Common Areas, Premises or Hotel Complex.

     So long as the same does not materially and adversely affect Tenant’s access, ingress and
egress to the Premises, Landlord shall have the right from time to time to: change or modify and
add to or subtract from the sizes, locations, shapes and arrangements of parking areas, entrances,
exits, parking aisle alignments and other Common Areas; designate parking areas for Landlord,
Landlord’s employees and tenants, and/or limit the total number of such employee spaces; restrict
parking by Tenant and Tenant’s employees to designated areas; construct surface, sub-surface or
elevated parking areas and facilities; establish and from time to time change the level or grade of
parking surfaces; add to or subtract from the buildings in the Hotel Complex; eliminate such access
as may, from time to time, be available to the Hotel Complex; and do and perform such other acts in
and to said Common Areas as Landlord, in Landlord’s sole and absolute discretion deems advisable
for the use thereof by tenants and their customers. Tenant further acknowledges that this Section
5.1 shall be for the benefit of, and directly enforceable by, Landlord.

     Landlord shall provide Tenant, throughout the Lease Term and at no charge, with ten (10)
reserved parking spaces, or ten (10) spaces within a separate, secured parking area on Hotel
grounds.

     In the event that Landlord determines, in Landlord’s sole and absolute discretion, to provide
parking or transportation facilities for the Hotel Complex, Landlord may charge a fee to users
thereof and may impose and enforce such uniform rules and regulations concerning the use thereof

18

 

(including a prohibition of use by tenant’s employees) as Landlord may, in Landlord’s sole and
absolute discretion, deem desirable. Landlord shall have the right at any and all times to utilize
portions of Common Areas for promotions, exhibits, entertainments, product and other shows,
displays, the leasing of kiosks or food and/or beverage facilities, or such other uses as may in
Landlord’s judgment tend to attract the public to benefit the Hotel Complex. Except as specifically
otherwise provided in this Lease, Landlord may do such other acts in and to the Hotel Complex and
those Common Areas located on the Hotel Complex as in Landlord’s sole and absolute discretion may
be desirable, including, but not limited to, the conversion of portions thereof to other uses.

Section 5.2. Use of Common Areas.

     Tenant and Tenant’s business invitees, employees and customers shall have the non-exclusive
right, in common with Landlord, and all others to whom Landlord has granted or may hereafter grant
rights, to use the Common Areas for ingress, egress and parking subject to such reasonable
regulations as Landlord or such other person may from time to time impose and the rights of
Landlord set forth above. Tenant and Tenant’s business invitees, employees and customers shall also
have a non-exclusive right to walk through the Hotel Complex in order to gain ingress to and egress
from the Premises. Tenant shall pay Landlord, upon demand, Twenty Dollars ($20.00) for each day on
which a car of Tenant, a concessionaire, employee or agent of Tenant is parked outside any area
designated by Landlord for employee parking. Tenant authorizes Landlord to cause any such car to be
fitted with a “boot” device or towed from such undesignated area and Tenant shall reimburse
Landlord for the cost thereof upon demand, and otherwise indemnify and hold Landlord harmless with
respect thereto. Tenant shall abide by all rules and regulations promulgated by Landlord regarding
the Premises and communicated in writing to Tenant, and use its commercially reasonable efforts to
cause Tenant’s concessionaires, officers, employees, agents, customers and invitees to abide
thereby. Landlord may at any time close temporarily any Common Areas to make repairs or changes,
prevent the acquisition of public rights therein, discourage non-customer parking, or for other
reasonable purposes, and Landlord shall in all such cases (except in the event of an emergency)
attempt to provide Tenant with prior notice of each such closure. If requested by Landlord, Tenant
shall furnish Landlord license numbers and descriptions of cars used by Tenant and Tenant’s
concessionaires, officers and employees. Tenant shall not interfere with Landlord’s or other
permitted users’ rights to use any part of the Common Areas.

ARTICLE VI

MAINTENANCE OF COMMON AREAS

AND

COMMON AREA MAINTENANCE CHARGE

     Landlord will at all times during the Lease Term operate, manage, clean, maintain and repair,
and provide security for, or cause to be operated, managed, cleaned, maintained and repaired, and
security provided for, all the Common Areas including, but not limited to, all parking facilities.
In addition to the Minimum Monthly Rent and Percentage Rent provided for herein, Tenant shall pay
to Landlord in advance on the first day of each month during the Lease Term a Common Area
maintenance charge in the amount of Forty-Eight Thousand Dollars ($48,000.00) per month (the
“Monthly Common Area Maintenance Charge”) as Tenant’s proportionate share of the costs incurred by
Landlord to operate, manage, maintain and repair the Common Areas. Notwithstanding the foregoing,
the Monthly Common Area Maintenance Charge shall be pro-rated on a square foot

19

 

basis for such portion of the Premises which is open for business on each such day prior to
the King of the World/High Tea/TBD Venue/Iceberg Bar Commencement Date. However, there shall be no
further pro-ration or reduction of the Monthly Common Area Maintenance Charge from and after the
King of the World/High Tea/TBD Venue/Iceberg Bar Commencement Date regardless of whether any
portion of the Premises is not then open for business. Upon each Adjustment Date, the Monthly
Common Area Maintenance Charge shall be adjusted upward for any changes in the Consumer Price Index
in the same manner as provided in Section 4.1A above. Landlord shall, within a reasonable time
after obtaining the appropriate data necessary for computing such adjustment, give Tenant notice of
any adjustment to the Monthly Common Area Maintenance Charge.

ARTICLE VII

UTILITIES AND SERVICES

Section 7.1. Utilities.

     Tenant shall not install any equipment at the Premises or the Hotel Complex which can exceed
the capacity of any utility facilities currently serving, or intended or available to serve, the
Premises and if any equipment installed by Tenant, or if Tenant’s utility demands for the Premises,
require additional utility facilities and/or the relocation or resizing of the existing facilities,
the same shall be installed, relocated or resized, as applicable, at Tenant’s expense and in
compliance with all code requirements and plans and specifications which must be approved of in
advance and in writing by Landlord. Except as expressly provided otherwise in Section 7.2 of this
Lease, Tenant shall be solely responsible for and promptly pay all charges for the installation of
separate water, gas and electric meters, wiring for telephone service beyond one phone line with
local dial tone which shall be provided by Landlord, and the connection and use of sewer, gas,
electricity, water, telecommunications and all other utility services relative to the Premises.
Landlord will, at Tenant’s expense, install electric, gas and water meters on the Premises. Tenant
agrees to directly and promptly, but in any event before the date due, pay the utilities providing
the electrical, gas, sewer, water, cable or telecommunications service for such services. Landlord
may make additional services including, but not limited to, pest control and cleaning and security
available to the Premises and, in such event, Tenant shall utilize such services, at Tenant’s
expense, so long as the cost thereof is commercially reasonable.

Section 7.2. Air Conditioning of Premises. 

     Landlord, at Landlord’s cost, shall provide Tenant with heating and air conditioning (“HVAC”)
stubbed to the exterior demising perimeter of the Premises with the systems and in the capacities
existing as of the date hereof, and Tenant, at Tenant’s cost, shall be responsible for the
installation, maintenance, repair and replacement of the ductwork, controls and other facilities
and systems for distribution of HVAC within the Premises. If sufficient HVAC capacity does not
currently exist at the Hotel Complex to provide sufficient HVAC for the Premises based upon
Tenant’s use thereof, any additional facilities and/or the relocation or resizing of existing
facilities required to provide sufficient HVAC for the Premises shall be installed, relocated or
resized, as applicable, at Tenant’s expense and in compliance with all code requirements and plans
and specifications which must be approved of in advance and in writing by Landlord. Tenant
acknowledges that because of the nature of the Premises, Tenant might not have access to the

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external controls for HVAC serving the Premises and shall not attempt to make any changes to
such controls located outside the Premises unless otherwise approved by Landlord.

Section 7.3. Utility Interruption.

     Landlord shall not be liable to Tenant in damages if any utilities or services, whether or not
furnished by Landlord hereunder, are interrupted or terminated because of repair, installation of
improvements, or any cause beyond Landlord’s reasonable control, nor shall any such termination
relieve Tenant of any of Tenant’s obligations under this Lease. Tenant shall operate the Premises
in such a way as shall not waste fuel, energy or natural resources.

ARTICLE VIII

CONDUCT OF BUSINESS BY TENANT

Section 8.1. Use of Premises.

     The Premises shall be occupied and used by Tenant solely for the purpose of conducting in the
space outlined in Section 2.1 the following type of businesses:

	 	1	 	Bodies Exhibition and Retail (786 sq. ft.) — First class museum
quality presentation of at least thirteen (13) preserved full human
bodies dissected to display bodily systems and a combined total of
over two hundred (200) other specimens which are either partial bodies
or organs. All preserved human bodies, partial bodies and organs shall
be obtained from legitimate and highly reputable sources and Tenant
shall be in full compliance with all laws applicable to exhibitions of
preserved human bodies.
	 
	 	2	 	Titanic Exhibition and Retail (906 sq. ft.)— First class museum
quality presentation of artifacts from the Titanic.
	 
	 	3	 	Photographic Effect (“King of the World”)
	 
	 	4	 	High Tea Area — Serving High Tea in a Titanic-themed area.
	 
	 	5	 	TBD Venue.
	 
	 	6	 	Iceberg Bar — Serving alcohol and quick service food (including
chilled seafood dishes). Iceberg will project a lively atmosphere
including the use of ice in several creative ways.

     The General Manager for the Premises shall be acceptable to and approved by Landlord,
exercising its reasonable discretion. Nick Havens, the initial General Manager of the Premises, is
hereby approved by Landlord. The type of food and beverages to be sold, “Approved Merchandise” (as
hereinafter defined), pricing, the names under which each space in the Premises is operated (each a
“Required Trade Name” and collectively the “Required Trade Names”) are all subject to the prior
written approval of Landlord, such approval not to be unreasonably withheld or delayed. Tenant
shall not use or permit or suffer the use of the Premises for any other business or purpose or
purposes whatsoever, without Landlord’s written consent therefore first had and obtained. Without
limiting

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the foregoing, Tenant shall not have a dance floor or area for dancing within the Premises,
authorize or allow any other person or entity to conduct, any gaming activities at the Premises or
offer any form of live entertainment at the Premises. Tenant shall not be permitted to offer the
types of cuisine listed in Exhibit “I”. For the purposes of this Lease, the term “Approved
Merchandise” shall be deemed to be those specific items approved in writing by the Landlord within
the categories and restrictions provided for on Exhibit “J” attached hereto, and other items
subsequently approved in writing by Landlord exercising sole and absolute discretion. Tenant shall
not offer for sale, or sell, any product other than the Approved Merchandise without the prior
written consent of Landlord (which consent Landlord may withhold in Landlord’s sole and absolute
discretion). Tenant’s employee uniforms, and any modifications thereto, shall at all times be
subject to the prior written approval of Landlord, such approval not to be unreasonably withheld
or delayed. The design, theme and content of the Premises, and any modifications or changes
thereto, shall be subject to the prior written approval of Landlord, exercising sole and absolute
discretion. Landlord hereby covenants and agrees that, so long as Tenant is not in default
hereunder, Tenant shall have the exclusive right to operate an ice themed bar within the footprint
of the pyramid building portion of the Hotel Complex. Landlord shall not and will cause Landlord’s
Affiliates which operate hotel/casino properties in Las Vegas to not permit, so long as Tenant is
not in default hereunder, the public exhibition of Titanic artifacts or human bodies which have
been plasticized or preserved in a similar manner for purposes of demonstrating bodily systems by a
party other than Tenant within Landlord’s and Landlord’s Affiliates properties in Las Vegas. Except
as provided above, this Lease does not grant any exclusive use rights to Tenant nor in any event
shall this Lease grant any exclusive use rights with respect to the Hotel Complex or with respect
to any services, merchandise or goods currently or in the future sold at or from the Premises.
Notwithstanding anything to the contrary contained herein, Tenant may not, without the prior
written consent of Landlord, which consent Landlord may withhold in Landlord’s sole and absolute
discretion, offer for sale, or sell, from or at the Premises any merchandise, goods or other items
which (a) contain the Luxor Hotel and Casino or similar or related logos, (b) are merchandise
themes related to (i) Las Vegas without being used in conjunction with Titanic and/or Bodies
branded merchandise, (ii) the Luxor Hotel and Casino or (iii) entertainment (other than that being
presented at the Premises) being held at the Hotel Complex or other Hotel Complex special events
during the dates the entertainer or special event is occurring.

Section 8.2. Prompt Occupancy and Use.

     Tenant will occupy the Bodies Exhibition upon the Bodies Exhibition Commencement Date and the
Titanic Exhibition upon the Titanic Exhibition Commencement Date and the King of the World/High
Tea/TBD Venue/Iceberg Bar upon the King of the World/High Tea/TBD Venue/Iceberg Bar Commencement
Date and thereafter conduct the businesses permitted under Section 8.1 hereof on such days, and
during such hours, as are required in Section 8.3 of this Lease with a full staff and full stock of
merchandise and goods, using only such minor portions of the Premises for storage and office
purposes as are reasonably required. The parties agree that Landlord has relied upon Tenant’s
occupancy and operation in accordance with the foregoing provisions. Because of the difficulty or
impossibility of determining Landlord’s damages which would result from Tenant’s violation of such
provisions including, but not limited to, damages from loss of Percentage Rent from Tenant and
other tenants, and diminished salability, leaseability, mortgageability or economic value of the
Hotel Complex, Landlord shall be entitled to liquidated damages if Landlord elects to pursue such
remedy. Therefore, for any day that Tenant does not comply in all material respects with the
provisions of this Section 8.2 and Section 8.3, the Minimum Monthly Rent, prorated on a daily and
square foot (if

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less than all of the Premises are effected) basis, shall be increased during such day by fifty
percent (50%), such increased sum representing the damages, which the parties agree Landlord will
suffer by Tenant’s noncompliance. In addition to all other remedies, Landlord shall have the right
to obtain specific performance by Tenant upon Tenant’s failure to comply with the provisions of
this Section.

     Section 8.3. Conduct of Business and Cover Charge.

     Tenant’s business at the Premises shall at all times be conducted under the Required Trade
Names. Subject to the provisions of this Section, the minimum hours of operation (the “Minimum
Hours of Operation”) for the following spaces shall be as follows:

Bodies Exhibition: from 10:00 a.m. until 10:00 p.m.

Titanic Exhibition: from 10:00 a.m. until 10:00 p.m.

Photographic Effect: from 10:00 a.m. until 10:00 p.m.

Retail Shops: from 10:00 a.m. until 10:00 p.m.

High Tea Room: from 4:00 p.m. until 6:00 p.m.

TBD Venue: from TBD until TBD.

Iceberg Bar: from 10:30 a.m. until 3:00 a.m.

     Tenant will not remain open additional hours or reduce Tenant’s hours of operation without
obtaining Landlord’s advance written approval and such approval shall be at Landlord’s sole and
absolute discretion. Notwithstanding the foregoing, Landlord reserves the right, upon at least
thirty (30) days prior written notice, to require Tenant to open the Premises late, keep the
Premises closed, or close the Premises early, or any portion thereof, on U.S. and/or State of
Nevada designated holidays, days upon which special events are being held at the Hotel Complex or
at any other time when, in Landlord’s sole judgment such action is necessary to protect guests or
patrons of the Hotel Complex, Landlord’s employees or Tenant’s employees, and/or the property of
Landlord or Tenant. Tenant hereby agrees to abide by such requirements so long as similar
requirements are placed upon similarly situated tenants within the Hotel Complex. Minimum Monthly
Rent, Minimum Gross Sales and attendance minimums required by Section 4.6 shall be equitably
adjusted if any such changed hours of operation are required by Landlord.

     Unless permitted by applicable law, no one under the age of twenty-one (21) may be admitted to
any bar or lounge area. Tenant shall not materially restrict the use of the Premises by guests or
patrons of the Hotel Complex nor conduct any private parties therein without the prior written
consent of Landlord, which consent shall be granted or withheld at Landlord’s sole and absolute
discretion. Without limiting the foregoing or anything to the contrary contained herein, all
details of any special event which Tenant desires to hold on the Premises shall be subject to the
prior written consent of Landlord.

     Each and every aspect of Tenant’s queue/staging line(s) for the Premises including, but not
limited to, the location(s) and operation thereof, and any changes thereto, are subject to the
prior

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written approval of Landlord — as such approval may be modified, withdrawn and/or reissued by
Landlord from time-to-time as determined by Landlord to be necessary in light of the operation of
the Hotel Complex, in Landlord’s sole and absolute discretion.

     Notwithstanding anything to the contrary contained herein, Tenant shall not be subject to
penalty or deemed in default hereunder if Tenant fails to open or if Tenant at any time fails to
operate within the entirety of the Premises due to events of force majeure (as defined in Section
24.5), or during any periods of repairs or alteration which can not be commenced and completed
during the hours in which Tenant is normally closed. In such events, Tenant shall be permitted to
close or partially close on an “as needed basis” to make whatever repairs or alterations are
necessary to maintain the first class facilities that exist at the date of opening. Tenant shall
use reasonable efforts to commence any and all such work so as to minimize any closure. Except in
cases of emergency repairs, Tenant shall provide Landlord with not less than five (5) days prior
notice of Tenant’s intention to close and reasons therefore. Tenant shall be permitted to close
five (5) days per Lease Year for taking of inventory and minor refurbishment.

     Landlord will provide a box office system, box office labor, internet booking engine and phone
ticket sales. Landlord shall also provide a broker sales liaison. Tenant shall have the right to
negotiate ticket broker deals but such deals are subject to Landlord’s approval not to be
unreasonably withheld. Those brokers will report sales and follow other Luxor box office
procedures. Except for tickets sold by brokers directly employed by Tenant, tickets for the Bodies
Exhibition and Titanic Exhibition shall be sold exclusively through Landlord’s box office. Landlord
will be entitled to charge a box office service fee on each ticket sold by it in the amount of ten
percent (10%) of the ticket price not including taxes, One Dollar ($1.00) for tickets sold by 1/2
price brokers and Two and 50/100 Dollars ($2.50) for tickets sold by any other broker . Landlord
and Tenant must agree to any increase in box office service fees. Box office service fees payable
to Landlord will be added to the face price of the ticket. Landlord shall retain and Tenant shall
have no interest in the box office service fee. Average ticket prices for the Bodies Exhibition and
the Titanic Exhibition will initially be Twenty Dollars ($20.00). Landlord shall remit all net box
office proceeds (ticket proceeds less taxes, box office service fees, credit card processing fees,
credit card charge backs, ticket refunds and ticket broker fees and charges) to Tenant on a weekly
basis. Landlord shall collect and remit to the appropriate recipient all applicable taxes
(including LET) with respect to all tickets sold through its box office.

     In the event that Landlord fails to transfer net box office funds due to Tenant under this
Section 8.3 by 5:00 pm PST on the day following the end of each week, Landlord shall pay Tenant a
late fee of One Thousand and No/100 Dollars ($1,000.00) per day, in addition to the amount due,
until the amount due is paid in full. Additionally, Landlord shall pay interest on any past due
amounts at the rate set forth in Section 4.7.

Section 8.4. Operation by Tenant.

     A. Tenant covenants and agrees that it will: not place or maintain any merchandise,
goods, vending machines or other articles in any vestibule or entry of the Premises or
outside the Premises, not permit any gaming or gaming devices in the Premises; store
garbage, trash, rubbish and other refuse in rat-proof and insect-proof containers inside the
Premises, and remove the same frequently and regularly and, if directed by Landlord, by

24

 

such means and methods and at such times and intervals as are designated by Landlord,
all at Tenant’s expense; not permit any sound system audible, or objectionable advertising
medium visible, outside the Premises; keep all mechanical equipment free of vibration and
noise and in good working order and condition; not commit or permit waste or a nuisance upon
the Premises; not permit or cause odors to emanate or be dispelled from the Premises; not
solicit business in the Common Areas; not distribute advertising matter to, in or upon any
Common Areas; not permit the loading or unloading or the parking or standing of delivery
vehicles outside any area designated therefor, nor permit any use of vehicles which will
interfere with the use of any Common Areas; comply with all laws, recommendations,
ordinances, rules and regulations of governmental, public, private and other authorities and
agencies, including those with authority over insurance rates, with respect to the use or
occupancy of the Premises, and including but not limited to OSHA and ADA; light the show
windows of the Premises and all signs each night of the year; not permit any noxious, toxic
or corrosive fuel or gas, dust, dirt or fly ash on the Premises; not place a load on any
floor in the Hotel Complex which exceeds the floor load per square foot which such floor was
designed to carry. Notwithstanding the foregoing, Tenant shall obtain Landlord’s advance
written consent, which consent shall be at Landlord’s sole and absolute discretion as to the
presentation, audio, volume and content of all visual displays and projections shown on the
exterior walls of the Premises.

     B. Tenant acknowledges that Landlord’s security department and security officers are
not responsible for providing security services in the Premises and that all such
responsibility is the obligation of Tenant. In no event shall Landlord be liable to Tenant
or any third-party for the security department’s failure to respond to a request for aid or
assistance by Tenant.

     C. Tenant, in the conduct of Tenant’s business, will maintain price schedules
competitive with prices for similar products and services as charged by similar businesses,
if any, in other first class resort hotels on the “Strip” in the Las Vegas, Nevada area.

     D. Tenant’s method of conducting Tenant’s business in the Premises shall at all times
be in keeping with and not inconsistent with or detrimental to the operation by Landlord of
an exclusive, first-class resort hotel facility. Landlord reserves the right to disapprove
any item of merchandise or goods which it deems to be inappropriate, offensive or contrary
to the intended use of the Premises and Tenant shall remove such item from the Premises upon
Landlord’s written notice. If any criminal and/or civil action or proceeding is initiated by
any law enforcement agency or authority, including an attorney general, against Tenant or
any of its subsidiaries, Affiliates and/or related entities related to the Bodies
Exhibition, any such action or proceeding shall constitute good cause for Landlord to
terminate Tenant’s right to present the Bodies Exhibition at the Premises. Any such action
by Landlord shall not affect Tenant’s obligation to pay Minimum Monthly Rent and other
charges due under this Lease. Tenant shall have the option to propose alternative uses of
the space but any new use shall be subject to Landlord’s prior written approval exercising
sole and absolute discretion. Landlord shall also be permitted to terminate Tenant’s right
to present the Bodies Exhibition in the Premises if Landlord determines, in its reasonable
discretion, that the Bodies Exhibition negatively impacts the Hotel Complex and/or
Landlord’s reputation, good will, and/or image. Any such action by Landlord shall be

25

 

deemed for good cause and shall not affect Tenant’s obligation to pay Minimum Monthly
Rent and other charges due under this Lease. Tenant shall have the option to propose
alternative uses of the space but any new use shall be subject to Landlord’s prior written
approval exercising sole and absolute discretion. If Tenant’s right to present the Bodies
Exhibition has been terminated by Landlord under this subsection and the parties have not
agreed to a new use within six (6) months, Tenant shall pay additional Minimum Monthly Rent
equal to fifty percent (50%) of the then current Minimum Monthly Rent for the Premises until
such time as a new use is agreed to, if ever.

     E. In the event that Tenant maintains a “No Refund” policy or a “No Return — Exchanges
Only” policy on admissions, merchandise and/or goods, Tenant shall post a sign at each
register to inform customers of such policy.

     F. Tenant hereby acknowledges that the Clark County Health District (“Health District”)
inspects food establishments located in Clark County, Nevada for the purpose of noting
violations (each a “Violation”) of the Health District’s codes, standards and/or rules
relative to the sanitary operation of food establishments. As a result of such inspections,
the Health District issues ratings of A (with A being the highest — food establishments
with the least Violations), B, C, D and F (with F being the lowest) (each a “Rating”).
Landlord and Tenant hereby agree that tenants located in first class resort/hotel facilities
must meet all of the Health District’s codes, standards and/or rules and operate in the
safest, most sanitary way possible. As a result, Landlord and Tenant hereby agree that an A
Rating is required for the Premises, or any portion thereof, to be operating in accordance
with the operation of a first class resort/hotel facility. Therefore, if Tenant’s Rating
relative to the Premises, or any portion thereof, is downgraded below an A, and without
limiting any other provision of this Lease, the following shall apply:

     (i) If Tenant’s Rating for the Premises is downgraded to a B, Tenant shall have
three (3) business days from the time of such downgrading to correct each Violation
(or such shorter or longer period of time as required by the Health District to
correct such violation) and request the Health District to re-inspect the Premises.
Such request shall be addressed to the Health District and shall be in writing, and
Tenant shall forthwith provide a copy of such request to Landlord. If the Health
District reinspects the Premises but, following such reinspection, does not
reinstate Tenant’s A Rating, Tenant shall be deemed to have caused a material breach
of, and to be in default under, this Lease. In that event, Tenant shall have an
additional three (3) business days to correct each Violation and if Tenant fails to
correct each Violation to the satisfaction of Landlord and within such three (3)
business days period, Landlord may, in Landlord’s sole and absolute discretion,
terminate this Lease.

     (ii) If Tenant’s Rating for the Premises is at any time downgraded to a C or
lower, Tenant shall have three (3) business days from the time of such downgrading
to correct each Violation (or such shorter or longer period of time as required by
the Health District to correct such violation) to the satisfaction of Landlord and
request the Health District to reinspect the Premises. Such request shall be
addressed to the Health District and shall be in writing, and Tenant shall forthwith

26

 

provide a copy of such request to Landlord. If the Health District reinspects
the Premises but, following such reinspection, does not reinstate Tenant’s A Rating,
or if Tenant fails to correct each Violation to the satisfaction of Landlord, Tenant
shall be deemed to have caused a material breach of, and to be in default under,
this Lease. In that event, Tenant shall have an additional three (3) business days
to correct each Violation and if Tenant fails to correct each Violation to the
satisfaction of Landlord and within such three (3) business days period, Landlord
may, in Landlord’s sole and absolute discretion, terminate this Lease.

     (iii) Notwithstanding subparagraphs (i) and (ii) above, If Tenant’s Rating for
the Premises is downgraded to a B or lower more than three (3) times during any
consecutive eighteen (18) month period (whether or not Tenant’s Rating is in any
such case reinstated to an A but excluding any downgrade which is later rescinded by
the Health District as opposed to the reinstatement of an A rating), Tenant shall be
deemed to have caused a material breach of, and to be in default under, this Lease.
In that event, Landlord may, in Landlord’s sole and absolute discretion, terminate
this Lease pursuant to Article XVII of this Lease.

Without limiting the foregoing or any other provision of this Lease, Landlord reserves the
right to enter the Premises at any time, without notice and at Tenant’s sole cost and
expense to cure a Violation which creates, in Landlord’s reasonable judgment, an immediate
risk of injury or illness to guests and/or patrons of the Hotel Complex. Tenant shall
promptly notify Landlord in writing each time that Tenant’s Premises is inspected by the
Health District and Tenant shall forthwith provide to Landlord copies of any and all
correspondence, Violations, citations, documents or other information received from, sent
to, or in connection with, the Health District and the Premises.

     G. Tenant shall forthwith notify Landlord in writing each time that the Premises is
inspected by, or Tenant receives a citation, notice of violation or citation, or inquiry,
from the Nevada Industrial Relations Division or the United States Department of
Occupational Safety and Health (each an “OSHA Enforcement Agency”) or any other regulatory
body. In addition, Tenant shall forthwith provide to Landlord copies of any and all
correspondence, violations, citations, documents or other information received from, sent
to, or in connection with, the Premises and an OSHA Enforcement Agency. In the event Tenant
is cited or notified by an OSHA Enforcement Agency of a violation of any law,
recommendation, ordinance, rule, regulation or requirement enforced by an OSHA Enforcement
Agency including, but not limited to, the Occupational Safety and Health Act, and without
limiting any other provision of this Lease, Tenant shall promptly (but in no event later
than the time allowed by the OSHA Enforcement Agency ) respond to the citation or violation
in writing addressed to the OSHA Enforcement Agency (a copy of which Tenant shall at the
same time provide to Landlord) and correct the violation(s) in question to the satisfaction
of the OSHA Enforcement Agency and Landlord. All notices, documentation and information to
be provided by Tenant to Landlord pursuant to this subsection shall be sent to the Luxor
Hotel and Casino, Safety Department, 3900 Las Vegas Boulevard South, Las Vegas, Nevada
89119.

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     H. Notwithstanding the foregoing or anything to the contrary contained herein, in the
event a dispute shall arise between Tenant and any of Tenant’s customers concerning the
acceptability of Tenant’s services, merchandise or goods which results in a customer
demanding a refund from Landlord, Landlord may in good faith and in the exercise of a
reasonable business judgment make such refund or rebate to avoid embarrassment to the Hotel
Complex and to retain the goodwill of Tenant’s customers. In such case, Tenant will
forthwith reimburse Landlord in the amount of such refund or rebate.

     I. Tenant may not store, use or operate any equipment at the Hotel Complex which
interferes with the operation of any other equipment at the Hotel Complex by any other
tenant, licensee, contractor or subcontractor.

Section 8.5. Sponsorships.

     A. Tenant acknowledges that from time to time Landlord may agree to utilize certain
designated brands of beverage items on a company-wide basis, (e.g. Landlord may contract
with a selected supplier of carbonated beverages to utilize such supplier’s brands). Upon
receipt of a notice specifying the terms of such sponsorship arrangement, Tenant agrees to
comply therewith. A list of Pepsi-Co. products and Anheuser Busch products (offer core
brands) are attached hereto as Exhibit “C”.

     B. Tenant acknowledges that Landlord has entered into, or may in the future enter into,
other product, service, sponsorship or marketing agreements with third parties, which may
require that only certain products be offered for sale or used within the Hotel Complex,
including the Premises. Tenant agrees that upon reasonable notice from Landlord, it will
abide by the terms and conditions of such agreements as they may relate to product use
within the Premises. Nothing contained herein, though, shall require Tenant to use a
specific product if Tenant does not offer any product of that type (i.e. since Tenant has no
right to sell film from the Premises, it is not obligated to purchase product from
Landlord’s film sponsor).

     C. Notwithstanding anything set forth above, Tenant may engage sponsors which are
approved by Landlord (in Landlord’s sole and absolute discretion) for any items not then
subject to a sponsorship granted by Landlord, and all revenues associated therewith shall be
included in Gross Sales for purposes of calculating Percentage Rents. Notwithstanding the
foregoing, any such sponsorship agreement must provide for termination, and must be
terminated within thirty (30) days after notice from Landlord, if Landlord subsequently
enters into a competing sponsorship for the Hotel Complex. If prepaid sponsorship funds are
required to be refunded to any terminated sponsor, Tenant will receive a credit against
Gross Sales for all such sums actually refunded.

Section 8.6. Vending Machines.

     Except for penny press machines, Tenant shall not, without Landlord’s prior written approval,
operate or permit to be operated on the Premises any coin or token operated vending machines or
similar device for the sale or leasing to the public of any goods, wares, merchandise,

28

 

food, beverages, and/or service including, without limitation, pay telephones, pay lockers,
pay toilets, scales and amusement devices.

Section 8.7. Tenant’s Security.

     Tenant shall immediately notify Landlord, by calling Landlord’s Security Dispatch, in the
event that (a) Tenant has called for the police, fire department and/or emergency medical
technicians/paramedics to respond to the Premises or (b) Tenant is preparing to eject someone from
the Premises (regardless of the reason). In the event of an ejection pursuant to subsection (b)
above, Tenant shall notify Landlord’s Security Dispatch of such ejection a sufficient time before
such ejection takes place to allow Landlord’s Security Department to promptly respond and be
present near the entrance of the Premises when such person is ejected.

Section 8.8. Guest Relations.

     A. Tenant acknowledges that the Hotel Complex is a first class hotel and that the
maintenance of Landlord’s and the Hotel Complex’s reputation and the goodwill of all of
Landlord’s guests and invitees is absolutely essential to Landlord and that any impairment
thereof whatsoever will cause great damage to Landlord. Tenant therefore covenants that it
shall operate the Premises in accordance with the highest standards of honesty, integrity,
quality and courtesy so as to maintain and enhance the reputation and goodwill of Landlord
and the Hotel Complex. Tenant shall continuously monitor the performance of each of Tenant’s
employees at the Premises to insure that such standards are consistently maintained. Tenant
therefore further agrees, as a material inducement to Landlord, that repeated failure to
maintain such standards or repeated complaints from customers or guests which, in each case,
are communicated specifically in writing to Tenant in a timely manner, for which, in
Landlord’s reasonable judgment, Tenant has no suitable explanation, shall be deemed a
material breach by Tenant to perform conditions and covenants of this Lease.

     B. Tenant hereby acknowledges that Landlord from time to time contracts with a
professional service industry shopping service (the “Secret Shopper”), for the Secret
Shopper to professionally shop the Hotel Complex as directed by Landlord. Following each
such shopping exercise (each a “Shopping Exercise”), the Secret Shopper prepares a detailed
report (a “Secret Shopper Report”) which grades, on a one hundred percent (100%) scale (with
100% being the best and 0% being the worst) (the “Secret Shopper Grade”) the service
experienced by the Secret Shopper during each Shopping Exercise in each functional area at
the Hotel Complex which was shopped. Landlord and Tenant hereby agree that the Secret
Shopper Grade for Tenant’s operations will be a valuable source of information with regard
to whether Tenant is meeting the required standards set forth in this Lease. In that regard,
and without limiting any other provision contained in this Lease, Landlord and Tenant agree
that a Secret Shopper Grade below ninety percent (90%) (the “Minimum Secret Shopper Grade”)
is not acceptable. Tenant therefore further agrees, as a material inducement to Landlord,
that if Tenant’s Secret Shopper Grade is below ninety percent (90%) during any two (2)
consecutive Secret Shopper Shopping Exercises of the Premises, Landlord shall give Tenant
written notice of the same, including a copy of the Secret Shopper Report or Reports that
are at issue, and Tenant shall promptly take commercially reasonable efforts to cure said
default. The failure by Tenant to substantially cure such a default within thirty (30) days

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written notice hereunder shall be deemed to have caused a material breach of, and to be
in default under, this Lease. Landlord shall promptly notify Tenant of Tenant’s Secret
Shopper Grade and provide Tenant with a copy of the applicable Secret Shopper Report for
each Secret Shopper Shopping Exercise of the Premises.

     C. Guests of the Hotel Complex shall be permitted to charge purchases from Tenant to
their room account through Tenant’s point-of-sale system which must, at Tenant’s sole cost
and expense, interface with the Hotel Complex’s customer loyalty, hotel management and
credit card processing system. Neither party shall be responsible for uncollected or
uncollectible charges. However, if Tenant was paid for any amounts later charged back,
Landlord shall be entitled to deduct any such amount from any future payment due to Tenant.
Tenant shall install, at Tenant’s sole cost and expense, and use Landlord’s point-of-sale
cash register in order to record all guest charges. Tenant agrees to comply with all rules
and regulations, which Landlord may, in Landlord’s reasonable discretion, adopt from time to
time to facilitate charges to rooms and/or to minimize uncollected charges.

     (i) Landlord shall cause to be prepared and delivered to Tenant a bi-monthly
accounting of all charges to Hotel Complex guest accounts by Tenant’s customers and
concurrently therewith shall deliver to Tenant any sums collected with respect to
such charges less two percent (2%) thereof which shall be retained by Landlord to
reimburse Landlord for Landlord’s costs of collection. If any customer account was
paid to Landlord by credit card but not in connection with a room charge and subject
to the two percent (2%) charge set forth in the preceding sentence, Landlord shall
also deduct from the amounts due to Tenant such charges as the credit card company
may assess against, or with respect to, that customer account.

     (ii) In the event that any Hotel Complex guest pays any portion of his/her bill
but refuses to pay any charges of Tenant, Tenant agrees separately to bill such
guest and to pursue collection independent of Landlord. In the event Tenant
determines that collection efforts are necessary to collect an unpaid bill by one of
Tenant’s customers, Tenant shall inform Landlord in writing of the identity of such
customer at least five (5) days prior to the commencement of any collection effort.

     D. Tenant acknowledges that Landlord contracts with various survey companies to survey
guests regarding their experience(s) at the Hotel Complex. Ratings are obtained (and will be
obtained for Tenant’s operations) concerning (a) friendly service, (b) promptness of
service, (c) quality of goods/services, (d) decor and ambience and (e) intent to return on
next visit. Landlord and Tenant agree that percentage ratings will be calculated for
Tenant’s operations and will be a valuable source of information with regard to whether
Tenant is meeting the required standards set forth in this Lease. In that regard, and
without limiting any other provision contained in this Lease, Landlord and Tenant agree that
a “Strongly Agree” or “Agree” rating below ninety percent (90%) (the “Minimum Survey
Standard Percentage”) in the following categories or such other categories as Landlord may
from time to time designate (collectively the “Survey Categories”) are not acceptable: (a)
friendly service, (b) promptness of service, and (c) quality of goods/services. Tenant
therefore further agrees, as a material inducement to Landlord, that if:

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     (i) the ratings for Tenant in any of the three (3) Survey Categories would be
below the Minimum Survey Standard Percentage for three (3) consecutive computation
periods, Landlord would notify Tenant in writing of the Survey Categories that have
failed during that period to meet or exceed the Minimum Survey Standard Percentage
and the actual percentage rating for the Survey Categories in question, and provide
to Tenant a complete written copy of data or reports underlying such results; and

     (ii) the respective ratings for Tenant in the one (1) or more Survey Test
Categories referenced in Landlord’s notice to Tenant pursuant to subsection
8.8(E)(i) are not equal to, or above, the Minimum Survey Standard Percentage during
the sixty (60) day period immediately following the date of such notice,

Tenant would be deemed to have caused a material breach of, and to be in default under, this Lease.
Following Tenant’s receipt of Landlord’s notice pursuant to subsection (i) above and upon
Landlord’s receipt of Tenant’s request therefor, Landlord would furnish Tenant with true and
accurate copies of the relevant portion(s) of each Survey used to calculate the ratings, as
applicable, for the Survey Categories, and during the computation periods, referenced in such
notice.

Section 8.9. Liquor License.

     Promptly after execution of this Lease, Tenant or any third party concession which has been
approved by Landlord exercising its sole and absolute discretion, shall make application for a
liquor license in order to be able to provide liquor service at the Premises. If Tenant is unable
to obtain a liquor license on or before the King of the World/High Tea/TBD Venue/Iceberg Bar
Commencement Date, such failure will, at Landlord’s option, constitute an event of default under
this Lease. Should the Premises open for business prior to Tenant’s obtaining the necessary liquor
license(s), then Landlord shall have the right utilizing Landlord’s employees (but not the
obligation) to provide liquor service to the Premises for so long as Tenant does not hold the
necessary liquor license(s) and, in that event, (a) Landlord shall be entitled to retain all liquor
revenue derived therefrom and Tenant shall have no claim or right thereto but (b) Tenant shall be
entitled to a credit against rent due and payable hereunder only during such time as Landlord is
providing such liquor service to the Premises pursuant to this Section in an amount equal to the
amount of Percentage Rent that would have otherwise been due under this Lease solely on such liquor
service as if such liquor service had been provided by Tenant during such time.

Section 8.10. Storage.

     Tenant shall store in the Premises only merchandise, goods and inventory, which Tenant intends
to sell at, in or from, or display at, the Premises, within a reasonable time after receipt
thereof.

Section 8.11. Painting, Decorating, Displays, Alterations.

     Tenant will not paint, decorate or change the architectural treatment of any part of the
exterior of the Premises nor any part of the interior of the Premises visible from the exterior nor
make any structural alterations, additions or changes in the Premises without Landlord’s written
approval thereto, and will promptly remove any paint, decoration, alteration, addition or changes

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applied or installed without Landlord’s approval and restore the Premises to an acceptable
condition or take such other action with respect thereto as Landlord directs.

Section 8.12. Other Operations.

     Tenant hereby agrees that if during the Lease Term, Tenant or any entity controlling,
controlled by or under common control with Tenant (any of the foregoing an “Affiliate”), as well as
the officers and/or directors of Tenant listed in Exhibit “F”, directly or indirectly operates,
manages or has any interest whatsoever in any other business located in Clark County, Nevada (a)
based in any material respect upon the concept, décor, theme or design of the Premises or (b) which
in any way uses a Required Trade Name (each a “Competing Establishment”), such Competing
Establishment will injure Landlord’s ability and right to receive Percentage Rent (such ability and
right being a major consideration for this Lease). Accordingly, if Tenant, including Tenant’s
officers and/or directors listed in Exhibit “F”, directly or indirectly operates, manages or has
any such interest in any Competing Establishment, Landlord, at its option may terminate this Lease
pursuant to Article XVII of the Lease or elect to have one hundred percent (100%) of all sales made
from any such Competing Establishment included in the computation of Gross Sales for the purpose of
determining Percentage Rent under this Lease as though said Gross Sales had actually been made at,
in or from the Premises. Tenant hereby agree that Landlord shall have all rights of inspection of
books and records with respect to any such Competing Establishment as Landlord has with respect to
the Premises; and Tenant shall furnish to Landlord such reports with respect to Gross Sales from
such Competing Establishment as Tenant is herein required to furnish with respect to the Premises.

Section 8.13. Emissions and Hazardous Materials.

     Tenant shall not, without the prior written consent of Landlord, cause or permit, knowingly or
unknowingly, any Hazardous Material (hereinafter defined) to be brought or remain upon, kept, used,
discharged, leaked, or emitted in or about, or treated at the Premises or the Hotel Complex;
provided however, that Tenant may bring upon the Premises and store and use therein, commercially
reasonable amounts of materials commonly used in the day to day maintenance and operation of the
Premises (e.g., cleaning solvents, photocopier toner and the like); provided further however, that
any such handling, storage and use shall be strictly in accordance with all environmental and other
laws applicable to the Premises and the Hotel Complex. If it becomes necessary or advisable to
remove, alter or otherwise disturb any Hazardous Materials which may exist in the Premises as of
the date hereof (including without limitation, the existing IMAX Theatre or facilities relating
thereto), Tenant, at its cost, shall comply with the “Environmental Audit” procedures set forth
below and shall be responsible for all costs and expenses relating to any such removal, alteration
or disturbance. As used in this Lease, “Hazardous Material(s)” shall mean any hazardous, toxic or
radioactive substance, material, matter or waste which is or becomes regulated by any federal,
state or local law, ordinance, order, rule, regulation, code or any other governmental restriction
or requirement, and shall include asbestos, petroleum products and the terms “Hazardous Substance”
and “Hazardous Waste” as defined in the Comprehensive Environmental Response, Compensation and
Liability Act, as amended 42 U.S.C. §9601 et seq. (“CERCLA”), and the Resource
Conservation and Liability Act, as amended 42 U.S.C. §9601 et seq. (“RCRA”). To
obtain Landlord’s consent, Tenant shall prepare an “Environmental Audit” for Landlord’s review.
Such Environmental Audit shall list/contain: (1) the name(s) of each Hazardous Material and a
Material Safety Date Sheet (MSDS) as required by the Occupational Safety and Health Act; (2) the
volume proposed to be used, stored

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and/or treated at the Premises (monthly); (3) the purpose of such Hazardous Material; (4) the
proposed on-premises storage location(s); (5) the names) of the proposed off-premises disposal
entity; and (6) an emergency preparedness plan in the event of a release. Additionally, the
Environmental Audit shall include copies of all required federal, state, and local permits
concerning or related to the proposed use, storage, or treatment of any Hazardous Material(s) at
the Premises. Tenant shall submit a new Environmental Audit whenever it proposes to use, store, or
treat a new Hazardous Material at the Premises or when the volume of existing Hazardous Materials
to be used, stored, or treated at the Premises expands by ten percent (10%) during any thirty (30)
day period. If Landlord, in Landlord’s reasonable judgment, finds the Environmental Audit
acceptable, then Landlord shall deliver to Tenant Landlord’s written consent. Notwithstanding such
consent, Landlord may revoke Landlord’s consent if (1) Tenant fails to remain in full compliance
with applicable environmental permits and/or any other requirements under any federal, state, or
local law, ordinance, order, rule, regulation, code or any other governmental restriction or
requirement (including but not limited to CERCLA and RCRA) related to environmental safety, human
health, or employee safety; (2) Tenant’s business operations pose or potentially pose a human
health risk to other tenants; or (3) Tenant expands Tenant’s use, storage, or treatment of any
Hazardous Material(s) in a manner inconsistent with the safe operation of a hotel/casino. Should
Landlord consent in writing to Tenant using, storing or treating any Hazardous Material(s) in or
upon the Premises or the Hotel Complex, Tenant shall strictly obey and adhere to any and all
federal, state or local laws, ordinances, orders, rules, regulations, codes or any other
governmental restrictions or requirements (including but not limited to CERCLA and RCRA) which in
any way regulate, govern or impact Tenant’s, use, storage or treatment of said Hazardous
Material(s). In addition, Tenant represents and warrants to Landlord that (1) Tenant shall apply
for and remain in compliance with any and all federal, state or local permits required by its
operations at the Premises in regard to Hazardous Material(s); (2) Tenant shall report to any and
all applicable governmental authorities any release at the Premises of reportable quantities of any
Hazardous Material(s) as required by any and all federal, state or local laws, ordinances, orders,
rules, regulations, codes or any other governmental restrictions or requirements; (3) Tenant,
within five (5) days of receipt, shall send to Landlord a copy of any notice, order, inspection
report, or other document issued by any governmental authority relevant to Tenant’s compliance
status at the Premises with environmental or health and safety laws; and, (4) Tenant shall remove
from the Premises all Hazardous Material(s) at the termination of this Lease.

     In addition to, and in no way limiting, Tenant’s duties and obligations as set forth in
Section 11.6 of this Lease, should Tenant breach any of Tenant’s duties and obligations as set
forth in this Section, or if the presence of any Hazardous Material(s) on the Premises results in
contamination of the Premises, the Hotel Complex, any land other than the Hotel Complex, the
atmosphere, or any water or waterway including groundwater, or if contamination of the Premises or
of the Hotel Complex by any Hazardous Material(s) otherwise occurs for which Tenant is otherwise
legally liable to indemnity or reimburse Landlord for damages resulting therefrom, Tenant shall
indemnify, save harmless and, at Landlord’s option and with attorneys approved in writing by
Landlord, defend Landlord, and Landlord’s parent company, subsidiaries and affiliates, and their
respective directors, officers, employees, agents, contractors, partners and mortgagees, if any,
from any and all claims, demands, damages, expenses, fees, costs, fines, penalties, suits,
proceedings, actions, causes of action, and losses of any and every kind and nature (including,
without limitation, diminution in value of the Premises or the Hotel Complex, damages for the loss
or restriction on use of the rentable or usable space or of any amenity of the Premises or the
Hotel Complex, damages arising from any

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adverse impact on marketing space in the Hotel Complex, and sums paid in settlement of claims
and for attorney’s fees, consultant fees and expert fees, which may arise during or after the Lease
Term or any extension thereof as a result of such contamination). This includes, without
limitation, costs and expenses, incurred in connection with any investigation of site conditions or
any cleanup, remedial, removal or restoration work required by any federal, state or local
governmental agency or political subdivision because of the presence of Hazardous Material(s) on or
about the Premises or the Hotel Complex, or because of the presence of Hazardous Material(s)
anywhere else which came or otherwise emanated from Tenant or the Premises. Without limiting the
foregoing, if the presence of any Hazardous Material(s) on or about the Premises or the Hotel
Complex caused or permitted by Tenant results in any contamination of the Premises or the Hotel
Complex, Tenant shall, at Tenant’s sole expense, promptly take all actions and expense as are
necessary to return the Premises and/or the Hotel Complex to the condition existing prior to the
introduction of any such Hazardous Material(s) to the Premises or the Hotel Complex; provided,
however, that Landlord’s approval of such actions shall first be obtained in writing.

Section 8.14. Sales and Dignified Use.

     No public or private auction or any fire, “going out of business,” bankruptcy or similar sales
or auctions shall be conducted in or from the Premises. The Premises shall not be used except in a
dignified and ethical manner consistent with the general high standards of the Hotel Complex and
not in a disreputable or immoral manner or in violation of any federal, state or local laws, rules,
regulations or ordinances. Further, Tenant shall not conduct business in an obscene, lewd or
pornographic manner; in any manner that would bring disrepute to Landlord; or in violation of NRS
598.0915 or Clark County Code Chapter 8.20.

Section 8.15. Gaming Authorities.

     If at any time (i) Tenant, or any person associated in any way with Tenant, is denied a
license, found unsuitable, or is denied or otherwise unable to obtain any other Approval (as
defined herein) with respect to the Premises, or the Hotel Complex by the Nevada Gaming Commission
or any other agency or subdivision of the State of Nevada, or any other agency or subdivision
thereof or any other governmental body which regulates gaming (collectively “Gaming Authorities”),
is required by any Gaming Authority to apply for an Approval and does not apply within any required
time limit, as the same may be extended by such Gaming Authority, withdraws any application for
Approval other than upon a determination by the applicable Gaming Authority that such Approval is
not required, and if the result of the foregoing has or would have an adverse effect on Landlord or
any Affiliate (as defined herein) of Landlord or does or would materially delay obtaining any
Approval; or (ii) any Gaming Authority commences or threatens to commence any suit or proceeding
against Landlord or any Affiliate of Landlord or to terminate or deny any Approval of Landlord or
any Affiliate of Landlord as a result of Tenant or any person associated with Tenant (all of the
foregoing events described in (i) and (ii) above are collectively referred to as a “Denial”),
Landlord may terminate this Lease by written notice to Tenant; provided, however, that if Landlord
exercises Landlord’s right to terminate this Lease pursuant to this Section solely as the result of
an association of Tenant, this Lease shall not terminate if Tenant ends such association within ten
(10) days of such notice of termination or within such longer period of time, if any, as the Gaming
Authority gives for terminating such association. Tenant and all such persons associated with
Tenant shall promptly, and in all events within any time limit established by law, regulation or
such Gaming

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Authority, furnish each Gaming Authority any information requested by such Gaming Authority
and shall otherwise fully cooperate with all Gaming Authorities. A person shall be deemed
associated with Tenant if that person directly or indirectly owns any equity interest in Tenant,
any equity interest in such person is directly or indirectly owned by Tenant, any equity interest
in such person is directly or indirectly owned by a person directly or indirectly having any equity
interest in Tenant (all of the foregoing are hereinafter referred to as “Tenant Affiliates”), such
person is employed by Tenant or a Tenant Affiliate, is an officer, director or agent of Tenant or a
Tenant Affiliate, has any contractual relationship with Tenant or a Tenant Affiliate, furnishes
services or property to Tenant or a Tenant Affiliate, or has the power to exercise a significant
influence over Tenant or a Tenant Affiliate. Tenant represents to Landlord that neither Tenant,
nor, to the best of Tenant’s knowledge, any person associated with Tenant is unwilling to file all
necessary applications to obtain whatever Approvals may be required of such persons in connection
with this Lease. To the best of Tenant’s knowledge, neither Tenant nor any person associated with
Tenant has ever engaged in any conduct or practices, which any of the foregoing persons should
reasonably believe would cause such person or entity to be denied any Approval. The term
“Affiliate” of any specified person means any other person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified person or any officer,
director, trustee or general partner of either of such persons. For the purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”), as used with respect to any person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such
person, whether through the ownership of voting securities or by agreement or otherwise. “Approval”
means any license, finding of suitability or any other approval or permit by or from the Gaming
Authorities.

Section 8.16. Tenant’s Employees/Collective Bargaining Agreements.

     A. Tenant shall staff the Premises with such number of Tenant’s employees as are
reasonably required for the proper and efficient operation thereof. Tenant shall interview
and give due consideration for employment to any Luxor employees that were employed in the
IMAX Theatre, Arcade, Tut Museum, Tut Retail and/or IMAX Ridefilm. Notwithstanding the
foregoing, though, Tenant may not, at any time, hire any of Landlord’s employees without
Landlord’s prior written approval.

     Tenant shall, at Tenant’s cost, adopt for Tenant’s employees working at the Hotel Complex
Landlord’s tenant employment drug testing program as it may change from time to time, a current
copy of which is attached hereto as Exhibit “D”. Landlord shall provide to Tenant in writing any
amendments thereto. Tenant’s failure to follow such drug testing program shall constitute a default
subject to Section 17.1. Landlord may audit Tenant’s records regarding such program at any
reasonable time during the Lease Term to assure that Tenant is complying, and/or has complied, with
such program. Each of Tenant’s employees working at the Premises shall, at Tenant’s reasonable
expense, attend an orientation program conducted by Landlord from time to time intended to educate
tenant employees about the Hotel Complex. Furthermore, Tenant shall, at Tenant’s cost, conduct an
employment eligibility (1-9 process) and a background security check on each of Tenant’s
prospective employees, and take what it deems to be appropriate action based upon the results of
each such employment eligibility and background security check. The background security check
shall, at a minimum, include a background inquiry performed by the Las Vegas Metropolitan Police
Department. Tenant’s failure to perform such employment eligibility and background security

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checks shall constitute a default subject to Section 17.1. Landlord may audit Tenant’s records
regarding such employment eligibility and background security checks at any reasonable time during
the Lease Term to assure that Tenant is complying with such requirement. In addition, Tenant’s
on-site managers and other employees responsible for the day-to-day operation of Tenant’s
businesses located at the Premises must submit to, and pass to the satisfaction of Landlord’s
parent company, background checks conducted by the Corporate Security Department of Landlord’s
parent company.

     Tenant hereby acknowledges and agrees that certain of Tenant’s employees working in Tenant’s
businesses located at the Premises must be, and/or might be required to be, represented by the (a)
Culinary Workers Union Local 776, (b) Bartenders Union Local 165, (c) International Alliance of
Theatrical Stage Employees, Moving Picture Technicians, Artists and Allied Crafts of the United
States and Canada, Local 720, (d) International Union of Operating Engineers, Local 501, AFL-CIO,
(e) Professional, Clerical and Miscellaneous Employees, Teamsters Local Union No. 995, (f) United
Brotherhood of Carpenters and Joiners of America, Southern California- Nevada Regional Council of
Carpenters and It’s Affiliated Local Union #1780, and/or (g) International Union of Painters &
Allied Trades, Local Union No. 159, AFL-CIO, as applicable. Tenant hereby acknowledges that
Landlord is a signatory to collective bargaining agreements (collectively “Landlord’s Collective
Bargaining Agreements”) with each of the foregoing entities relative to the Hotel Complex. Tenant
hereby covenants and agrees that Tenant shall at all times comply with, adopt the applicable terms
and conditions of, and, if required by the terms thereof, take and accept an assignment of and/or
become a signatory to; as they relate to Tenant’s operation of the Premises, all of Landlord’s
Collective Bargaining Agreements. In the event that there is a conflict between the terms and
conditions of this Lease and the terms and conditions of any of those Landlord Collective
Bargaining Agreements, the terms and conditions of those Landlord Collective Bargaining Agreements
shall prevail. Further, and in addition to any other indemnity obligation contained herein, Tenant
hereby covenants and agrees to indemnify, defend, save, and hold Landlord, and Landlord’s parent
company, subsidiaries and affiliates, and their officers, directors, shareholders and employees,
free, clear and harmless from, and against, any and all liabilities, losses, costs, expenses
(including reasonable attorney’s fees), judgments, claims, liens, fines, penalties, and demands of
any kind whatsoever caused by, resulting from, or in any way connected with, Tenant’s failure to
comply with, adopt the applicable terms and conditions of, and/or take and accept an assignment of,
and/or become a signatory to; as they relate to Tenant’s operation of the Premises, any of
Landlord’s Collective Bargaining Agreements. Further, and in addition to any other indemnity
obligation contained herein, Landlord hereby covenants and agrees to indemnify, defend, save, and
hold Tenant, and Tenant’s parent company, subsidiaries and affiliates, and their officers,
directors, shareholders, members and employees, free, clear and harmless from, and against, any and
all liabilities, losses, costs, expenses (including reasonable attorney’s fees), judgments, claims,
liens, fines, penalties, and demands of any kind whatsoever caused by, resulting from, or in any
way connected with, Landlord’s failure to comply with, adopt the applicable terms and conditions
of, and/or take and accept an assignment of, and/or become a signatory to, any of Landlord’s
Collective Bargaining Agreements.

     B. Tenant shall not cause or permit Tenant’s employees to enter upon those areas of the
Hotel Complex (other than the Premises) which are designated “Employees Only” as the parties
acknowledge that for the purpose of this Section, “Employees” refers to the employees of
Landlord and not to the employees of Tenant. However, Tenant shall, at

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Landlord’s discretion, require that Tenant’s employees only enter and exit the Hotel
Complex through the Hotel Complex’s employee entrance.

     C. Subject to the provisions of sub-paragraph A of this Section 8.16, as it applies to
persons or work subject to the Landlord’s Collective Bargaining Agreements, Tenant shall, in
Tenant’s sole discretion, fix the salary rate and provisions of employee benefits of
Tenant’s employees and shall be responsible for all such salaries, employee benefits, social
security taxes, federal and state unemployment insurance and any and all similar taxes
relating to Tenant’s employees and for workers’ compensation coverage with respect thereto
pursuant to applicable law. Tenant’s employees shall not be entitled to participate in, or
to receive, any of Landlord’s employee benefit or welfare plans, and they shall not be
deemed agents of Landlord for purposes of this Lease.

     D. Tenant’s employees shall have privileges in Landlord’s employee dining room if
Tenant has first arranged to reimburse Landlord for such privileges at Landlord’s standard
rate(s), which rate(s) may be changed by Landlord from time to time.

Section 8.17. Complimentaries.

     A. Landlord may desire to provide designated Hotel Complex guests with complimentary
services, admissions, merchandise, food and/or beverages (“Complimentaries”) at the
Premises. From time to time Landlord and Tenant shall develop procedures for authorization
of complimentaries and for reimbursement by Landlord of Eighty Five percent (85%) of the
full retail cost thereof, and the discount off the retail cost shall not be included in the
computation of Gross Sales. Landlord and Tenant shall also develop procedures related to the
reimbursement, and the amount thereof, as to any related gratuities. In the event Tenant
desires to provide complimentary services, admissions, merchandise, food and/or beverages to
any of Tenant’s guests in excess of One Hundred Thousand Dollars ($100,000.00) per Lease
Year and subject to adjustment upon each Adjustment Date for any changes in the Consumer
Price Index in the same manner as provided in Section 4.1A above, Tenant shall be
responsible for payment of the full retail value thereof and the same shall be included in
the computation of Gross Sales.

Section 8.18. Entertainment Zone.

     Tenant acknowledges that the Premises is located in an entertainment zone within a casino and
that Landlord may, in Landlord’s sole and absolute discretion, offer or provide, or allow other
persons to offer or provide, entertainment in the Hotel Complex outside the Premises.

Section 8.19. Live Animals.

     Tenant shall not without Landlord’s prior written approval keep, or permit the keeping of, any
live animals of any kind in, about or upon the Premises.

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Section 8.20. Marketing Package.

     Landlord agrees to provide Tenant with the signage, advertising and other marketing rights as
set forth on Exhibit “K” attached hereto. Tenant shall be responsible for all production costs
associated with such signage, advertising and other marketing materials.

ARTICLE IX

MAINTENANCE OF PREMISES

Section 9.1. Maintenance by Landlord.

     Landlord shall keep or cause to be kept the heating, ventilation and air conditioning stubbed
to the exterior of the Premises and other parts of the Hotel Complex, and the electrical, plumbing,
life safety and security systems of the Hotel Complex stubbed to the exterior of the Premises in
good order, repair and condition except for damage thereto due to the acts or omissions of Tenant,
Tenant’s agents, employees or invitees. Landlord shall commence required repairs as soon as
reasonably practicable after receiving written notice from Tenant thereof. This Section 9.1 shall
not apply in case of damage or destruction by fire or other casualty or condemnation or eminent
domain, in which events the obligations of Landlord shall be controlled by Article XV and XVI.
Except as provided in this Section 9.1, Landlord shall not be obligated to make repairs,
replacements or improvements of any kind upon the Premises, or to any leasehold improvements,
equipment, merchandise, goods, stock in trade, facilities or fixtures therein, all of which shall
be Tenant’s responsibility, but Tenant shall give Landlord prompt written notice of any accident,
casualty, damage or other similar occurrence in or to the Premises or the Common Areas of which
Tenant has knowledge.

Section 9.2. Maintenance by Tenant. 

     Except as otherwise expressly provided in Section 9.1 above, Tenant shall at all times keep
the entire Premises and every part thereof including all entrances and vestibules and all slabs,
exterior walls, columns, beams, roof and all other structural and non-structural elements,
partitions, windows and window frames and moldings, glass, doors, door openers, fixtures including
leasehold improvements, equipment and appurtenances thereof (including lighting, heating,
electrical, plumbing (including applicable greasetraps), life safety, security systems, duct work,
ventilating, air conditioning fixtures and systems, and any other component of the HVAC system
within the Premises, and other mechanical equipment and appurtenances) and all other parts of the
Premises, and parts of Tenant’s Work not on the Premises, if any, not required herein to be
maintained by Landlord, in good order, condition and repair and clean, orderly, sanitary and safe,
damage by unavoidable casualty and repairs that are occasioned by the willful misconduct and/or
gross negligence of Landlord excepted, (including, but not limited to, doing such things as are
necessary to cause the Premises to comply with applicable laws, ordinances, rules, regulations and
orders of governmental and public bodies and agencies, such as but not limited to OSHA). If
replacement of equipment, fixtures and appurtenances thereto is necessary to comply with the prior
sentence, Tenant shall replace the same with new or completely reconditioned equipment, fixtures
and appurtenances, and repair all damages done in or by such replacement. Without limiting the
foregoing and if applicable, Tenant shall, at Tenant’s expense and at such times as Landlord deems
appropriate, utilize Landlord’s designated contractor (so long as its charges are commercially
reasonable) to clean

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any kitchen exhaust systems and ducts on the Premises. All such work shall be performed
subject to Landlord’s standards and Tenant shall, following each such cleaning, provide Landlord
with photographs and other certificates and receipts satisfactory to Landlord evidencing that such
cleaning has been conducted. If Tenant fails to perform Tenant’s obligations hereunder within five
(5) days after written demand by Landlord, Landlord without further notice may, but shall not be
obligated to perform Tenant’s obligations or perform work resulting from Tenant’s acts, actions or
omissions and add the cost of the same to the next installment of Minimum Monthly Rent due
hereunder to be repaid in full.

Section 9.3. Surrender of Premises.

     At the expiration or earlier termination of the Lease Term, Tenant shall surrender the
Premises in the same condition as they were required to be in on the Bodies Exhibition Required
Completion Date, the Titanic Exhibition Required Completion Date and the King of the World/High
Tea/TBD Venue/Iceberg Bar Required Completion Date, reasonable wear and tear and damage by any
casualty required to be insured pursuant to the terms of this Lease excepted, and deliver all keys
for, and all combinations on locks, safes and vaults in, the Premises to Landlord at Landlord’s
notice address as specified in Section 24.7.

ARTICLE X

SIGNS, AWNINGS, CANOPIES, FIXTURES, ALTERATIONS

Section 10.1. Fixtures/Requirement to Refurbish.

     Except as otherwise required by the theme of the Premises, all fixtures and equipment
installed by Tenant shall be new. Upon the request of Landlord, and without limiting the
refurbishment obligation provided for in this Section, Tenant shall refurbish all or any portion of
the interior of the Premises so that the furnishings, furniture, flooring, wall fixtures and
coverings, equipment and other appurtenances in the Premises are kept in like new order, condition
and repair in conformity with the standards of appearance for a first class resort/hotel facility.
In that regard, unless Landlord consents otherwise, which consent will not be unreasonably
withheld, Tenant hereby agrees to spend on refurbishments of the Premises (the “Refurbishment
Expenditure”), excluding the cost of regular and ordinary maintenance and cleaning, an amount equal
to or greater than (a) Two Million Dollars ($2,000,000.00) during the first (1st) through fifth
(5th) Lease Years of the Term, (b) Two Million Dollars ($2,000,000.00) during the sixth (6th)
through tenth (10th) Lease Years of the Term, if applicable, Two Million Dollars ($2,000,000.00)
during the eleventh (11th) through fifteenth (15th) Lease Years of the Term and (d) if applicable,
Two Million Dollars ($7,000,000.00) during the sixteenth (16th) through twentieth (20th) Lease
Years of the Term. On the first (1st) day of the sixth (6th), eleventh (11th) and sixteenth (16th)
Lease Years, the Refurbishment Expenditure shall be adjusted upward for any changes in the Consumer
Price Index in the same manner as provided in Section 4.1A above. Landlord shall, within a
reasonable time after obtaining the appropriate data necessary for computing such adjustment, give
Tenant notice of any adjustment to the Refurbishment Expenditure. Furthermore, all refurbishment
work to be performed pursuant to this Section shall be deemed Tenant’s Work for, and subject to,
the approvals and other conditions of Tenant’s Work. Tenant shall maintain detailed records with
respect to Refurbishment Expenditures and shall make such records available for inspection and
copying by Landlord upon request from time to time by Landlord.

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Section 10.2. Removal and Restoration by Tenant.

     Tenant shall make no alterations, additions or improvements to the Premises without obtaining
Landlord’s prior written consent. All alterations, additions and improvements, including leasehold
improvements, made by Tenant, or made by Landlord on Tenant’s behalf, whether part of Tenant’s Work
or not and whether or not paid for wholly or in part by Landlord, shall remain Tenant’s property
for the Lease Term. All such improvements, alterations and additions, other than inventory,
equipment, trade fixtures and other removable personal property shall immediately upon the
termination of this Lease become Landlord’s property, be considered part of the Premises, and not
be removed at or prior to the end of the Lease Term without Landlord’s written consent. If Tenant
fails to remove any shelving, decorations, inventory, equipment, trade fixtures or personal
property from the Premises prior to the end of the Lease Term, they shall become Landlord’s
property and Tenant shall repair or pay for the repair of any damage done to the Premises resulting
from removing same but not for painting or redecorating the Premises. Notwithstanding the
foregoing, or any other provision of this Lease, in no event shall any artifacts comprising the
Titanic exhibit or any bodies or portion thereof comprising the Bodies exhibit become Landlord’s
property.

Section 10.3. Tenant’s Liens.

     A. Tenant acknowledges that Landlord is the Owner of the Hotel Complex and the Premises
and that Tenant neither has, nor at any time hereunder will have, any ownership interest in
the Hotel Complex or the Premises. Tenant shall not suffer any mechanics’ or materialmen’s
lien to be filed against the Premises or the Hotel Complex by reason of work, labor,
services or materials performed or furnished to Tenant or anyone holding any part of the
Premises under Tenant. If any such lien shall at any time be filed as aforesaid, Tenant may
contest the same in good faith, but, notwithstanding such contest, Tenant shall, within
fifteen (15) days after the filing thereof, cause such lien to be released of record by
payment, bond, order of a court of competent jurisdiction, or otherwise in a manner
satisfactory to Landlord and Landlord’s mortgagee, if any. In the event of Tenant’s failure
to release of record any such lien within the aforesaid period, Landlord may remove said
lien by paying the full amount thereof or by bonding or in any other manner Landlord deems
appropriate, without investigating the validity thereof, and irrespective of the fact that
Tenant may contest the propriety or the amount thereof, and Tenant, upon demand, shall pay
Landlord the amount so paid out by Landlord in connection with the discharge of said lien,
together with interest thereon at the rate set forth in Section 4.2 herein and reasonable
expenses incurred in connection therewith, including reasonable attorneys’ fees, which
amounts are due and payable in full to Landlord with the next installment of Minimum Monthly
Rent. Nothing contained in this Lease shall be construed as consent on the part of Landlord
to subject Landlord’s estate in the Premises to any lien or liability under the lien laws of
the State of Nevada. Tenant’s obligation to observe and perform any of the provisions of
this Section 10.3 shall survive the expiration of the Lease Term or the earlier termination
of this Lease. Landlord shall have the right to post and maintain on the Premises any
notices of non-responsibility provided for under applicable law.

     B. Tenant shall not create or suffer to be created a security interest or other lien
against the Premises or any improvements or other construction made thereto by Tenant, and
should any security interest be created in breach of the foregoing, Landlord shall be
entitled

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to discharge the same by exercising the rights and remedies afforded it under paragraph
A of this section. Tenant shall have the right, however, to create a security interest
against all or any part of Tenant’s equipment, inventory and other personal property or
fixtures situated within the Premises, and, if requested by Tenant, Landlord agrees to
execute such Landlord’s Waiver or similar instrument as may be required by the secured party
(the “FF&E Lender”), on terms reasonably satisfactory to Landlord, consenting to such entry
to the Premises in connection with any detachment, removal and/or repossession of such
collateral by such secured party (a “Repossession”); provided however, that any such FF&E
Lender shall (i) provide Landlord at least seventy- two (72) hours prior written notice of
such lender’s intent to repossess such collateral and shall enter the Premises for purposes
of such Repossession only at a time, and on a date, mutually agreeable with Landlord and
only while escorted by Landlord’s personnel; (ii) be liable to Landlord for any damage to
the Premises or the Hotel Complex caused by, resulting from, or in any way connected with,
the Repossession, (iii) promptly pay Landlord for any costs incurred by Landlord in
connection with the Repossession including the reasonable cost of any of Landlord’s
personnel required to monitor the Repossession, (iv) a sum equal to the full amount of rent
and other charges which Landlord estimates will accrue during the period of the purchase
FF&E Lender’s entry upon and occupancy of any portion of the Premises; and (v) any other
reasonable terms and conditions as Landlord may impose for the purposes of protecting
Landlord or the Hotel Complex all of which Tenant hereby consents to and agrees that
Landlord may rely solely upon notification from such FF&E Lender above in granting such
entry to it and allowing it to detach and remove any portion of Tenant’s equipment,
furniture, furnishings, appliances, goods, trade fixtures, inventory, chattels and/or
personal property, from the Premises. Landlord shall have no obligation to confirm that such
secured party has any right to remove any portion of such property from the Premises. Tenant
agrees that Landlord shall not be liable to Tenant for any loss, costs, damages, expenses,
judgments, claims, liens or demands of any kind whatsoever caused by, resulting from, or in
any way connected with such entry upon the Premises or any Repossession and Tenant hereby
releases Landlord from the same.

     C. As soon as available after Tenant’s opening for business in the Premises, Tenant
shall furnish to Landlord lien waivers from all contractors, subcontractors and materialmen
who provided work, labor, services or material to Tenant.

     D. Landlord shall have a lien against Tenant’s furniture, fixtures and equipment (but
not including the Titanic and/or Bodies exhibition) which shall be subordinate to any lien
of a purchase money lender.

Section 10.4. Signs, Awnings and Canopies.

     Except as set forth in the approved plans for Tenant’s Work, Tenant shall not place or permit
on the exterior of any door, window or wall of the Premises, any sign, awning, canopy, advertising
matter, decoration, lettering or other thing of any kind which has not been approved by Landlord.
Landlord reserves the right to disapprove any signage or decoration within the interior or exterior
of the Premises which it reasonably deems to be inappropriate or offensive and Tenant shall remove
such sign or item from the Premises upon Landlord’s written notice to Tenant.

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ARTICLE XI

INSURANCE 

Section 11.1. By Landlord.

     During the Lease Term, Landlord shall carry commercial general liability insurance on the
Hotel Complex (including Common Areas) providing coverage of not less than Ten Million Dollars
($10,000,000.00) combined single limit against liability for bodily injury including death and
personal injury and fire legal liability. Landlord may obtain such coverage through one (1) or more
insurance policies including policies of basic and/or excess coverage. Landlord shall also carry
insurance for fire, extended coverage, vandalism, malicious mischief and other endorsements deemed
advisable by Landlord, insuring all improvements on the Hotel Complex, including “shell” of the
Premises (but not including, Tenant’s Work and appurtenances thereto, including Tenant’s leasehold
improvements, merchandise, goods, trade fixtures, furnishings, equipment, personal property and
plate glass, all which shall be insured by Tenant pursuant to Section 11.2 below) for the full
replacement value thereof, with such deductibles as Landlord deems advisable.

Section 11.2. By Tenant.

     Tenant shall obtain and keep in full force and effect prior to commencement of Tenant’s Work
and until completion thereof and during the Lease Term commercial general liability, commercial
automobile liability and all risk insurance policies. The commercial general liability insurance
policy shall include blanket contractual liability coverage recognizing this Lease and products,
completed operations, independent contractors, fire legal damage, and owner’s protective liability
coverage. Tenant will maintain limits of not less than Ten Million Dollars ($10,000,000.00)
combined single limit per occurrence for bodily injury (including death), personal injury, and
property damage, and limits of not less than One Million Dollars ($1,000,000.00) for fire legal
damage. Limits of liability can be achieved through any combination of primary and excess policies.
Tenant will furnish commercial automobile liability insurance coverage for damage due to bodily
injury or death of any person, or property damage arising out of the ownership, maintenance, or use
of any motor vehicles whether owned, non-owned, hired, or leased. Tenant will maintain limits of
not less than One Million Dollars ($1,000,000.00) combined single limit per accident for bodily
injury and property damage. Tenant also agrees to obtain and keep in full force and effect a
standard all risk or special form policy of property insurance protecting against all risks of
physical loss or damage including, without limitation, sprinkler leakage coverage and plate glass
insurance covering all plate glass in the Premises (including store fronts), in amounts not less
than actual replacement cost, covering all of Tenant’s leasehold improvements, merchandise, goods,
trade fixtures, furnishing, wall covering, floor covering, carpeting, drapes, equipment and all
items of personal property of Tenant located on or within the Premises and all materials stored at
the site of Tenant’s Work and all materials, equipment, supplies and temporary structures of all
kinds incidental to Tenant’s Work, and equipment, all while forming a part of or contained in such
improvements or temporary structures, or while on the Premises or within the Hotel Complex, all to
the actual replacement cost thereof at all times and on a completed value basis. Tenant further
agrees to procure and maintain workers’ compensation insurance in accordance with the laws of the
State of Nevada including employers’ liability insurance with a single limit of liability of not
less than One Million Dollars ($1,000,000.00) for each accident or illness. Tenant is to name
Landlord, Landlord’s parent company, subsidiaries and affiliates, and their directors, officers and
employees and such

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additional persons and entities (including without limitation, Landlord’s lenders) as Landlord
may from time to time designate, as additional insureds on all such policies, except for workers’
compensation insurance. Without the prior written consent of Landlord, any company’s retention
(deductible or SIR) under such aforementioned policy or policies shall be no greater than
Twenty-Five Thousand Dollars ($25,000.00). Landlord shall grant Landlord’s consent to a higher
retention if it determines, in Landlord’s reasonable judgment, that a higher retention is prudent
based upon (A) Tenant’s use of the Premises, (B) the use and nature of the Hotel Complex, (C)
applicable insurance rates and premiums, (D) whether Landlord believes, in Landlord’s reasonable
judgment, that such an increase could have an adverse or detrimental affect upon Landlord’s
operation of, or ability to obtain insurance for, the Hotel Complex and (E) such other factors as
Landlord from time to time reasonably deems to be appropriate. All such insurance shall be in a
form and content satisfactory to Landlord and issued by a carrier licensed to transact business in
the State of Nevada with a current A.M. Best Company rating of at least A:VII. Upon each Adjustment
Date, the minimum coverage limits of the commercial general liability, commercial automobile
liability and, employers liability insurance policies shall be adjusted upward for any changes in
the Consumer Price Index in the same manner as provided in Section 4.1A above. Landlord shall,
within a reasonable time after obtaining the appropriate data necessary for computing such
adjustment, give Tenant notice of any adjustment to the minimum coverage limits of such policies.
Tenant shall thereafter promptly deliver to Landlord certificates of insurance evidencing such
coverage in such adjusted amounts. Tenant shall require all of Tenant’s contractors and
subcontractors engaged in the performance of Tenant’s Work to effect and maintain and deliver to
Tenant and Landlord certificates evidencing the existence of, and covering Landlord, Tenant and
Tenant’s contractors, prior to commencement of Tenant’s Work and until completion thereof, workers’
compensation insurance, employer’s liability insurance, commercial general liability insurance and
commercial automobile liability insurance policies in the amounts and as described above. Tenant’s,
Tenant’s contractors’ and subcontractors’, insurance is primary with respect to Landlord; any other
insurance maintained by Landlord, Landlord’s parent company, subsidiaries and affiliates is excess
and non-contributing. Failure of Tenant, Tenant’s contractors or subcontractors to take out and/or
maintain the required insurance shall not relieve Tenant from any liability under this Lease, nor
shall the insurance requirements be construed to conflict with or otherwise limit the obligations
of Tenant under Section 11.6. Not later than the date before Tenant commences Tenant’s Work, Tenant
shall furnish to Landlord certificates of insurance evidencing that the required insurance and
workers’ compensation coverage are in full force and effect. All deductibles and self-insured
retentions shall be fully disclosed on the certificates and shall provide Landlord with at least
thirty (30) days prior written notice of cancellation or modification of policy limits or coverage.
Such certificates shall be delivered to Luxor Hotel and Casino, Risk Management Department, 3900
Las Vegas Boulevard South, Las Vegas, Nevada 89119. In the event Tenant does not obtain such
insurance, or fails within five (5) business days of demand (but in all events prior to the
commencing of Tenant’s Work) to provide certificates evidencing such insurance, Landlord may treat
such failure as a material breach. Landlord reserves the right to insure Tenant according to
Landlord’s standards with Tenant being liable for all costs and premium expenses incurred by
Landlord.

Section 11.3. Mutual Waiver of Subrogation Rights.

     Landlord and Tenant and all parties claiming under them mutually release and discharge each
other from all claims and liabilities arising from or caused by any casualty or hazard covered or
required hereunder to be covered in whole or in part by insurance on the Premises or in connection

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with property on or activities conducted on the Premises to the extent of such insurance
coverage or required coverage, and waive any right of subrogation which might otherwise exist in or
accrue to any person on account thereof to the extent of such insurance coverage or required
coverage and evidence such waiver by endorsement to the required insurance policies, provided that
such release shall not operate in any case where the effect is to invalidate or increase the cost
of such insurance coverage (provided, that in the case of increased cost, the other party shall
have the right, within thirty (30) days following written notice, to pay such increased cost,
thereby keeping such release and waiver in full force and effect).

Section 11.4. Waiver.

     Landlord, and Landlord’s agents and employees, shall not be liable for, and Tenant waives all
claims for damage, including but not limited to consequential damages, to person, property or
otherwise sustained by Tenant or any person claiming through Tenant resulting from any accident or
occurrence in or upon any part of the Hotel Complex including, but not limited to, claims for
damage resulting from: (a) any equipment or appurtenances becoming out of repair; (b) Landlord’s
failure to keep any part of the Hotel Complex in repair; (c) injury done or caused by wind, water,
or other natural element; (d) any defect in or failure of plumbing, heating or air conditioning
equipment, electric wiring or installation thereof, gas, water, and steam pipes, roof, walls,
stairs, porches, escalators, elevators, railings or walks; (e) broken glass; (f) the backing up of
any sewer pipe or downspout; (g) the bursting, leaking or running of any tank, tub, washstand,
water closet, waste pipe, drain or any other pipe or tank in, upon or about the Premises; (h) the
escape of steam or hot water; (i) water, snow or ice upon the Premises; (j) the falling of any
fixture, plaster or stucco; (k) damage to or loss by theft or otherwise of property of Tenant or
others; (l) acts or omissions of persons in the Premises, other tenants in the Hotel Complex,
occupants of nearby properties, or any other persons; and (m) any act or omission of occupants of
adjacent or contiguous property, or of Landlord, Landlord’s agents or employees. All property of
Tenant kept in the Premises shall be so kept at Tenant’s risk only and Tenant shall save Landlord
harmless from claims arising out of damage to the same, including subrogation claims by Tenant’s
insurance carrier.

Section 11.5. Insurance — Tenant’s Operation.

     Tenant will not do or suffer to be done anything outside of its operations permitted
hereunder, which will contravene Landlord’s insurance policies or prevent Landlord from procuring
such policies in amounts and with companies selected by Landlord. If anything done, omitted to be
done or suffered to be done by Tenant in, upon or about the Premises outside of its operations
permitted hereunder shall cause the rates of any insurance effected or carried by Landlord on the
Premises or other property to be increased beyond the regular rate from time to time applicable to
the Premises for use for the purposes permitted under this Lease, or such other property for the
use or uses made thereof, Tenant will pay the amount of such increase promptly upon Landlord’s
demand and Landlord shall have the right to correct any such condition at Tenant’s expense. In the
event that this Lease so permits and Tenant engages in the preparation of food or packaged foods or
engages in the use, sale or storage of inflammable or combustible material, Tenant shall install
chemical extinguishing devices (such as ansul) approved by Underwriters Laboratories and Factory
Mutual Insurance Company and the installation thereof must be approved by the appropriate local
authority. Tenant shall keep such devices under service as required by such organizations. If gas
is used in the Premises, Tenant shall install gas cut-off devices (manual and automatic).

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Section 11.6. Indemnities.

     A. Tenant hereby covenants and agrees to indemnify, defend, save, and hold Landlord,
and Landlord’s parent company, subsidiaries and affiliates, and their officers, directors,
shareholders and employees, the Premises and the leasehold estate created by this Lease
free, clear and harmless from, and against, any and all liabilities, losses, costs, expenses
(including reasonable attorney’s fees), judgments, claims, liens, fines, penalties, and
demands of any kind whatsoever caused by, resulting from, or in any way connected with (i)
any act, omission, or negligence of Tenant, or Tenant’s agents, employees, servants,
contractors, subtenants, licensees, customers, or business invitees, while in, upon, about,
or in any way connected with the Premises or the Hotel Complex (including, but not limited
to, the sale of unlicensed merchandise or goods), (ii) arising from any accident, injury or
damage, howsoever and by whomsoever caused, to any person or property whatsoever occurring,
in, upon, about or in any way connected with Tenant’s activities, Tenant’s Work or Tenant’s
use of the Premises or the Hotel Complex, or any portion thereof, (iii) Tenant’s employment
decisions based upon, or as a result of, the employment eligibility and background checks
required by this Lease or (iv) Tenant’s breach of this Lease or any of Tenant’s
representations or warranties contained herein.

     B. Subject to the terms and conditions of this subsection, Landlord hereby covenants
and agrees to indemnify, defend, save and hold Tenant, and Tenant’s parent company,
subsidiaries and affiliates, and their officers, directors, shareholders and employees,
free, clear and harmless from, and against, any and all liabilities, losses, costs, expenses
(including reasonable attorneys’ fees), judgments, liens, fines, penalties and demands of
any kind whatsoever caused by, resulting from, or in any way connected with (i) any act,
omission, or negligence of Landlord, or Landlord’s agents or employees, in connection with
the Premises or (ii) Landlord’s breach of this Lease or any of Landlord’s representations or
warranties contained herein. Notwithstanding the foregoing, in no event shall Landlord be
liable to Tenant or to any other person whatsoever for any damage to the Premises or
Tenant’s furniture, fixtures, equipment, inventory or personal property located therein
whether caused by fire, smoke, falling plaster, electricity, plumbing, gas, water, steam,
sprinkler, or other pipe and sewage system or by the bursting, running, or leaking of any
tank, washstand, water closet, waste or other pipes, nor for any damages occasioned by water
being upon or coming through the roof, skylight, vent, trapdoor, or otherwise or for any
damage arising from any acts or neglect of co-lessees or other occupants of the Hotel
Complex or of adjacent property, or of the public, nor shall Landlord be liable in damages
or otherwise for any failure to furnish, or interruption of, service of any utility.

ARTICLE XII

ESTOPPEL CERTIFICATE, ATTORNMENT, SUBORDINATION

Section 12.1. Estoppel Certificate.

     Upon Landlord’s written request, for so long as this Lease is in full force and effect, Tenant
shall deliver, executed in recordable form, a declaration to any person designated by Landlord (a)
ratifying this Lease; (b) stating the commencement and termination dates; and (c) certifying (i)
that this Lease is in full force and effect and has not been assigned, modified, supplemented or
amended

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(except by such writings as shall be stated), (ii) that all conditions under this Lease to be
performed by Landlord have been satisfied (stating exceptions, if any), (iii) that no defenses or
offsets against the enforcement of this Lease by Landlord exist (or stating those claimed); (iv) as
to advance rent, if any, paid by Tenant, (v) the date to which rent has been paid, (vi) as to the
amount of security deposited with Landlord, and such other information as Landlord reasonably
requires. Persons receiving such statements shall be entitled to rely upon them.

Section 12.2. Attornment.

     Tenant shall, in the event of a sale or assignment of Landlord’s interest in the Premises or
the Hotel Complex or this Lease, or if the Premises or the Hotel Complex comes into the hands of a
mortgagee or any other person whether because of a mortgage foreclosure, exercise of a power of
sale under a mortgage, or otherwise, attorn to the purchaser or such mortgagee or other person and
recognize the same as Landlord hereunder provided such purchaser or other person agrees in writing
with Tenant to recognize all of Tenant’s rights under this Lease. Subject to the provisions of the
preceding sentence, Tenant shall execute, at Landlord’s request, any attornment agreement required
by any mortgagee or other such person to be executed, containing such provisions as such mortgagee
or other person requires. Tenant’s occupancy of the Premises hereunder shall not be subject to
disturbance if Tenant complies with the requirements hereof (and is not otherwise in default under
the terms and conditions of this Lease).

Section 12.3. Subordination.

     A. Mortgage. Landlord may, in Landlord’s sole and absolute discretion and at
any time, finance or refinance, as applicable, any portion of the Hotel Complex. This Lease
shall be secondary, junior and inferior at all times to the lien of any mortgage and to the
lien of any deed of trust or other method of financing or refinancing (hereinafter
collectively referred to as “mortgage”) now or hereafter existing against all or a part of
the Hotel Complex, and to all renewals, modifications, replacements, consolidations and
extensions thereof, and Tenant shall execute and deliver all documents requested by any
mortgagee or security holder to effect such subordination. If Tenant fails to execute and
deliver any such document requested by a mortgagee or security holder to effect such
subordination, Landlord is hereby authorized to execute such documents and take such other
steps as are necessary to effect such subordination on behalf of Tenant as Tenant’s duly
authorized irrevocable agent and attorney-in-fact. Landlord agrees to request that any
holder of any such mortgage grant Tenant a non-disturbance agreement on commercially
reasonable terms.

Section 12.4. Failure to Execute Instruments. 

     Tenant’s failure to execute any such instruments or certificates provided for in this Article
XII within ten (10) days after the mailing by Landlord of a written request and a further written
notice giving Tenant an additional five (5) days after the expiration of the original ten (10) day
period shall be an incurable event of default under this Lease.

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ARTICLE XIII

ASSIGNMENT, SUBLETTING AND CONCESSIONS

Section 13.1. Consent Required.

     Except as expressly provided in this Article XIII, Tenant shall not sell, assign, mortgage,
pledge or in any manner transfer this Lease or any interest therein, nor sublet all or any part of
the Premises, nor license concessions nor lease departments therein, without Landlord’s prior
written consent exercising sole and absolute discretion. Consent by Landlord to any assignment or
subletting shall not waive the necessity for consent to any subsequent assignment or subletting.
This prohibition shall include a prohibition against any subletting or assignment by operation of
law. If this Lease is assigned or the Premises or any part sublet or occupied by anybody other than
Tenant, Landlord may collect rent from the assignee, subtenant or occupant and apply the same to
the rent herein reserved, but no such assignment, subletting, occupancy or collection of rent shall
be deemed a waiver of any restrictive covenant contained in this Section 13.1 or the acceptance of
the assignee, subtenant or occupant as tenant, or a release of Tenant from the performance by
Tenant of any covenants on the part of Tenant herein contained. Any assignment (a) as to which
Landlord has consented; or (b) which is required by reason of a final nonappealable order of a
court of competent jurisdiction; or (c) which is made by reason of and in accordance with the
provisions of any law or statute, including, without limitation, the laws governing bankruptcy,
insolvency or receivership, shall be subject to all terms and conditions of this Lease, and shall
not be effective or deemed valid unless, at the time of such assignment:

     A. Each assignee or sublessee shall agree, in a written agreement satisfactory to
Landlord, to assume and abide by all of the terms and provisions of this Lease, including
those which govern the permitted uses of the Premises described in Article VIII herein; and

     B. Each assignee or sublessee has submitted a current financial statement, audited by a
certified public accountant, showing a net worth and working capital in amounts determined
by Landlord to be sufficient to assure the future performance by such assignee or sublessee
of Tenant’s obligations hereunder; and

     C. Each assignee or sublessee has submitted, in writing, evidence satisfactory to
Landlord of substantial experience in and in the sale of merchandise, goods and services
permitted under Article VIII of this Lease; and

     D. The business reputation of each assignee or sublessee shall meet or exceed generally
acceptable commercial standards; and

     E. The use of the Premises by each assignee or sublessee shall not violate, or create
any potential violation of applicable laws, codes or ordinances, nor violate any other
agreements affecting the Premises, Landlord or other tenants in the Hotel Complex; and

     F. Tenant shall pay Landlord for all administrative and legal expenses incurred by
Landlord in connection with any such assignment or subletting; and

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     G. Neither the assignee nor sublessee nor any person or entity affiliated in any manner
with the assignee or sublessee shall own, operate, manage or control in any manner a
hotel/casino or other gaming operation; and

     H. Any assignee or sublessee is found acceptable to do business with Landlord by
Landlord’s parent company’s Compliance Committee.

     In the event of any assignment or subletting requiring Landlord’s consent as provided for in
this Section 13.1, Tenant shall pay to Landlord in addition to the Minimum Annual Rent and other
charges due Landlord pursuant to this Lease ninety percent (90%) of any additional consideration
received by Tenant and attributable to the right of use and occupancy of the Premises together
with, as additional rent, the greater of (i) the excess, if any, of the rent, as defined in Section
4.8 of this Lease, and other charges payable to Landlord by Tenant pursuant to this Lease, or (ii)
the excess, if any, of the average Minimum Annual Rent and Percentage Rent paid under this Lease by
Tenant during the three (3) Lease Years immediately preceding such assignment or subletting over
the Minimum Annual Rent and other charges payable to Landlord by Tenant pursuant to this Lease.
Additional rent will be equitably adjusted if Landlord consents to a sublease or assignment of less
than the whole of the Premises. Such additional rent shall be paid to Landlord concurrently with
the payments of Minimum Annual Rent required under this Lease, and Tenant shall remain primarily
liable for such payments. Notwithstanding any assignment or subletting, Tenant shall remain fully
liable on this Lease and for the performance of all terms, covenants and provisions of this Lease.

     The sale, issuance or transfer of any voting capital stock of Tenant or any voting capital
stock of any corporate entity which directly or indirectly controls Tenant (if any one of such
entities, Tenant or any such controlling corporate entity, is a corporation the stock of which is
not traded on the New York Stock Exchange, NASDAQ or the American Stock Exchange), or any interest
in any noncorporate entity which directly or indirectly controls Tenant or Tenant’s Guarantor which
results in a change in the direct or indirect voting control (or a change in the identity of any
person, persons, entity or entities with the power to vote or control at least fifty percent (50%)
of the voting shares of any class of stock) of Tenant or any corporate or noncorporate entity which
directly or indirectly controls Tenant or Tenant’s Guarantor shall be deemed to be an assignment of
this Lease within the meaning of this Section. In addition, the transfer of control of more than
twenty five percent (25%) of the value of Tenant’s assets in one transaction or a series of
transactions, shall constitute an assignment of this Lease within the meaning of this Section. If
Tenant is a partnership, trust or an unincorporated association, then the sale, issuance or
transfer of a controlling interest therein, or the transfer of a majority interest in or a change
in the voting control of any partnership, trust, unincorporated association, or corporation which
directly or indirectly controls Tenant, or the transfer of any portion of any general partnership
or managing interest in Tenant or in any such entity, or any change or conversion of Tenant or of
any such entity to a limited liability company, a limited liability partnership, or any other
entity which possesses the characteristics of limited liability, shall be deemed to be a prohibited
assignment of this Lease within the meaning of this Section. Any such prohibited act by Tenant (or
any attempt at same), either voluntarily or involuntarily or by operation of law or otherwise,
shall, at Landlord’s option, terminate this Lease without relieving Tenant of any of its
obligations hereunder for the balance of the stated Term, and any such act shall be null and void.
The voluntary or other surrender of this Lease by Tenant, or a mutual cancellation thereof, or the
termination thereof by Landlord pursuant to any provision contained herein, shall not work a merger
and shall, at the option of Landlord, terminate all or any

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existing franchises, concessions, licenses, permits, subleases, subtenancies, departmental
operating arrangements or the like, or may, at the option of Landlord, operate as an assignment to
Landlord of the same. Nothing contained elsewhere in this Lease shall authorize Tenant to enter
into any franchise, concession, license, permit, subtenancy, departmental operating arrangement or
the like, except pursuant to the provisions of this Section. Landlord has entered into this Lease
with Tenant in order to obtain for the benefit of the Hotel Complex the unique attraction of
Tenant’s Required Trade Names, attractions, goods and services associated with Tenant’s business as
described in this Lease, and Landlord has specifically relied on the identity and special skill of
the Tenant in its ability to conduct the specific business identified in this Lease, and the
foregoing prohibition on assignment or subletting or the like is expressly agreed to by Tenant as a
material consideration and inducement to Landlord to lease to Tenant. Tenant hereby acknowledges
that the foregoing provisions of this Section constitute a freely negotiated restraint on
alienation.

     Without limiting any of the foregoing provisions, neither Tenant nor any other person having
an interest in the possession, use, occupancy or utilization of the Premises shall enter into any
lease, sublease, license, concession or other agreement for use, occupancy or utilization of space
in the Premises which provides for rent or other payment for such use, occupancy or utilization
based in whole or in part on the net income or profits derived by any person from the property
leased, used, occupied or utilized (other than an amount based on a fixed percentage or percentages
of receipts or sales), and any such purported lease, sublease, license, concession or other
agreement shall be absolutely void and ineffective as a conveyance of any right or interest in the
possession, use, occupancy or utilization of any part of the Premises.

Section 13.2. Tenant’s Directors, Officers and Owners/Shareholders.

     Attached hereto as Exhibit F is a list of the names and titles of Tenant’s present directors,
officers and owners/shareholders. If Tenant is a publicly traded corporation, the list of
owners/shareholders consists only of those persons or entities, which hold or own voting control or
five percent (5%) or more of the outstanding capital stock of Tenant. If, subject to the preceding
sentence, any of Tenant’s owners/shareholders is a corporation, limited liability company,
partnership, limited partnership or some other entity not a natural person (collectively an “Owner
Entity”), Exhibit F shall also contain the owners/shareholders of such Owner Entity, the
owners/shareholders of any Owner Entity of such Owner Entity, and so on. Tenant shall, in writing
and within thirty (30) days after the date of any such change, notify landlord of any change in or
to the information set forth on Exhibit F attached hereto. On January 15 of each Lease Year, Tenant
shall provide to Landlord an updated copy of Exhibit F certified by an officer of Tenant as being
true and correct.

Section 13.3. Permitted Transfers.

     So long as the requirements of Section 13.1 A-H are satisfied, Tenant shall have the right to
assign or otherwise transfer this Lease to, sublet all or any part of the Premises to, or permit
any part of the Premises to be used or occupied by, any entity controlling, controlled by or under
common control with Tenant, provided, however, that (a) Tenant shall also remain primarily liable
for all obligations under this Lease, (b) the transferee or sublessee shall, prior to the effective
date of the transfer or sublease, deliver to Landlord, instruments evidencing such transfer or
sublease and its agreement to assume and be bound by all the terms, conditions and covenants of
this Lease to be

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performed by Tenant, all in form acceptable to Landlord, and (c) Tenant shall not be in
default under this Lease beyond any applicable notice and cure period at the time of such transfer
or sublease.

ARTICLE XIV

PROMOTION OF HOTEL COMPLEX AND PREMISES 

Section 14.1. Promotion of Hotel Complex and Premises.

     Tenant shall refer to the Hotel Complex under the name “Luxor Hotel and Casino” (the “Name”),
or such other names as Landlord may designate from time to time, in designating the location of the
Premises in all newspaper and other advertising and in all other references to the location of the
Premises, and list this location first in such advertising and include in all Tenant’s newspaper
advertising during the thirty (30) day period prior to the Bodies Exhibition Commencement Date,
Titanic Exhibition Commencement Date and/or King of the World/High Tea/TBD Venue/Iceberg Bar
Commencement Date the designation in bold type that Tenant is opening for business in the Luxor
Hotel and Casino.

     The rights granted herein to the Name do not include the right to use any of Landlord’s
trademarks and/or service marks, nor shall Tenant be permitted to use the Name in any manner other
than as the name and address of the Hotel Complex unless pre-approved by Landlord in writing. In
particular, but not by way of limitation, Tenant shall not have the right to use the Name to market
or make any product that has the Name on the product. The logo styles, illustrated in Exhibit “E”
attached hereto and made a part hereof, shall be used by Tenant whenever Tenant is entitled to use
the Name hereunder, except that, when the Name is being used solely as an address, another style
may be used. All signage, advertising and literature of or on behalf of Tenant using the Name shall
be submitted to Landlord for Landlord’s prior written approval as to form and content, such
approval to be at the sole and absolute discretion of Landlord.

     The rights granted to Tenant pursuant to this Section shall terminate upon the expiration or
the earlier termination of this Lease or upon Landlord’s cessation of the use of the Name or
termination of Landlord’s right to use the Name (in which event Tenant shall have the same rights
with respect to any new name used by Landlord with respect to the Hotel Complex). The rights
granted herein shall not be assigned or sublicensed to any third party, other than to the assignee
or sublessee of Tenant’s interest in this Lease pursuant to a permitted assignment or sublease.
Should Landlord reasonably determine that any advertising by Tenant adversely affects the image,
reputation or operation of the Hotel Complex, or promotes any competitor of Landlord or Landlord’s
Affiliates in the gaming and/or hotel business, Tenant shall cease such advertising promptly upon
receipt of notice to do so from Landlord. Tenant shall not use with respect to the Hotel Complex a
name the same or substantially the same as a name then used by Landlord or Landlord’s Affiliates at
the Hotel Complex (or any other facility owned and operated by Landlord or Landlord’s Affiliates).
The prohibitions set forth in this Section 14 are for the benefit of and directly enforceable by
Landlord. During the Lease Term, Tenant hereby grants to Landlord a non-exclusive license to use
the Required Trade Names and such other name(s) of Tenant’s operation located at the Premises
and/or any related marks in connection with Landlord’s promotion and/or advertising for the Hotel
Complex.

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ARTICLE XV

DAMAGE AND DESTRUCTION

     If the Premises are hereafter damaged or destroyed or rendered partially untenantable for
their accustomed use by fire or other casualty insured under the coverage which Landlord is
obligated to carry pursuant to Section 11.1 hereof, Landlord shall promptly repair the same to
substantially the condition which they were in immediately prior to the happening of such casualty
(excluding stock in trade, fixtures, furniture, leasehold improvements, furnishings, carpeting,
floor covering, wall covering, drapes, ceiling and equipment), and from the date of such casualty
until the Premises are so repaired and restored, the Minimum Monthly Rent payments and Monthly
Common Area Maintenance Charges payable hereunder shall abate in such proportion as the part of
said Premises thus destroyed or rendered untenantable bears to the total Premises; provided,
however, that Landlord shall not be obligated to repair and restore the Premises if such casualty
is not covered by the insurance which Landlord is obligated to carry pursuant to Section 11.1
hereof and provided, further, that Landlord shall not be obligated to expend for any repair or
restoration an amount in excess of the insurance proceeds recovered therefor, and provided,
further, that if the Premises be damaged, destroyed or rendered untenantable for their accustomed
uses by fire or other casualty to the extent of more than fifty percent (50%) of the cost to
replace the Premises during the last two (2) years of the Lease Term, then either Tenant or
Landlord shall have the right to terminate this Lease effective as of the date of such casualty by
giving to the other, within sixty (60) days after the happening of such casualty, written notice of
such termination. If such notice be given, this Lease shall (without further obligation or
liability) terminate and Landlord shall promptly repay to Tenant any rent theretofore paid in
advance, which was not earned at the date of such casualty. Any time that Landlord repairs or
restores the Premises after damage or destruction, then Tenant shall promptly repair or replace
Tenant’s stock in trade, fixtures, furnishings, furniture, leasehold improvements, carpeting, wall
covering, floor covering, drapes, ceiling and equipment to the same condition as they were in
immediately prior to the casualty, and if Tenant has closed the Premises, Tenant shall promptly
reopen for business upon the completion of such repairs. Should Landlord not repair the Premises to
substantially the condition which they were in immediately prior to the casualty, as herein above
described, within one hundred eighty (180) days of the casualty, Tenant shall have the right to
terminate this Lease if Tenant provides written notice to Landlord within ten (10) days after the
expiration of the one hundred eighty (180) day period.

     Notwithstanding anything to the contrary set forth herein, in the event all or any portion of
the Hotel Complex shall be damaged or destroyed by fire or other cause (notwithstanding that the
Premises may be unaffected thereby), to the extent the cost of restoration thereof would exceed
fifteen percent (15%) of the amount it would have cost to replace the Hotel Complex in the Hotel
Complex’s entirety at the time such damage or destruction occurred, then either Tenant or Landlord
may terminate this Lease (without further obligation or liability) by giving the other thirty (30)
days prior notice of such party’s election to do so, which notice shall be given, if at all, within
ninety (90) days following the date of such occurrence. In the event of the termination of this
Lease as aforesaid, this Lease shall cease thirty (30) days after such notice is given, and the
rent and other charges hereunder shall be adjusted as of that date.

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ARTICLE XVI

EMINENT DOMAIN

Section 16.1. Condemnation.

     If ten percent (10%) or more of the Premises or fifteen percent (15%) or more of the Hotel
Complex shall be acquired or condemned by right of eminent domain for any public or quasi public
use or purpose, Landlord shall give written notice thereof to Tenant, and either Tenant or Landlord
may terminate this Lease by giving notice to the other of such party’s election, and in such event
rentals shall be apportioned and adjusted as of the date of termination. If the Lease shall not be
terminated as aforesaid, then it shall continue in full force and effect, and Landlord shall within
a reasonable time after possession is physically taken (subject to delays due to shortage of labor,
materials or equipment, labor difficulties, breakdown of equipment, government restrictions, fires,
other casualties or other causes beyond the reasonable control of Landlord) repair or rebuild what
remains of the Premises to its prior condition, for Tenant’s occupancy; and a just proportion of
Minimum Monthly Rent, Percentage Rent and Monthly Common Area Maintenance Charges shall be abated,
according to the nature and extent of the injury to the Premises until such repairs and rebuilding
are completed, and thereafter for the balance of the Lease Term.

Section 16.2. Damages.

     Landlord reserves, and Tenant assigns to Landlord, all rights to damages on account of any
taking or condemnation or any act of any public or quasi public authority for which damages are
payable. Tenant shall execute such instruments of assignment as Landlord requires, join with
Landlord in any action for the recovery of damages, if requested by Landlord, and turn over to
Landlord any damages recovered in any proceeding. If Tenant fails to execute instruments required
by Landlord, or undertake such other steps as requested, Landlord shall be deemed the duly
authorized irrevocable agent and attorney-in-fact of Tenant to execute such instruments and
undertake such steps on behalf of Tenant. However, Landlord does not reserve any damages payable
for trade fixtures installed by Tenant at Tenant’s own cost, which are not part of the realty.

ARTICLE XVII

DEFAULT BY TENANT

Section 17.1. Tenant Default.

     The following shall be considered for all purposes to be defaults under and breaches of this
Lease (each, an “Event of Default”): (a) any failure of Tenant to pay any rent or other amount when
due following five (5) days written notice to Tenant specifying the amount overdue hereunder, (b)
except for Sections 3.4, 8.4(F), 8.8, 8.9 and 12.4 of this Lease (as to which a cure period(s) is
provided and which are not subject to the cure right provided for in this subsection (b)), any
failure by Tenant to perform or observe any other of the terms, provisions, conditions or covenants
of this Lease for more than fifteen (15) days after written notice of such failure provided;
however, that if the default complained of in such notice is of such a nature that the same can be
rectified or cured, but cannot with reasonable diligence be cured within said fifteen (15) day
period, then such default shall be deemed to be rectified or cured if Tenant shall, within said
fifteen (15) day period, commence to rectify and cure the same and shall thereafter complete such
rectification and cure with

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all due diligence; (c) a determination by Landlord that Tenant has knowingly and intentionally
submitted any false report required to be furnished hereunder; (d) the insolvency of Tenant or the
filing by or against Tenant of a petition in bankruptcy (which is not dismissed within ninety (90)
days of the date filed) or for reorganization or arrangement or for the appointment of a receiver
or trustee of all or a portion of Tenant’s property, or Tenant’s assignment for the benefit of
creditors; (e) if Tenant abandons or vacates or does not do business in the Premises when required
to do so under this Lease, (excluding periods of temporary closure for repairs, remodeling or the
like); (g) if Tenant, except as otherwise allowed in this Lease, does not do business in the
Premises when required to do so; or (f) this Lease or Tenant’s interest herein or in the Premises
or any improvements thereon are executed upon or attached or the Premises come into the hands of
any person other than as expressly permitted under this Lease. In any such event, and without grace
period, demand or notice (the same being hereby waived by Tenant), Landlord, in addition to all
other rights or remedies it may have, and notwithstanding Section 24.16 of this Lease, shall have
the right thereupon or at any time thereafter (without first submitting the dispute, controversy or
claim to arbitration pursuant to Section 24.16 of this Lease) to terminate this Lease, and shall
have the right, either before or after any such termination, to re-enter and take possession of the
Premises, remove all persons and property from the Premises, store such property at Tenant’s
expense and risk, and sell such property (but not including the Titanic and/or Bodies exhibits) if
necessary to satisfy any deficiency in payments by Tenant as required hereunder, all without notice
or resort to legal process and without being deemed guilty of trespass or constructive eviction or
becoming liable for any loss or damage occasioned thereby. Nothing herein shall be construed to
require Landlord to give any notice before exercising any of Landlord’s rights and remedies
provided for in Section 3.4 of this Lease.

     In addition, and notwithstanding anything to the contrary set forth above or elsewhere in this
Lease, if written notice has been sent to Tenant pursuant to this Section 17.1 with respect to any
one or combination of the following: (a) the timely payment of any rent due Landlord from Tenant or
the payment of any other money due Landlord from Tenant under the terms of this Lease, (b) the
timely reporting by Tenant of Gross Sales as required by this Lease, or (c) the failure of Tenant
to provide Landlord with a current set of keys to the Premises as required by Section 20.1 of this
Lease; two (2) or more times in any period of twelve (12) consecutive months during the Term, then,
notwithstanding that such prior default may have been cured, any further written notice to Tenant
of an event as set forth in (a) through (c) of this Section within a twelve (12) month period shall
be deemed to be a “Repeated Event of Default”. In the event of a Repeated Event of Default,
Landlord, without affording Tenant an opportunity to cure such Repeated Event of Default, may
terminate this Lease forthwith by notice to Tenant given within thirty (30) days of such Repeated
Event of Default.

Section 17.2. Late Charge.

     If any installment of rent or any other sum payable by Tenant hereunder is not received by
Landlord within five (5) days of the date when due, a late charge of ten percent (10%) of such
overdue installment or other payment shall be immediately and automatically payable by Tenant to
Landlord, without the necessity of delivery of any notice.

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Section 17.3. Right to Relet. 

     If Landlord reenters the Premises as above provided, or if Landlord takes possession pursuant
to legal proceedings or otherwise, it may either terminate this Lease or it may, from time to time,
without terminating this Lease, make such alterations and repairs as it deems advisable to relet
the Premises, and relet the Premises or any part thereof for such term or terms (which may extend
beyond the Lease Term) and at such rentals and upon such other terms and conditions as Landlord in
Landlord’s sole and absolute discretion deems advisable; upon each such reletting all rentals
received by Landlord therefrom shall be applied, first, to any indebtedness other than rent due
hereunder from Tenant to Landlord; second, to pay any costs and expenses of reletting, including
without limitation, brokers and attorneys’ fees and costs of advertising, alterations and repairs;
third, to rent due hereunder, and the residue, if any, shall be held by Landlord and applied in
payment of future rent as it becomes due hereunder.

     If rentals received from such reletting during any month are less than that to be paid during
that month by Tenant hereunder, Tenant shall immediately pay any such deficiency to Landlord. No
re-entry or taking possession of the Premises by Landlord shall be construed as an election to
terminate this Lease unless a written notice of such termination is given by Landlord.

     Notwithstanding any such reletting without termination, Landlord may at any time thereafter
terminate this Lease for any prior breach or default. If Landlord terminates this Lease for any
breach, or otherwise takes any action on account of Tenant’s breach or default hereunder, in
addition to any other remedies it may have, it may recover from Tenant all damages incurred by
reason of such breach or default, including attorney’s fees at the trial and appellate levels, all
costs of retaking the Premises and including the excess, if any, of the total rent and charges
reserved in this Lease for the remainder of the Lease Term, all of which shall be immediately due
and payable by Tenant to Landlord. In determining the rent payable by Tenant hereunder subsequent
to default, the Minimum Annual Rent for each year of the unexpired portion of the Lease Term shall
equal the average Minimum Annual Rent and Percentage Rent which Tenant was obligated to pay from
the commencement of the Lease Term to the time of default, or during the preceding three (3) full
calendar years, whichever period is shorter.

Section 17.4. Set-off.

     The covenants to pay rent and other amounts hereunder are independent covenants and Tenant
shall have no right to hold back, offset or fail to pay any such amounts for default by Landlord or
any other reason whatsoever. Notwithstanding the foregoing, though, Tenant hereby agrees that
Landlord may, in Landlord’s sole and absolute discretion, hold back, offset and fail to pay to
Tenant any amount due from Landlord to Tenant hereunder in exchange for any amount due from Tenant
to Landlord hereunder which was not paid by Tenant. In the event of any such offset by Landlord,
Landlord shall provide to Tenant in writing an explanation of such offset and a copy of the
supporting documentation in connection with such offset.

Section 17.5. Waiver of Trial by Jury.

     To the extent permitted by applicable law, the parties waive trial by jury in any action,
proceeding or counterclaim brought by either party against the other on any matter whatsoever

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arising out of or in any way connected with this Lease, the relationship of Landlord and
Tenant created hereby, Tenant’s use or occupancy of the Premises or any claim for injury or damage.

Section 17.6. Bankruptcy.

     A. Assumption of Lease. In the event Tenant shall become a Debtor under Chapter
7 of the Bankruptcy Code (“Code”) or a petition for reorganization or adjustment of debts is
filed concerning Tenant under Chapters 11 or 13 of the Code, or a proceeding is filed under
Chapter 7 and is transferred to Chapters 11 or 13, the Trustee or Tenant, as Debtor and as
Debtor-In-Possession, may not elect to assume this Lease unless, at the time of such
assumption, the Trustee or Tenant has:

     (i) Cured or provided Landlord “Adequate Assurance” (as defined below) that:

     (a) Within ten (10) days from the date of such assumption the Trustee
or Tenant will cure all monetary defaults under this Lease and compensate
Landlord for any actual pecuniary loss resulting from any existing default,
including without limitation, Landlord’s reasonable costs, expenses, accrued
interest as set forth in Section 4.2 of the Lease, and attorneys’ fees
incurred as a result of the default;

     (b) Within thirty (30) days from the date of such assumption the
Trustee or Tenant will cure all non-monetary defaults under this Lease; and

     (c) The assumption will be subject to all of the provisions of this
Lease.

     (ii) For purposes of this Section 17.6, Landlord and Tenant acknowledge that,
in the context of a bankruptcy proceeding of Tenant, at a minimum “Adequate
Assurance” shall mean:

     (a) The Trustee or Tenant has and will continue to have sufficient
unencumbered assets after the payment of all secured obligations and
administrative expenses to assure Landlord that the Trustee or Tenant will
have sufficient funds to fulfill the obligations of Tenant under this Lease,
and to keep the Premises stocked with merchandise and goods and properly
staffed with sufficient employees to conduct a fully operational, actively
promoted business in the Premises; and

     (b) The Bankruptcy Court shall have entered an Order segregating
sufficient cash payable to Landlord and/or the Trustee or Tenant shall have
granted a valid and perfected first lien and security interest and/or
mortgage in property of Trustee or Tenant acceptable as to value and kind to
Landlord, to secure to Landlord the obligation of the Trustee or Tenant to
cure the monetary and/or non-monetary defaults under this Lease within the
time periods set forth above; and

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     (c) The Trustee or Tenant at the very least shall deposit a sum, equal
to one (1) month’s rent to be held by Landlord (without any allowance for
interest thereon) to secure Tenant’s future performance under the Lease.

     B. Assignment of Lease. If the Trustee or Tenant has assumed the Lease pursuant
to the provisions of this Section 17.6 for the purpose of assigning Tenant’s interest
hereunder to any other person or entity, such interest may be assigned only after the
Trustee, Tenant or the proposed assignee has complied with all of the terms, covenants and
conditions of Section 13.1 herein, including, without limitation, those with respect to
additional rent and the use of the Premises only as permitted in Article VIII herein;
Landlord and Tenant acknowledging that such terms, covenants and conditions are commercially
reasonable in the context of a bankruptcy proceeding of Tenant. Any person or entity to
which this Lease is assigned pursuant to the provisions of the Code shall be deemed without
further act or deed to have assumed all of the obligations arising under this Lease on and
after the date of such assignment. Any such assignee shall upon request execute and deliver
to Landlord an instrument confirming such assignment.

     C. Adequate Protection. Upon the filing of a petition by or against Tenant
under the Code, Tenant, as Debtor and as Debtor-in-Possession, and any Trustee who may be
appointed agree to adequately protect Landlord as follows:

     (i) To perform each and every obligation of Tenant under this Lease until such
time as this Lease is either rejected or assumed by Order of the Bankruptcy Court;
and

     (ii) To pay all monetary obligations required under this Lease, including
without limitation, the payment of Minimum Monthly Rent, and such other additional
rent charges payable hereunder, which is considered reasonable compensation for the
use and occupancy of the Premises; and

     (iii) Provide Landlord a minimum thirty (30) days prior written notice, unless
a shorter period is agreed to in writing by the parties, of any proceeding relating
to any assumption of this Lease or any intent to abandon the Premises, which
abandonment shall be deemed a rejection of this Lease; and

     (iv) To perform to the benefit of Landlord otherwise required under the Code.

     The failure of Tenant to comply with the above shall result in an automatic rejection of this
Lease.

     (v) Accumulative Rights. The rights, remedies and liabilities of
Landlord and Tenant set forth in this Section 17.6 shall be in addition to those
which may now or hereafter be accorded, or imposed upon, Landlord and Tenant by the
Code.

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ARTICLE XVIII

DEFAULT BY LANDLORD

Section 18.1. Default Defined, Notice.

     Landlord shall in no event be charged with default in any of Landlord’s obligations hereunder
unless and until Landlord shall have failed to perform such obligations within thirty (30) days (or
such additional time as is reasonably required to correct any such default) after written notice to
the address set forth in Section 24.7 has been given to Landlord by Tenant, specifically describing
such failure.

ARTICLE XIX

TENANT’S PROPERTY

Section 19.1. Taxes on Leasehold.

     Tenant shall be responsible for and shall pay before delinquent all municipal, county, federal
or state taxes whether enacted now or in the future coming due during or after the Lease Term
against Tenant’s interest in this Lease or against personal property of any kind owned or placed
in, upon or about the Premises by Tenant.

ARTICLE XX

ACCESS BY LANDLORD

Section 20.1. Right of Entry.

     Landlord and Landlord’s agents and employees shall have the right to enter the Premises at any
reasonable times including, but not limited to, during the conduct of Tenant’s Work and/or the
right of immediate entry at any time in the case of an emergency or to protect access to the Hotel
Complex, to examine the Premises and show them to prospective purchasers and other persons and to
post notices as Landlord may deem reasonably necessary or appropriate for protection of Landlord,
Landlord’s interests, the Premises or the Hotel Complex. Landlord shall, in all such cases other
than emergencies, provide Tenant with prior written notice of such entry, and shall permit a
representative of Tenant to be present at all such times. Landlord and Landlord’s respective agents
and employees shall have the further right to enter the Premises from time to time at reasonable
times and upon prior notice to Tenant to (a) make such repairs, alterations, improvements or
additions to the Premises or other portions of the Hotel Complex as Landlord deems desirable or (b)
to verify that Tenant is operating in the Premises in compliance with this Lease and the standards
set forth herein. Subject to the other provisions of this Lease, Rent shall not abate while any
such repairs, alterations, improvements, or additions are being made. During the last six (6)
months of the Lease Term, Landlord may exhibit the Premises to prospective tenants (but Landlord
shall, in all such cases, provide Tenant with prior written notice of such entry, and permit a
representative of Tenant to be present) and maintain upon the Premises notices deemed advisable by
Landlord. In addition, during any apparent emergency, Landlord or Landlord’s agents may enter the
Premises forcibly without liability therefor and without in any manner affecting Tenant’s
obligations under this Lease. Nothing herein contained, however, shall be deemed to impose upon
Landlord any obligation, responsibility or liability whatsoever, for any care, maintenance or
repair except as

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otherwise herein expressly provided. Tenant shall ensure that Landlord at all times during the
Term has the correct keys necessary to gain access to the Premises in the event of an emergency.

ARTICLE XXI

HOLDING OVER, SUCCESSORS

Section 21.1. Holding Over.

     If Tenant holds over or occupies the Premises beyond the Lease Term (it being agreed there
shall be no such holding over or occupancy without Landlord’s written consent), Tenant shall pay
Landlord for each day of such holding over a sum equal to the greater of (a) twice the Minimum
Monthly Rent prorated for the number of days of such holding over, or (b) Minimum Annual Rent plus
Percentage Rent prorated for the number of days of such holding over, plus, whichever of (a) or (b)
is applicable, a pro-rata portion of all other amounts which Tenant would have been required to pay
hereunder had this Lease been in effect. If Tenant holds over with or without Landlord’s written
consent, Tenant shall occupy the Premises on a tenancy at sufferance but all other terms and
provisions of this Lease shall be applicable to such period.

Section 21.2. Successors.

     All rights and liabilities herein given to or imposed upon the respective parties hereto shall
bind and inure to the several respective heirs, successors, administrators, executors and assigns
of the parties and if Tenant is more than one (1) person, they shall be bound jointly and severally
by this Lease except that no rights shall inure to the benefit of any assignee or subtenant of
Tenant unless the assignment or sublease was approved by Landlord in writing as provided in Section
13.1 hereof. Landlord, at any time and from time to time, may make an assignment of Landlord’s
interest in this Lease and, in the event of such assignment, Landlord and Landlord’s successors and
assigns (other than the assignee of Landlord’s interest in this Lease) shall be released from any
and all liability thereafter.

ARTICLE XXII

QUIET ENJOYMENT

Section 22.1. Landlord’s Covenant.

     If Tenant pays the rents and other amounts herein provided, observes and performs all the
covenants, terms and conditions hereof, Tenant shall peaceably and quietly hold and enjoy the
Premises for the Lease Term without interruption by Landlord or any person or persons claiming by,
through or under Landlord, subject, nevertheless, to the terms and conditions of this Lease.
Landlord represents and warrants that it owns the Hotel Complex or otherwise possesses all
necessary rights to Lease the Premises to Tenant.

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ARTICLE XXIII

BOOKS AND RECORDS

Section 23.1. Books and Records.

     Tenant agrees that it will keep complete books and records reflecting Gross Sales, and all of
the business activities with respect to the Premises and will comply with generally accepted
accounting principles (“GAAP”). Said books and records shall, subject to Landlord’s cash control
and audit procedures, include:

     A. Dated and time stamped cash register tapes (customer receipt and detail audit) which
provide a non-resetable, non-clearing gross sales total and/or consecutively numbered
duplicate sales tickets which are to be dated and time stamped. Documentation of voided
sales must be kept with regular sales tickets and tapes and originals of voided tickets must
be retained;

     B. Daily sales summaries showing Nevada and out-of-state sales;

     C. Monthly sales journals showing breakdown of sales by day;

     D. Authenticated bank deposit slips showing deposits of daily sales. If deposits are
not made on a daily basis, then the number of days’ receipts deposited should be shown on
the deposit slip and in the monthly sales journal;

     E. Monthly state sales tax returns and canceled checks showing payment of those taxes;

     F. Federal Income Tax returns for the same period of time that Tenant is required to
maintain Tenant’s Federal Income Tax returns by the Department of the Treasury, Internal
Revenue Service; and

     G. All of Tenant’s purchase orders and invoices relating to the purchase, exchange, or
replacement of products, merchandise or goods sold or to be sold by Tenant at, upon, or from
the Premises.

Landlord shall have the right to examine such books and records at any reasonable time and place.
Landlord shall have the right at any time during the Term and within one hundred twenty (120) days
after the end of the Lease Term to have an audit conducted of Tenant’s books and records by
Landlord’s employees or auditors of Landlord’s choice. Any deficiency in rent attributable to
Tenant’s failure to accurately report Gross Sales shall be due immediately upon completion of the
audit together with interest as set forth in Section 4.2 and a late fee equal to fifteen percent
(15%) of the amount of the rent deficiency. If any audit reveals Gross Sales were understated by
more than one percent (1%), the entire cost and expense of such audit shall be borne by Tenant. It
is further agreed that an understatement of five percent (5%) or more of Gross Sales on two or more
monthly reports during any twelve (12) month reporting period, which is not due to a mathematical
error is a material breach hereof and cause for termination of this Lease by Landlord. Landlord
acknowledges and agrees that the information provided by Tenant to Landlord hereunder may be
confidential and may constitute proprietary information of Tenant, and disclosure of the terms
might adversely affect

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Tenant. Accordingly, Landlord agrees that it, and its officers, directors, employees and agents,
shall not, without prior written consent of Tenant, disclose any such information to any other
person, either directly or indirectly, excepting disclosure (i) to their agents, advisors,
professionals and potential or actual lenders, investors and purchasers, (ii) to lienholders on the
Hotel Complex or (iii) under court orders or process.

ARTICLE XXIV

MISCELLANEOUS

Section 24.1. Waiver.

     No waiver by Landlord or Tenant of any breach of any term, covenant or condition hereof shall
be deemed a waiver of the same or any subsequent breach of the same or any other term, covenant or
condition. The acceptance of rent by Landlord shall not be deemed a waiver of any earlier breach by
Tenant of any term, covenant or condition hereof, regardless of Landlord’s knowledge of such breach
when such rent is accepted. No covenant, term or condition of this Lease shall be deemed waived by
Landlord or Tenant unless waived in writing.

Section 24.2. Accord and Satisfaction.

     Landlord is entitled to accept, receive and cash or deposit any payment made by Tenant for any
reason or purpose or in any amount whatsoever, and apply the same at Landlord’s option to any
obligation of Tenant and the same shall not constitute payment of any amount owed except that to
which Landlord has applied the same. No endorsement or statement on any check or letter of Tenant
shall be deemed an accord and satisfaction or otherwise recognized for any purpose whatsoever. The
acceptance of any such check or payment shall be without prejudice to Landlord’s right to recover
any and all amounts owed by Tenant hereunder and Landlord’s right to pursue any other available
remedy.

Section 24.3. Entire Agreement.

     There are no representations, covenants, warranties, promises, agreements, conditions or
undertakings, oral or written, between Landlord and Tenant other than herein set forth. Except as
herein otherwise provided, no subsequent alteration, amendment, change or addition to this Lease
shall be binding upon Landlord or Tenant unless in writing, signed by them and approved by
Landlord’s mortgagee.

Section 24.4. No Partnership.

     Landlord does not, in any way or for any purpose, become a partner, employer, principal,
master, agent or joint venturer of, or with, Tenant.

Section 24.5. Force Majeure.

     If either party hereto shall be delayed or hindered in or prevented from the performance of
any act required hereunder by reason of strikes, lockouts, failure of power, restrictive
governmental laws or regulations, riots, insurrection, war or other reason of a like nature not the
fault of the party delayed in performing work or doing acts required under this Lease, the period
for the performance

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of any such act shall be extended for a period equivalent to the period of such delay.
Notwithstanding the foregoing, an informational or recognitional picket line shall not be deemed a
force majeure event. In addition, the provisions of this Section 24.5 shall not operate to excuse
Tenant from any obligations for payment of Minimum Annual Rent, Percentage Rent, additional rent or
any other payments required by the terms of this Lease when the same are due, and all such amounts
shall be paid when due.

Section 24.6. Submission of Lease.

     Submission of this Lease to Tenant does not constitute an offer to lease; this Lease shall
become effective only upon execution and delivery thereof by Landlord and Tenant. The effective day
of this Lease shall be the date filled in on Page 1 hereof by Landlord, which shall be the date of
execution by the last of the parties to execute the Lease.

Section 24.7. Notices.

     All notices from Tenant to Landlord required or permitted by any provision of this Agreement
shall be directed to Landlord as follows:

Felix D. Rappaport

President & COO

Ramparts, Inc.

c/o Luxor Hotel and Casino

3900 Las Vegas Boulevard South Las Vegas, Nevada 89119

(702) 262-4017- Telecopier

     With a copy to:

Will Martin

Vice President & General Counsel

Ramparts, Inc.

c/o Mandalay Bay Resort and Casino

3950 Las Vegas Boulevard South

Las Vegas, Nevada 89119

(702) 632-6741- Telecopier

     All notices from Landlord to Tenant required or permitted hereunder shall be directed as
follows:

Premier Exhibitions, Inc.

3340 Peachtree Rd NE

Suite 2250

Atlanta, GA 30376

     All notices to be given hereunder by any person shall be written and sent by registered or
certified mail, return receipt requested, postage pre-paid or by an express mail delivery service,
addressed to the person, intended to be notified at the address set forth above. Any person may, at

61

 

any time, or from time to time, notify the other persons named herein in writing of a
substitute address for that above set forth, and thereafter notices shall be directed to such
substitute address. Notice given as aforesaid shall be sufficient service thereof and shall be
deemed given as of the date received, as evidenced by the return receipt of the registered or
certified mail or the express mail delivery receipt, as the case may be.

Section 24.8. Landlord’s Parent Company Liability.

     Tenant hereby agrees that in the event (a) there is any default or alleged default by Landlord
under this Lease or (b) Tenant has, or may have, any claim arising from, or relating to, the terms
of this Lease, Tenant shall not commence any lawsuit or otherwise seek to impose any liability
whatsoever against Kirk Kerkorian or Tracinda Corporation (“Tracinda”) on vicarious liability
grounds, but the foregoing shall not prevent Tenant from commencing any lawsuit or otherwise
seeking to impose liability against Kirk Kerkorian or Tracinda based on actions of Kirk Kerkorian
or Tracinda independent of their ultimate ownership of Landlord. Tenant hereby further agrees that
(a) neither Kirk Kerkorian nor Tracinda shall have any liability whatsoever with respect to this
Lease or any matters relating to, or arising from, this Lease, (b) Tenant shall not assert or
permit any party claiming through Tenant to assert a claim or impose any liability against Kirk
Kerkorian or Tracinda as to any matter or thing arising out of, or relating to, this Lease or any
alleged breach or default of this Lease by Landlord and (c) neither Kirk Kerkorian nor Tracinda is
a party to this Lease, or liable for any alleged breach or default of this Lease, by Landlord.

Section 24.9. Captions and Section Numbers.

     This Lease shall be construed without reference to titles of Articles and Sections, which are
inserted only for convenience of reference.

Section 24.10. Number and Gender.

     The use herein of a singular term shall include the plural and use of the masculine, feminine
or neuter genders shall include all others.

Section 24.11. Objection to Statements.

     Notwithstanding the provisions of Section 24.1, Tenant’s failure to object to any statement,
invoice or billing rendered by Landlord within a period of thirty (30) days after receipt thereof
shall constitute Tenant’s acquiescence with respect thereto and shall render such statement,
invoice or billing an account stated between Landlord and Tenant.

Section 24.12. Representations by Landlord and Tenant.

     Each of Landlord and Tenant hereby represents and warrants to the other that it is a duly
qualified corporation authorized to do business in the State of Nevada, that all franchise and
corporate taxes have been paid to date and all future forms, reports, fees and other documents
necessary to comply with applicable laws will be filed when due, and the person signing this Lease
on its behalf is duly authorized to sign and execute this Lease.

62

 

Section 24.13. Landlord’s Limitation of Liability.

     Anything to the contrary herein contained, notwithstanding, there shall be absolutely no
personal liability on persons, firms or entities who constitute Landlord with respect to any of the
terms, covenants, conditions and provisions of this Lease, and Tenant shall, subject to the rights
of any mortgagee, look solely to the interest of Landlord, Landlord’s successors and assigns, in
the Hotel Complex for the satisfaction of each and every remedy of Tenant in the event of default
by Landlord hereunder; such exculpation of personal liability is absolute and without any exception
whatsoever.

Section 24.14. Broker’s Commission.

     Each party represents and warrants that it has caused or incurred no claims for brokerage
commissions or finder’s fees in connection with the execution of this Lease, and each party shall
indemnify and hold the other harmless against and from all liabilities arising from any such claims
caused or incurred by it (including without limitation, the cost of attorney’s fees in connection
therewith).

Section 24.15. Partial Invalidity.

     If any provision of this Lease or the application thereof to any person or circumstance shall
to any extent be invalid or unenforceable, the remainder of this Lease, or the application of such
provision to persons or circumstances other than those as to which it is invalid or unenforceable,
shall not be affected thereby and each provision of this Lease shall be valid and enforceable to
the fullest extent permitted by law.

Section 24.16. Arbitration.

     Any controversy or claim arising out of, or relating to, this Lease, or the breach thereof,
shall be settled by binding arbitration in accordance with the commercial arbitration rules then in
effect of the American Arbitration Association, and judgment upon the award rendered may be entered
in any court having jurisdiction thereof. The arbitration proceedings shall be conducted in Clark
County, Nevada. Landlord on the one hand and Tenant on the other hand shall select an arbitrator
from a list provided by the American Arbitration Association that is mutually satisfactory to them.
If Landlord and Tenant are unable to agree on an arbitrator, Landlord and Tenant shall each choose
an arbitrator from a list provided by the American Arbitration Association. The two arbitrators so
selected shall then select a third arbitrator mutually satisfactory to them from the list provided
by the American Arbitration Association. The single arbitrator so selected by the aforesaid
procedure shall hear the dispute and decide it. The award of the arbitrator shall be binding and
final on all parties. Any and all legal, accounting and other costs and expenses incurred by the
prevailing party shall be borne by the non-prevailing party. This Lease shall be governed by and
construed under and pursuant to the laws of the State of Nevada applicable to contracts made and to
be performed entirely within such State without regard to the conflicts of laws principles of such
State. Subject to the terms of this Section, any and all litigation concerning any dispute arising
under or in connection with this Lease shall be filed and maintained only in a state or federal
court located in Clark County, Nevada.

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Section 24.17. Mortgagee’s Approval.

     If any mortgagee of the Hotel Complex requires any modification of the terms and provisions of
this Lease as a condition to such financing as Landlord may desire, then Landlord shall have the
right to cancel this Lease if Tenant fails or refuses to approve and execute such modification(s)
within thirty (30) days after Landlord’s request therefore, provided such request is made within
thirty (30) days after this Lease is executed. Upon such cancellation by Landlord, this Lease shall
be null and void and neither party shall have any liability either for damages or otherwise to the
other by reason of such cancellation. In no event, however, shall Tenant be required to agree, and
Landlord shall not have any right of cancellation for Tenant’s refusal to agree, to any
modification of the provisions of this Lease relating to: the amount of rent or other charges
reserved herein; the size and/or location of the Premises; the duration of the Lease Term and/or
Bodies Exhibition Commencement Date, Titanic Exhibition Commencement Date and/or King of the
World/High Tea/TBD Venue/Iceberg Bar Commencement Date; or a modification which will result in a
material decrease in Tenant’s rights or a material increase in Tenant’s obligations under this
Lease.

Section 24.18. Reservation of Air Rights.

     There has been no representation or warranty by Landlord and Tenant acknowledges that there is
no inducement or reliance to lease the Premises on the basis that the existing access to light, air
and views from the Premises would continue unabated. Tenant acknowledges and understands that it
shall have no rights to the airspace above the Hotel Complex and those rights shall be the sole
property of Landlord.

Section 24.19. Delay in Delivery.

     Notwithstanding anything to the contrary contained in this Lease, Landlord shall not be liable
in any manner to Tenant for damages or any other claim resulting from failure to deliver the
Premises or for any delay in commencing or completing any work, Landlord is to perform or is
authorized by Tenant to perform under Exhibit “B”, or with respect to the Hotel Complex, save and
except that all obligations of Tenant with time limits under this Lease including, but not limited
to, the Bodies Exhibition Commencement Date, Titanic Exhibition Commencement Date and/or King of
the World/High Tea/TBD Venue/Iceberg Bar Commencement Date, will be tolled for the same number of
days as any delay described above, and Tenant hereby waives all such liability provided that in the
event that the Bodies Exhibition Commencement Date, Titanic Exhibition Commencement Date and/or
King of the World/High Tea/TBD Venue/Iceberg Bar Commencement Date shall not have occurred within
one (1) year after the effective date of this Lease (unless such failure shall be due to Tenant’s
fault), then this Lease shall automatically become null and void (except that items which have been
theretofore accrued and not yet paid shall remain outstanding), and both parties hereto shall be
relieved of all obligations hereunder, in which event each party will, at the other’s request,
execute an instrument in recordable form containing a release and surrender of all right, title and
interest in and to this Lease.

Section 24.20. Construction/Remodeling or Redesign of Hotel Complex.

     In addition to any other provision contained herein, Tenant acknowledges that Landlord may
conduct construction at or upon, or remodel or redesign all or any portion of, the Hotel Complex

64

 

(excluding the Premises), and that such work will not result in a breach of this Lease or, as
long as such work does not materially and adversely affect Tenant’s access, ingress and egress to
the Premises, an abatement of Minimum Monthly Rent or Monthly Common Area Maintenance Charges.
Except as otherwise provided herein, Landlord shall have no liability to Tenant relative to such
work.

Section 24.21. Definition of Days.

     Except as otherwise expressly provided herein, the term day shall mean a single calendar day,
whether or not a working or business day.

Section 24.22. Confidentiality.

     At all times during the Term of this Lease, unless consented to in writing by both Tenant and
Landlord, or as otherwise required by law, the NGCB, or legal process, no press release or other
public disclosure concerning the rent or other terms of this transaction shall be made by any
person, unless jointly agreed to in advance by Landlord and Tenant. Each party agrees to use
diligent efforts to prevent such disclosure, other than (a) to employees, agents and consultants of
the parties who are involved in the ordinary course of business with this transaction, or to the
principals of the previous tenant in the Premises, all of whom shall be instructed to comply with
the confidentiality provisions hereof; or (b) in response to lawful process or subpoena or other
valid or enforceable order of a court of competent jurisdiction or as otherwise required to comply
with laws or regulations established by the NGCB. Landlord and Tenant agree that all information
furnished by one party to the other or obtained by a party through such party’s own investigation,
as well as the provisions of this Lease and all exhibits and documents related thereto, shall be
treated as confidential information

Section 24.23. Recordation of Lease.

     Neither this Lease, nor a memorandum thereof, may be recorded without the prior written
consent of Landlord.

[SIGNATURE PAGE FOLLOWS]

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     Landlord and Tenant have signed and sealed this Lease as of the day and year first above
written.

	 	 	 	 	 	 	 	 	 
	Landlord:	 	 	 	Tenant:	 	 
	 
	 	 	 	 	 	 	 	 
	Ramparts, Inc.	 	 	 	Premier Exhibitions, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Felix D. Rappaport

	 	 	 	By:
	 	/s/ Arnie Geller	 	 
	 

	 	 	 	 	 	 	 	 
	Felix D. Rappaport

	 	 	 	 	 	Its: Chairman	 	 
	President & COO
	 	 	 	 	 	 	 	 

Agreed to:

	 	 	 	 	 
	 	 	 
	/s/ Yvette Harris
 	 	 
	Yvette Harris 	 	 
	Vice President

Chief Financial Officer 	 	 
	 

Approved as to form:

	 	 	 	 	 
	 	 	 
	/s/ William T. Martin
 	 	 
	William T. Martin 	 	 
	Vice President

General Counsel 	 	 
	 

66EX-10.28

 

Exhibit 10.28

EMPLOYMENT AGREEMENT

     This Employment Agreement (this “Agreement”) is effective as of the 14th day of January, 2008,
and is made by and between PREMIER EXHIBITIONS, INC., a Florida corporation (the “Company”), and
Robert Sirmans (the “Executive”).

WITNESSETH:

     WHEREAS, the Company desires to employ the Executive in accordance with the terms and
conditions contained in this Agreement and wishes to ensure the availability of the Executive’s
services to the Company; and

     WHEREAS, the Executive desires to accept such employment and to render his services in
accordance with the terms and conditions contained in this Agreement; and

     WHEREAS, the Executive and the Company desire to enter into this Agreement, which will fully
recognize the contributions of the Executive and assure harmonious management of the Company’s
affairs;

     NOW, THEREFORE, in consideration of the promises and the mutual covenants set forth in this
Agreement, and intending to be legally bound, the Company and the Executive agree as follows:

     1. Term of Employment

          (a) Offer/Acceptance/Effective Date. As previously approved by the Company’s Board of
Directors, the Company hereby offers employment to the Executive, and the Executive hereby accepts
employment with the Company, subject to the terms and conditions set forth in this Agreement.

          (b) Term. The term of this Agreement shall commence as of the date referenced above
(the “Effective Date”) and shall remain in effect for a period of three years thereafter (the
“Term”).

     2. Duties.

          (a) General Duties. Executive shall serve as the Company’s Vice President of Business
Development and Strategy and will report directly to Bruce Eskowitz, the Company’s President and
C.E.O.

          (b) Best Efforts. The Executive covenants to use his best efforts to perform his
duties and discharge his responsibilities pursuant to this Agreement in a competent, diligent, and
faithful manner. The Executive shall devote substantially all of his business time, energy and
experience to the performance of his duties hereunder, and shall not engage in any other business
activities, as an employee, director, consultant or in any other capacity, whether or not he
receives compensation therefore, without the prior written consent of the Company’s Board of
Directors; provided, however, that the Executive may (i) manage his own passive investments (with
appropriate disclosure to the Board); (ii) serve on civic, charitable or non-profit boards or committees,
so long as

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any of such activities do not interfere with the performance of the Executive’s
responsibilities to the Company under this Agreement; and (iii) continue serving on an advisory
board to “Get Interactive.”

          (c) Location of Employment. The Executive shall work at the Company’s headquarters
located at 3340 Peachtree Road, NE, Suite 2250, Atlanta, GA 30326.

     3. Compensation and Expenses.

          (a) Base Salary. For the services of the Executive to be rendered by him under this
Agreement, the Company will pay the Executive an annual base salary of Two Hundred Seventy Five
Thousand Dollars ($275,000) (the “Base Salary”), which shall be subject to annual increases at the
discretion of the Company on each Anniversary Date; provided, however, that such Base Salary
increases shall not be less than four percent (4%) on a cumulative basis annually, and shall be
effective as of each Anniversary Date. The Company shall pay the Executive his Base Salary in equal
installments no less than semi-monthly.

          (b) Performance Bonus. Subject to the approval by the Compensation Committee of the
Company’s Board of Directors, which approval shall be based on predetermined objective and
reasonable criteria comparable to the Company’s other similarly situated executives, the Executive
shall be entitled to receive quarterly, semi-annual or annual bonuses of up to 50% of the Base
Salary based on the Executive’s performance.

          (c) Expenses. In addition to any compensation received pursuant to this Section 3,
the Company shall reimburse the Executive for all reasonable, ordinary and necessary travel,
entertainment and other expenses incurred in connection with the performance of his duties under
this Agreement, provided that the Executive promptly and properly accounts for such expenses to the
Company in accordance with the Company’s policies and practices.

               (i) The Company agrees to pay all of the Executive’s reasonable moving expenses associated
with his relocation to Atlanta, Georgia or to such other location to which the Company may move its
executive headquarters, including the commission costs and closing costs associated with the sale
of Executive’s current residence in Northern Virginia, such payment of commission costs and closing
costs not to exceed $50,000. If Executive relocates to Atlanta, Georgia and the Company thereafter
moves its executive headquarters to another location, the Company agrees to pay all of the
Executive’s reasonable moving expenses to such other location, as well.

               (ii) Until such time as the Company determines whether it intends to maintain its executive
headquarters at the current location or move to another location, Executive intends to refrain from
effecting a permanent relocation. Accordingly, until the Company makes such determination, and for
a reasonable time thereafter allowing Executive to effect appropriate permanent living
arrangements, the Company agrees to pay the reasonable costs of temporary housing for the
Executive, such expenses to be agreed upon in advance between Executive and Company.

          (f) Stock Options. Provided that the Executive is still employed by the Company on
March 1, 2008, the Company shall grant the Executive a stock option to purchase 40,000 shares of the common stock of the
Company (the “Option”). The Option shall vest, subject to the

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Executive’s continued employment with the Company through the applicable vesting date as follows:
10,000 shares on the first anniversary of the Effective Date (each annual anniversary of the
Effective Date, an “Anniversary Date”); 15,000 shares on the second Anniversary Date; and 15,000
shares on the third Anniversary Date. The per-share exercise price for the Option shall be equal to
the closing bid price of such shares on the date of grant. The Option shall have a term of ten
years from the date of grant. The Option shall be represented by a stock option agreement, the
terms of which shall be consistent with this subsection, and shall contain such other terms as are
consistent with the Company’s award of stock options.

          (g) Restricted Stock. Provided that the Executive is still employed by the Company on
March 1, 2008, the Company shall grant the Executive 70,000 shares of the common stock of the
Company, which shares shall be restricted (the “Restricted Stock”). The Restricted Stock shall
vest, subject to the Executive’s continued employment with the Company through the applicable
vesting date, as follows: one-third on the first Anniversary Date; one- third on the second
Anniversary Date; and one-third on the third Anniversary Date. The Restricted Stock shall be
represented by a restricted stock agreement, the terms of which shall be consistent with this
subsection, and shall contain such other terms as are consistent with the Company’s award of
restricted stock.

     4. Benefits.

          (a) Personal Days. For each calendar year during the Term, the Executive shall be
entitled to six paid personal days.

          (b) Vacation. For each calendar year during the Term, the Executive shall be entitled
to four weeks of vacation (which shall accrue and vest, except as hereinafter provided to the
contrary, on the Effective Date and on each January 1St thereafter) without loss of compensation or
other benefits to which he is entitled under this Agreement. Notwithstanding the foregoing, the
Executive acknowledges and agrees that to the extent reasonably necessary he will be responsible
for performing his duties and responsibilities as Vice President of Business Development and
Strategy during any such vacation. The Executive shall take his vacation at such times as the
Executive may select except that Executive shall be responsible for insuring that his duties and
responsibilities as the Company’s Vice President of Business Development and Strategy during such
vacation are not neglected.

          (c) Employer Benefit Programs. In addition to the compensation to which the Executive
is entitled pursuant to the provisions of Section 3 above, during the Term the Executive will be
entitled to participate in any stock option plan, stock purchase plan, pension or retirement plan,
and insurance or other employee benefit plan that is maintained at that time by the Company for its
employees, including programs of life, disability, basic medical and dental, and supplemental
medical and dental insurance.

          (d) Health Insurance. The Executive shall be entitled to participate in the Company’s
health insurance program provided to its employees, and the Company shall pay the annual premiums
for Executive and his family.

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     5. Termination.

     (a) Termination for Cause. The Company may terminate the Executive’s employment
pursuant to this Agreement for “Cause” upon the occurrence of any of the following events:

               (i) the Executive is convicted of a crime involving moral turpitude, dishonesty, fraud, or any
securities related crime ;

               (ii) the Executive engages in conduct that constitutes gross neglect or gross misconduct in
carrying out his duties under this Agreement resulting, in either case, in material economic harm
to the Company; or

               (iii) the Executive fails to perform any material obligation set forth in this Agreement and
such failure is not cured by the Executive within 30 days after written notice to the Executive by
the Company.

               Upon any termination for Cause, the Executive shall have no right to compensation, bonus,
severance, or other reimbursement pursuant to this Agreement or otherwise, except that the
Executive shall be entitled to all compensation and benefits that have accrued and /or vested as of
the date of termination.

          (b) Death. This Agreement and the Company’s obligations hereunder will terminate upon
the death of the Executive. Upon the termination of this Agreement due to the death of the
Executive, the Company will pay the Executive’s legal representative the Base Salary (which may
include any accrued but unused vacation time) at such time pursuant to Section 3(a) through the
date of such termination of employment, plus any other compensation that may be due and unpaid.

          (c) Disability. This Agreement and the Company’s obligations hereunder will terminate
upon the disability of the Executive. For purposes of this Section 5(c), “disability” shall mean
that for a period of six months in any 12-month period, the Executive is incapable of substantially
fulfilling the duties set forth in this Agreement because of physical, mental or emotional
incapacity resulting from injury, sickness or disease as determined by an independent physician
mutually acceptable to the Company and the Executive. Upon the termination of this Agreement due to
the disability of the Executive, the Company will pay the Executive the Base Salary (which may
include any accrued but unused vacation time) at such time pursuant to Section 3(a) through the
date of such termination of employment (or, if the Company has a disability policy in effect at the
time of termination, until the date upon which such disability policy begins payment of benefits,
subject to Section 12(e) below), plus any other compensation that may be due and unpaid.

          (d) Voluntary Termination. Prior to any other termination of this Agreement, the
Executive may, on 30 day’s prior written notice to the Company given at any time, terminate his
employment with the Company. Upon any such termination, the Company shall pay the Executive his
Base Salary at such time pursuant to Section 3(a) through the date of such termination of
employment (which shall include any vested and accrued but unused vacation time).

4

 

          (e) Termination without Cause. If the Company terminates the Executive’s employment
for any reason other than “Cause” as defined in Section 5(a) above, Executive shall be entitled to
a lump-sum payment equal to six months of the Executive’s Base Salary at such time pursuant to
Section 3(a). Such payment shall be made on the date that is six months following the date of the
termination or as soon as administratively practicable thereafter. In addition, the Option and the
Restricted Stock detailed in Sections 3(f) and 3(g) above which have not yet vested shall continue
to vest and accrue in accordance with the schedules provided for in Sections 3(f) and 3(g) above,
respectively, and the requirements thereunder of continued employment through the dates of vesting
shall be deemed waived.

The Company shall have no right to terminate Executive without Cause until after March 1, 2008.

     6. Restrictive Covenants.

          (a) Competition with the Company. The Executive covenants and agrees that, during the
Term, the Executive will not, without the prior written consent of the Company, directly or
indirectly (whether as a sole proprietor, partner, stockholder, director, officer, employee or in
any other capacity as principal or agent), compete with the Company. Notwithstanding this
restriction, the Executive shall be entitled to invest in stock of other competing public companies
so long as his ownership is less than 5% of such company’s outstanding shares.

          (b) Disclosure of Confidential Information. The Executive acknowledges that during his
employment with the Company he will gain and have access to confidential information regarding the
Company and its subsidiaries and affiliates. The Executive acknowledges that such confidential
information as acquired and used by the Company or any of its subsidiaries or affiliates
constitutes a special, valuable and unique asset in which the Company or any of its subsidiaries or
affiliates, as the case may be, holds a legitimate business interest. All records, files, materials
and confidential information (the “Confidential Information”) obtained by the Executive in the
course of his employment with the Company shall be deemed confidential and proprietary and shall
remain the exclusive property of the Company or any of its subsidiaries or affiliates, as the case
may be. The Executive will not, except in connection with and as required by his performance of his
duties under this Agreement, for any reason use for his own benefit or the benefit of any person or
entity with which he may be associated, disclose any Confidential Information to any person, firm,
corporation, association or other entity for any reason or purpose whatsoever without the prior
consent of the Board of Directors of the Company, unless such information previously shall have
become public knowledge through no action by or omission of the Executive. Confidential Information
shall exclude Executive’s knowledge, expertise, know-how or business acumen, as well as his
personal files whether developed or acquired prior to or during the Term.

          (c) Subversion, Disruption or Interference. At no time during the term of this
Agreement shall the Executive, directly or indirectly, interfere, induce, influence, combine or
conspire with, or attempt to induce, influence, combine or conspire with, any of the employees of,
or consultants to, the Company to terminate their relationship with or compete with or ally against
the Company or any of its subsidiaries or affiliates in the business in which the Company or any of
its subsidiaries or affiliates is then engaged in.

5

 

          (d) Enforcement of Restrictions. The parties hereby agree that any violation by the
Executive of the covenants contained in this Section 6 will likely cause irreparable damage to the
Company or its subsidiaries and affiliates and may, as a matter of course, be restrained by process
issued out of a court of competent jurisdiction, in addition to any other remedies provided by law.

     7. Assignability. The rights and obligations of the Company under this Agreement shall
inure to the benefit of and be binding upon the successors and assigns of the Company, provided
that such successor or assign shall acquire all or substantially all of the assets and business of
the Company.

     8. Indemnification. The Company and the Executive acknowledge that the Executive’s
services as an officer of the Company exposes the Executive to risks of personal liability arising
from, and pertaining to, the Executive’s participation in the management of the Company. The
Company shall defend, indemnify and hold harmless the Executive from any actual cost, loss,
damages, attorneys’ fees, or liability suffered or incurred by the Executive arising out of, or
connected to, the Executive’s services as an officer of the Company or any of its current, former,
or future subsidiaries to the fullest extent allowed by law. The Company will not have any
obligation to the Executive under this Section for any loss suffered if the Executive voluntarily
pays, settles, compromises, confesses judgment for, or admits liability with respect to without the
approval of the Company. Within 30 days after the Executive receives notice of any claim or action
which may give rise to the application of this Section, the Executive shall notify the Company or
its counsel in writing of the claim or action with a copy thereof. The Executive’s failure to
timely notify the Company of the claim or action will relieve the Company from any obligation to
the Executive under this Section. The Executive will reasonably assist the Company in the defense
of any action. The Company will not indemnify the Executive for any intentional acts or misconduct
engaged in by the Executive, including, but not limited to, any acts which could result in cause
termination pursuant to Section 5(a) above.

     9. Change of Control.

          (a) A “Change of Control” shall mean the occurrence of any one of the following events:

               (i) during the Term, a majority of the Directors on the Board as of the Effective Date (the
“Incumbent Board”) no longer comprises a majority of the Board of Directors of the Company;
provided that any person becoming a director subsequent to the Effective Date whose election, or
nomination for election by the Company’s shareholders, was approved by a vote of at least
three-quarters of the directors comprising the Incumbent Board (either by a specific vote or by
approval of the proxy statement of the Company in which such person is named as a nominee for
director without objection to such nomination) shall be, for purposes of this Section 9(a)(i),
considered as though such person were a member of the Incumbent Board;

               (ii) any “person,” as such term is used in Sections 3(a)(9) and 13(d) of the Securities
Exchange Act of 1934, as amended (other than the Executive or entities controlled by the
Executive), becomes a “beneficial owner,” as such term is used in Rule 13d-3 promulgated under that
act, of 25% or more of the voting power of the Company; or

6

 

               (iii) all or substantially all of the assets or business of the Company is disposed of
pursuant to a merger, consolidation or other transaction (unless the shareholders of the Company
immediately prior to such merger, consolidation or other transaction beneficially own, directly or
indirectly, in substantially the same proportion as they owned the voting power of the Company, all
of the voting power or other ownership interests of the entity or entities, if any, that succeed to
the business of the Company).

          (b) The Company and the Executive hereby agree that if the Executive is in the employ of the
Company on the date on which a Change of Control occurs (the “Change of Control Date”), the Company
will continue to employ the Executive and the Executive will remain in the employ of the Company
for the period commencing on the Change of Control Date and ending on the expiration of the Term,
to exercise such authority and perform such executive duties as are commensurate with the authority
being exercised and duties being performed by the Executive immediately prior to the Change of
Control Date.

          (c) During the remaining Term after the Change of Control Date, the Company will (i) continue
to honor the terms of this Agreement, including the Base Salary and other compensation set forth in
Section 3 above, (ii) continue employee benefits as set forth in Section 4 above at levels in
effect on the Change of Control Date; and (iii) immediately vest and accrue all outstanding stock
options, restricted stock and other securities instruments as detailed in Section 3 above (all
subject to such reductions as may be required to maintain such plans in compliance with applicable
federal law regulating employee benefits in the wake of a change of control).

     10. Severability. If any provision of this Agreement is deemed to be invalid or
unenforceable or is prohibited by the laws of the state or jurisdiction where it is to be
performed, this Agreement shall be considered divisible as to such provision and such provision
shall be inoperative in such state or jurisdiction and shall not be part of the consideration
moving from either of the parties to the other. The remaining provisions of this Agreement shall be
valid and binding.

     11. Notice. Notices given pursuant to the provisions of this Agreement shall be sent
by certified mail, postage prepaid, or by overnight courier, or telecopier to the following
addresses:

	 	 	 
	To the Company:

	 	Bruce Eskowitz
	 

	 	President and CEO
	 

	 	Premier Exhibitions, Inc.
	 

	 	3340 Peachtree Road, NE
	 

	 	Suite 2250
	 

	 	Atlanta, GA 30326
	 

	 	Fax 404.842.2626
	 
	 	 
	With Copy To:

	 	Brian Wainger
	 

	 	General Counsel
	 

	 	Premier Exhibitions, Inc.
	 

	 	281 Independence Blvd.
	 

	 	Suite 440
	 

	 	Virginia Beach, Va. 23462
	 

	 	Fax 757.257.0380

7

 

	 	 	 
	To the Executive:

	 	Robert Sirmans
	 

	 	c/o Fred Bernstein
	 

	 	Proskauer Rose LLP
	 

	 	2049 Century Park East
	 

	 	Suite 3200
	 

	 	Los Angeles, Ca. 90067-3206
	 

	 	Fax 310.557.2193

     Either party may, from time to time, designate any other address to which any such notice to
it or him shall be sent. Any such notice shall be deemed to have been delivered upon the earlier of
actual receipt or four days after deposit in the mail, if by certified mail.

     12. Miscellaneous.

          (a) Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Florida and the sole and exclusive venue for any
litigation arising out of this contract will be the circuit court in Hillsborough County, Florida.

          (b) Waiver/Amendment. The waiver by any party to this Agreement of a breach of any
provision hereof by any other party shall not be construed as a waiver of any subsequent breach by
any party. No provision of this Agreement may be terminated, amended, supplemented, waived or
modified other than by an instrument in writing signed by the party against whom the enforcement of
the termination, amendment, supplement, waiver or modification is sought.

          (c) Entire Agreement. This Agreement represents the entire agreement between the
parties with respect to the subject matter hereof and replaces and supersedes any prior agreements
or understandings.

          (d) Facsimiles/PDF’s/Counterparts. This Agreement may be executed in counterparts, all
of which shall constitute one and the same instrument. Facsimile copies and electronic Portable
Document Format files of executed signature pages will be deemed original for all purposes.

          (e) Section 409A of the Code. This Agreement and the benefits provided hereunder are
intended to be exempt from or to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended, and Treasury regulations and other applicable guidance issued by
the Treasury Department or Internal Revenue Service thereunder (collectively, “Section 409A”), and
shall be interpreted and administered consistent with such intent. To the extent required for
compliance with the requirements of Section 409A, references in this Agreement to a termination of
employment shall mean a “separation of service” within the meaning of Section 409A. Notwithstanding
the terms of Section 3, Section 4 or Section 5 of this Agreement, to the extent the Executive is a
“specified employee” (as defined by Section 409A) at the time of termination of employment and a
payment or provision of a benefit is required to be delayed by six months pursuant to Section 409A,
distribution shall be made no earlier than the six-month anniversary of termination of employment.

8

 

     IN WITNESS WHEREOF, the Company and the Executive have duly executed this Agreement as of the
date first above written.

	 	 	 	 	 
	 	COMPANY:

PREMIER EXHIBITIONS, INC.

 	 
	 	By:  	/s/ Bruce Eskowitz
 	 
	 	 	Its: President and Chief Executive Officer 	 
	 	 	 	 
	 
	 	EXECUTIVE:

 	 
	 	/s/ Robert Sirmans
 	 
	 	Robert Sirmans 	 
	 	 	 
	 

9

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