Document:

Sales Agreement

 Exhibit 10.4 
 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant
to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange Commission. 
 SALES AGREEMENT 
 THIS AGREEMENT is made and entered into as of February 9, 2008, by and among (*NAME CONFIDENTIAL*)
(“Seller”) and (*NAME CONFIDENTIAL*), a (*STATE CONFIDENTIAL*) Limited Liability Company (“Purchaser”) as follows0. 
 W I
T N E S S E T H: 
 For and in consideration of the covenants and agreements contained in this Agreement, it is hereby covenanted and agreed
between the parties hereto as follows: 
 1. Subject Property. Upon and subject to the terms, covenants and conditions herein, Seller agrees
to sell and convey to Purchaser, and Purchaser agrees to buy from Seller, the following items in subparagraphs (a) through (f) (collectively, the “Subject Property”): 
 (a) The approximately 18,500 square foot building and interior leasehold fixtures/improvements situated on that tract or parcel of land having a street
address of (*ADDRESS CONFIDENTIAL*) and being more particularly described on the attached Exhibit “A” (but not the land thereunder) subject only to the “Permitted Encumbrances” described on the attached Exhibit
“B”; 
 (b) All right, title and interest of Seller in and to all fixtures, equipment, finishes, window treatments, carpets,
safety equipment, and other tangible items of personalty, used in the operation of the Subject Property (collectively, the “FFE”); 
 (c) All right, title and interest of Seller in and to (i) the security system, service, utility, and maintenance leases or contracts and other contracts, agreements and leases affecting the Subject Property to the extent said leases,
contracts, and agreements are assignable by Seller and all deposits made pursuant thereto listed on Exhibit “C” (the “Contracts”) (but excluding the Ground Lease on the underlying Land which will be executed between some
or all the parties hereto on the date of Closing hereof) and (ii) the deposits and other payments previously made under the Contracts, together with the right to receive the same; all of the foregoing shall be paid in full by Seller at closing
or cancelled by Seller. Purchaser does not assume any obligations thereunder unless agreed to by Purchaser and except as disclosed on Exhibit “B”; 
 (d) All transferable consents, authorizations, variances, waivers, licenses, permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity of
instrumentality in respect of the Subject Property, including, without limitation, those with respect to the foundation, roof and roof equipment use, utilities, building, fire, life, safety, traffic and zoning 
  
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 1 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
(collectively, the “Approvals”) heretofore or hereafter held by or granted to Seller (but excluding the SOB license or (*NAME CONFIDENTIAL*)
permits held by (*NAME CONFIDENTIAL*)); and 
 (e) All that the owner has to the extent that it is available of the books, records,
files, plans, specifications, surveys, environmental studies, roof equipment, maintenance records (for at least three (3) years), rental records, including delinquency reports, estoppel letters and engineering reports (collectively, the
“Books”) of Seller in connection with the operation and maintenance of the Subject Property. 
 (f) Notwithstanding anything above
to the contrary, the “Subject Property” includes the former lease between Seller and (*NAME CONFIDENTIAL*) (which will be terminated upon Closing of this transaction) but does not include the lease being entered into on this date between
Seller and Purchaser wherein Purchaser is leasing the underlying Land upon which the Subject Property is located. 
 2. Price. 
 2.1 Purchase Price. 
 (a) The purchase price
(the “Purchase Price”) to be paid by Purchaser to Seller for the Subject Property shall be One Million Seven Hundred Thousand Dollars ($1,700,000.00). The Purchase Price shall be paid by Purchaser to Seller upon the delivery of a
Bill of Sale (subject only to the permitted encumbrances listed on Exhibit “B” attached hereto and incorporated by reference) and other instruments and conveyances required hereunder, at Closing, provided that such amount shall be
adjusted by prorations of items as provided for herein. Except as otherwise provided in Section 2.2 hereof, payments will be made by wire transfer or delivery of cashier’s or certified checks drawn on a banking institution satisfactory to
Seller. 
 2.2 Earnest Money. 
 Purchaser shall pay to or deposit with Escrow Agent, within ten (10) days of the full execution of this Agreement the sum of One Hundred Thousand ($100,000.00) Dollars. The One Hundred Thousand ($100,000.00) Dollars shall be Earnest
Money which Escrow Agent shall pay at Closing to Purchaser, or shall be paid by Escrow Agent to Seller as liquidated damages or returned by Escrow Agent to the Purchaser, according to the terms hereof. 
 2.3 Within ten (10) days after the date hereof, Seller will furnish to Purchaser the following, which shall be and become annexed and attached
hereto and integral parts of this Agreement; 
  
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 2 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 Schedule 
  

	 	I	True and complete copies of all contracts, leases, rent rolls (in form and containing sufficient detail satisfactory to Purchaser), delinquency reports, maintenance records,
surveys, environmental reports, warranties, service contracts, engineering studies and management agreements. 

  

	 	II	List of all existing insurance policies for or covering the Subject Property, and at Purchaser’s request, copies of the policies disclosed thereon. 

 3. Representations, Warranties and Certain Covenants. 
 3.1 Of Seller. To induce the Purchaser to enter into this Agreement, Seller makes the following representations, warranties and covenants, each of which is material to and is relied upon by Purchaser, and each of
which shall be effective and true on or prior to the approval of this Agreement and at closing. 
 (a) Seller has the right, power and
authority to sell the Subject Property to Purchaser in accordance with the terms and conditions hereof, and to execute, deliver and perform its obligations under this Agreement and all other instruments, conveyances, or to be executed and delivered,
by Seller in connection with the transactions contemplated herein. This Agreement and all other documents executed and delivered, or to be executed and delivered, by Seller in connection with the transactions contemplated herein, have been, or at
the appropriate time will be, duly executed and upon delivery will constitute, the legal, valid and binding obligations of Seller, enforceable in accordance with their respective terms and provisions, subject, however, to the effect of any
bankruptcy, reorganization, moratorium, insolvency or other laws affecting the rights of creditors generally. Seller has taken all action, corporate or otherwise, required to authorize its execution, delivery and performance of this Agreement and
such other documents. There are, to the best of Seller’s knowledge, no claims, defenses, personal or otherwise, or offsets whatsoever to the validity or enforceability with respect to Seller of this Agreement or any other documents executed and
delivered, or to be executed and delivered, by Seller in connection with the transactions contemplated herein nor, to the best of Seller’s knowledge, is there any basis for any such claim, defense or offset known to Seller. 
 (b) To the best of Seller’s knowledge neither the execution nor delivery of this Agreement nor the consummation of the transactions contemplated
herein will conflict with, or result in a breach of, the terms, conditions or provisions of, or constitute a default under, any agreement, contract, or instrument to which Seller is a party; and 
  
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 3 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 (c) The Subject Property including all the leasehold estate, personalty, contract rights, leases, and
the like which are to be transferred to the Purchaser hereunder, constitute all of the property and property rights located on or used in connection with the operation of the Subject Property; and 
 (d) To the best of Seller’s knowledge at Closing, all of the equipment, personal property and the like shall be in substantially the same working
order as on the date hereof, reasonable wear and tear excepted, and the Personalty, including equipment, heating and air conditioning systems and the like, shall be in good operating condition and state of repair at closing, except for such defects
as shall be disclosed in writing to Purchaser at or before the Closing; and 
 (e) Seller has good and marketable title to the Subject
Property and such assets at closing shall be free and clear of all liens, encumbrances, equities, restrictions, leases, claims of mechanics and materialmen, special assessments, liabilities and claims of every kind and nature whatsoever, except as
disclosed on Exhibit “D” (those matters disclosed thereon being referred to as “All Encumbrances”) and the lease referenced in paragraph 1(f). Within fifteen (15) days following the execution of this Agreement, Seller
shall deliver to Purchaser, at Seller’s expense, a survey showing improvements in place and the location and book and page number of all easements; and 
 (f) To the best of Seller’s knowledge all leases, contracts and other agreements to be transferred to Purchaser hereunder are valid, subsisting and in full force and effect without any change or modification not
herein reflected in writing, and there exists no default (nor any state of facts which with or without the giving or notice and/or lapse of time would constitute a default) on the part of the Seller under any thereof. Seller has obtained or will
obtain prior to the Closing all necessary consents for the assignment of said agreements to Purchaser hereunder or for their termination as the case may be; and 
 (g) To the best of Seller’s knowledge the present use by Seller of the Subject Property to be conveyed pursuant hereto to the Purchaser does not violate any applicable zoning ordinance, or any health, fire or
other statutes, codes, or ordinances or any regulations issued pursuant thereto and in conveyance to and use of the initial Subject Property shall not constitute a violation of such, and, to the best of Seller’s knowledge, the Subject Property
complies with all applicable State and Federal laws; and 
 (h) Up to and including the date of Closing hereunder, Seller shall maintain the
Subject Property in its present state ordinary wear and tear excepted. At the date of Closing, the Subject Property shall be in good, fully rentable condition or if not in such condition at closing, Seller shall be responsible for placing in good,
fully rentable condition within a reasonable time after closing; and 
  
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 4 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 (i) Except for replacements and changes made or occurring in the ordinary course of Seller’s
business, all of the tangible assets to be conveyed pursuant hereto will, as of the Closing Date, be in substantially the same conditions, ordinary wear and tear excepted, as on the date of this Agreement, and Seller shall maintain and continue to
maintain insurance with respect therein in such types and amounts as have heretofore been maintained; and 
 (j) Neither Seller nor the
Subject Property are subject to a management agreement which affects or restricts the sale of the Subject Property or the management thereof by Purchaser or Purchaser’s successors or assigns; and 
 (k) To the best of Seller’s knowledge the Subject Property did lie in a flood zone or in a 100 year flood plain but upon information and belief was
removed from same by past owners; and 
 (l) To the best of Seller’s knowledge the Subject Property is free from infestation and from
damage by termites and other insects and shall be so free at Closing; Seller agrees to provide Purchaser with a written report from a licensed and bonded pest control company showing that the Subject Property is free of all termite and insect
infestation, dry rot and fungus; and 
 (m) Except as disclosed in Exhibit “E”, Seller , to the best of Seller’s
knowledge, is not aware of any condemnation, zoning, environmental, or other land use regulation proceeding, either instituted or threatened, which would affect the use, occupancy, or operation of the Subject Property, nor has Seller received notice
of any special assessment affecting any of the Subject Property; and 
 (n) Seller is not a party, either as defendant or plaintiff, to any
litigation or administrative proceeding nor is any legal action pending or threatened regarding the Subject Property or Seller’s use thereof, which would adversely affect the Subject Property or Seller’s authority to perform its obligation
under this Agreement, and there are no contingent liabilities of which Seller is aware, except as disclosed on Exhibit “F”; and 
 (o) To the best of Seller’s knowledge there are no material, latent physical defects in the Subject Property, all of the Subject Property is in good repair, except as disclosed on Exhibit “G”; and 
 (p) There are no material, adverse facts concerning the Subject Property of which Seller is aware which have not been disclosed to Purchaser; and

 (q) These representations and warranties are made at the time Seller executes this Agreement and are also made at and as of Closing; and

  
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 5 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 (r) Intentionally omitted. 
 (s) Seller shall retain the services of an environmental firm acceptable to Purchaser (at Purchaser’s sole expense) to conduct a Phase I
environmental inspection of the Subject Property. Seller further agrees that this Agreement shall become null and void if the limited environmental audit reveals any material environmental problems in the sole opinion of Purchaser with the Subject
Property. Notwithstanding the foregoing to the contrary, Purchaser shall have thirty (30) days from the effective date of this Agreement to review the Phase I environmental inspection of the Subject Property and exercise its option to terminate
this Agreement because of any material environmental problems with the Subject Property. Seller shall be entitled to a copy of the environmental report and shall not be under any obligation to correct any environmental defects. 
 3.2 Of Purchaser. To induce the Seller to enter into this Agreement, Purchaser makes the following representation, warranties and covenants, each of
which is material to and is relied upon by Seller: 
 (a) Purchaser has the right, power and authority to purchase the Subject Property form
Seller in accordance with the terms and conditions hereof, and to execute, deliver and perform its obligations under this Agreement and all other instruments, conveyances, or to be executed and delivered, by Purchaser in connection with the
transactions contemplated herein. This agreement and all other documents executed and delivered, or to be executed and delivered, by Purchaser in connection with the transactions contemplated herein, have been or at the appropriate time will be,
duly executed and delivered and constitute or, upon such execution and delivery will constitute, the legal, valid and binding obligations of Purchaser, enforceable in accordance with their respective terms and provisions, subject, however, to the
effect of any bankruptcy, reorganization, moratorium, insolvency, or other laws affecting the rights of creditors generally. Purchaser has taken all action, corporate or otherwise, required to authorize its execution, delivery and performance of
this Agreement and such other documents. There are no claims, defenses personal or otherwise, or offsets whatsoever to the validity or enforceability with respect to Purchaser of this Agreement or any other documents executed and delivered, or to be
executed and delivered, by Purchaser in connection with the transactions contemplated herein, nor is there any basis for any such claim, defense or offset known to Purchaser. No consent or approval of any person, firm, corporation , court trustee,
judge, or governmental authority is required to be obtained by Purchaser in order for Purchaser to enter into this Agreement or any such other document or to perform fully all of Purchaser’s obligations under this Agreement except those that
have been obtained and are in full force and effect; and 
 (b) To the best of Purchaser’s knowledge, neither the execution nor delivery
of this Agreement nor the consummation of the transactions contemplated herein 
  
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 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
will conflict with, or result in a breach of, the terms, conditions or provisions of, or constitute a default under any agreement or instrument to which
Purchaser is a party; and 
 (c) Purchaser shall have a period of thirty (30) days to secure financing acceptable to Purchaser in an
amount not less than $1,360,000.00 on terms acceptable to Purchaser and if not obtained within said time, this Agreement at the option of either party may be terminated and Purchaser’s earnest money shall be refunded. Purchaser shall use all
best efforts to obtain financing. 
 (d) The Purchaser is a limited liability company duly organized and in good standing in their State of
incorporation and authorized to enter into this transaction and to do business in (*STATE CONFIDENTIAL*). Further, each Purchaser represents that all actions and approval necessary to enter into and close this transaction has occurred. 

4. Title Matters. 
 4.1 Review of Title.
Within fifteen (15) days of the execution hereof, Purchaser shall secure a commitment for an owner’s policy of title insurance, or in such other manner as Purchaser deems appropriate in order that Purchaser may examine the state of title
to the Subject Property. The Subject Property is to be conveyed free and clear of the mortgage liens and all other liens except for the permitted encumbrances listed on Exhibit “B”, which shall be satisfied by the Seller on or prior
to closing. In the event that Purchaser shall determine that the Subject Property is subject to encumbrances or exceptions in addition to the Permitted Encumbrances, Purchaser may elect to (i) waive any such objection to such encumbrances or
exceptions and proceed to Closing; (ii) within thirty (30) days of obtaining the title commitment, terminate this Agreement in which event the Earnest Money shall be returned to Purchaser, and, upon the receipt thereof by Purchaser, all
obligations hereunder shall be null and void and of no further force or effect; or (iii) within thirty (30) days of the date hereof, deliver notice in writing to Seller specifying the encumbrances or exceptions that Purchaser objects to.
In the event Purchaser so objects to the state of title, Seller at its option and without any obligation to do so, may within thirty (30) days after receipt of Purchaser’s notice of its objections, notify Purchaser in writing of
Seller’s intent to take such action as shall be necessary to remove the basis for Purchaser’s objections. If Seller is unable to cure such objections on or before the date of Closing, it shall so notify Purchaser in writing, and Purchaser
may extend the date of Closing for such time period as it may select (not to exceed thirty (30) business days) by written notice to Seller. If no cure is effected within such additional time, Purchaser may elect to (i) waiver such
objections and proceed to Closing, or (ii) terminate this Agreement, in which event the Earnest Money shall be returned to Purchaser, and upon the receipt thereof by Purchaser, all obligations hereunder shall be null and void and of no further
force or effect. 
  
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 7 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 4.2 Title Insurance. Purchaser, at its sole cost and expense, shall procure owner’s title
insurance in such form and with such liability limits as Purchaser may deem appropriate to insure Purchaser’s interest in the Subject Property from and after the Closing. Seller shall pay for title abstract and binder costs and expenses.

 5. Closing. 
 5.1 Closing
Date; Concurrent Closings. The consummation of the transactions herein contemplated (the “Closing” and the date of such Closing, the “Closing Date”) shall take place simultaneously with the Closing of the Agreement and Plan of
Reorganization provided that neither party shall be obligated to close unless all conditions to the obligations of such party to close have been satisfied or waived. 
 5.2 Place of Closing. The Closing shall take place at the offices of Seller’s attorney in (*CITY AND STATE CONFIDENTIAL*), or at such other place as may be mutually agreed upon in writing by Seller and Purchaser.

 5.3 Closing Documents; Seller’s Deliveries. Seller shall deliver to Purchaser at the Closing the following documents, dated as of the
Closing Date, the delivery of which shall be a condition to Purchaser’s obligation to consummate the purchase and sale herein contemplated; 
 (a) Bill of Sale. A Bill of Sale conveying good and marketable fee simple title, in recordable form duly executed by Seller and conveying to Purchaser title to the Subject Property (the “Deed”); 
 (b) Bill of Sale. A bill of sale for the FFE, conveying all of Seller’s rights, title and interest thereto to Purchaser, including Seller’s
rights in any leased equipment free and clear of any liens and encumbrances; 
 (c) Assignments. An assignment (or, at Purchaser’s
option, assignments) duly executed by Seller in recordable form, assigning and transferring to Purchaser all of Seller’s right, title and interest in the Leases, Books, the Contacts, the Approvals, and such other rights, properties, powers and
privileges constituting or relating to the Subject Property as Purchaser may reasonable request to evidence that the Contracts have been paid in full or cancelled; 
 (d) Additional Documents. Originals or copies of all other surveys, plans and specifications for the Subject Property’s records, architect’s plans and renderings, originals or copies of building permits,
certificates of occupancy for the Subject Property, and other similar documents which are in Seller’s possession; 
 (e) The Closing of
one certain Agreement and Plan of Reorganization and Agreement of Merger dated February 9, 2008, between VCG Holding Corp., 
  
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 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 (*NAME CONFIDENTIAL*) (and the adoption of said Agreement of Merger) and the parties have executed one certain Ground
Lease as referenced herein in paragraph 1(c) , to be effective at the Closing, between Purchaser and Seller of the Agreement and Plan of Reorganization and Agreement of Merger. 
 (f) Intentionally omitted; 
 (g) The termite
report required by Paragraph 3.1 (1); 
 (h) Certificate of Seller concerning written representations and warranties of Seller as set forth
in Paragraphs 3.1 (a) through 3.1 (t); 
 (i) Deposits; 
 (j) Intentionally omitted; 
 (k) Miscellaneous. Such other items, documents, and instruments as Purchaser
reasonably requires. 
 5.4 Apportionments. 
 (a) The following shall be apportioned between Seller and Purchaser as of Midnight on the day immediately preceding the Closing Date (the “Apportionment Date”): 
 (i) personal property taxes, water or sewer rates and charges (if not metered), personal property taxes, or any other governmental tax or charge levied
or assessed against the Subject Property (collectively, the “Taxes”), on the basis of the respective periods for which each is assessed or imposed, to be apportioned in accordance with Subsection (b) below; 
 (ii) water charges to be apportioned in accordance with Subsection (c) below; 
 (iii) charges for electricity, telephone, television, gas and any other utilities (collectively, “Utilities”) made by the utility companies
servicing the Subject Property to be apportioned in accordance with Subsection (d) below. Transferable utility deposits, if any, for which Purchaser shall reimburse Seller if same be assigned; 
 (iv) Intentionally omitted; 
  
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Commission. 
  

 (v) all other expenses previously incurred by Seller, but not paid as of the date of Closing, which
shall be allocated pursuant to Subsection (h) below. 
 (b) Taxes shall be apportioned on the basis of the fiscal period for which
assessed. 
 (c) If there are water meters at the Subject Property, Seller shall endeavor to have the water utility read the meters on or
immediately prior to the Closing Date. Purchaser shall be responsible for all charges thereafter. If such readings are not obtainable, then, until such time as such readings are obtained, water charges shall be prorated as of the Closing Date based
upon the per diem rate obtained by using the last period and bills for such charges that are available. 
 (d) The Utilities shall be
apportioned (i) by having utility company make a final meter reading on or immediately prior to the Closing Date, the payment of which shall be Seller’s responsibility, or (ii) if such readings cannot be obtained, on the basis of the
most recent bills that are available. Purchaser shall be responsible for all utility charges after the Closing Date. 
 (e) Intentionally
omitted; 
 (f) All amounts due or payable after Closing pursuant to any of the Contracts shall be paid in full by Seller at Closing.

 (g) Intentionally omitted; 
 (h) All other expenses previously incurred by Seller, but not paid as of the date of Closing, shall be paid by Seller unless otherwise agreed upon in writing by Purchaser. 
 5.5 Accounts Receivable. 
 (a) As provided in
Section 5.7 hereof, the within sale of the Subject Property does not include any accounts receivable of Seller, except as provided in Section 5.4 (e) above, for the period through the Apportionment Date all of which Seller shall have
the right to receive, collect, discharge and compromise, (collectively, the “Accounts Receivable”); 
 (b) If, on the Closing Date,
there shall be any Accounts Receivable owing from any tenant, Purchaser agrees that any moneys received by Purchaser from such tenant shall be remitted to Seller; and 
 (c) The provisions of Section 5.5 hereof shall survive the Closing Date. 
  
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 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 5.6 Closing Expenses. Seller shall pay its own attorney’s fees and survey costs. Purchaser shall
pay its own attorney fees, Phase I environmental report charges, all charges for recording of any instrument or document delivered by Seller to Purchaser, including, without limitation, recording the Deed, and any costs associated with obtaining a
first mortgage loan on the Subject Property including title policy charges. All costs or expenses of performance of obligations hereunder and of the consummation of the transactions contemplated herein that have not been specifically assumed by
either party under the terms hereof shall be borne by the party incurring such cost or expense. 
 5.7 Agents and Brokers. The parties
acknowledge that no agents or brokers have been involved in the sale and purchase of the Subject Property. 
 Purchaser shall have no
obligation to pay any commission. 
 Purchaser and Seller shall agree to indemnify and hold the other harmless from and against any cost,
expenses or liabilities for compensations, commissions or charges which may be claimed by any other broker, finder or similar party by reason of any actions of the indemnifying party. 
 5.8 Possession of Subject Property. Seller shall deliver possession of the Subject Property to Purchaser at the time of closing. 
 5.9 Concurrent Closings. The parties hereto shall only be required to close on the transaction contemplated by this Agreement upon the simultaneous
Closing of the following related transactions involving some or all the parties hereto: 
 (1) one certain Agreement and Plan of
Reorganization and Agreement of Merger dated February 9, 2008, between VCG Holding Corp., (*NAME CONFIDENTIAL*) (and the adoption of said Agreement of Merger), including the Covenants Not To Compete (as shown on Schedules 4.2(a) and 4.2(b) to
the Agreement and Plan of Reorganization); and 
 (2) the parties have executed one certain Ground Lease as referenced herein in paragraph
1(c). 
 6. Damage and Destruction. If, prior to the Closing Date, all or any part of the Subject Property is damaged by fire or other
casualty, the following shall apply: 
 (a) If there is damage to or destruction by fire or other casualty of a material part of the Subject
Property, Seller shall notify Purchaser of such fact and Purchaser shall have option to terminate this Agreement upon notice given to Seller not later than ten (10) days after the date of Seller’s notice. If this Agreement is terminated as
aforesaid, the Earnest Money shall be returned to Purchaser whereupon this 
  
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Commission. 
  

 
Agreement shall terminate and neither party hereto shall have any further rights or obligations hereunder. If Purchaser does not elect to terminate this
Agreement as aforesaid, Seller shall, at its option, either (i) proceed to repair the damage prior to Closing, in which event Seller shall be entitled to adjourn the Closing Date for up to ninety (90) days (or such longer period as
Purchaser may specify), or (ii) turn over to Purchaser on the Closing Date the right to receive insurance proceeds in payment of said physical damage or destruction, and to the extent not so collected, assign to Purchaser the right to receive
and settle same. For purposes hereof, a “material part” shall be deemed to mean any damage or destruction to the Subject Property, the aggregate cost or repair or replacement of which exceeds One Hundred Thousand ($100,000.00) Dollars.

 (b) If there is damage to or destruction by fire or other casualty of an immaterial part of the Subject Property neither party shall have
the right to terminate this Agreement and the parties shall nonetheless consummate this transaction in accordance with this Agreement, without any abatement of the Purchase Price or any liability or obligation on the part of Seller by reason of said
destruction or damage, provided, however, that in such event, Seller shall notify Purchaser of such fact and turn over to Purchaser on the Closing Date an amount equal to any casualty insurance proceeds collected by Seller on account of said
physical damage or destruction, and to the extent not so collected, assign to Purchaser the right to receive and settle same. 
 7.
Condemnation. In the event that the Subject Property is condemned in whole or in part, temporarily or permanently, Seller shall promptly notify Purchaser in writing of such event. Purchaser shall then have the right, upon notice in writing to seller
within ten (10) days of receipt of notice of such condemnation to terminate this Agreement and thereupon the parties shall be released and discharged from any further obligations to each other, the Earnest Money and interest thereon shall be
refunded to Purchaser and this Agreement shall become null and void. If Purchaser does not elect so to terminate this Agreement, the Purchase Price shall not be reduced but Purchaser shall be entitled to all of Seller’s share of the proceeds of
condemnation awarded. 
 In such event, Seller shall have no responsibility for the restoration and repair of that portion of the Subject
Property so condemned. Either the Purchaser or the Seller shall have the right jointly or severally to contest the condemnation or the condemnation award at its sole expense, but in the contestation, the contesting party or parties shall realize the
results of such contestation solely or equally, as the case may be. 
 8. Purchaser’s Right of Inspection. From and for thirty
(30) days after the date hereof (the thirtieth day being referred to as the “Examination Date”), Purchaser shall be entitled to enter upon the Subject Property in order to conduct such tests, inspections, examinations, surveys,
analyses, investigations and inquiries with respect to the Subject Property as Purchaser deems necessary. Purchaser shall have free and complete access to all books, documentation, agreements and other information in the possession of Seller or any
employee, agent or independent contractor of Seller, 
  
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 12 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
pertaining to the ownership, use or operation of the Subject Property; and Purchaser shall have the right to make copies of same at the expense of Purchaser.
Purchaser shall pay all costs incurred in making such inspections, tests, analysis and investigations except as herein specified. In the event Purchaser, in Purchaser’s sole discretion, after making such inspections, etc., determines to not
purchase the Subject Property, Purchaser may notify the Seller in writing of his cancellation of this Agreement and receive a refund of his Earnest Money. 
 9. Default; Escrow Agent. 
 9.1 Default; Liquidated Damages. Purchaser and Seller acknowledge that it would
be extremely impractical and difficult to ascertain the actual damages that would be suffered by Seller if Purchaser fails to consummate the purchase and sale contemplated herein (for any reason other than Seller’s covenants and agreements
hereunder or the failure of any other of the conditions to Purchaser’s obligation to close hereunder). Purchaser and Seller have considered carefully the loss to Seller as a consequence of the negotiation and execution of this Agreement, and
the other damages, general and special that Purchaser and Seller realize and recognize Seller would Sustain, but that Seller cannot calculate with absolute certainty. Based on all those considerations, Purchaser and Seller have agreed that the
damage to Seller would reasonably be expected to be equal to the Earnest Money. Accordingly, if all conditions precedent to Purchaser’s obligation to consummate the transactions herein contemplated have been waived or satisfied and if Seller
has performed its covenants and agreements hereunder, but Purchaser has breached its covenants and agreements herein by the date of Closing, then the Escrow Agent shall pay the Earnest Money to Seller as full and complete liquidated damages and as
Seller’s sole and exclusive remedy for such default by Purchaser. Upon proper payment of the Earnest Money to Seller, no party to this Agreement shall have any liability to any other party to this Agreement; and this Agreement shall, in its
entirety, be deemed null, void and of no further force and effect. If Seller has breached its covenants and agreements under this Agreement and has failed, refused or is unable for any reason to consummate the purchase and sale contemplated herein
by the date of Closing, then Purchaser, by written notice to the Escrow Agent, shall be entitled to a return of the Earnest Money, and Purchaser may bring suit for specific performance and/or damages against Seller. If the contingencies in this
Agreement (and specifically as provided in Paragraph 3.2(c)) fail to occur within the periods provided therein, this Contract shall be null and void and Earnest Money shall be refunded to Purchaser. 
 9.2 Escrow Agent. The Earnest Money shall be paid to and shall be held in escrow by (*NAME AND ADDRESS CONFIDENTIAL*), as “Escrow Agent” at no
interest. Escrow Agent, by executing this Agreement, hereby acknowledges receipt of the Earnest Money and agrees to hold and apply the Earnest Money as provided in this Agreement. Except as is provided in Section 9.1 hereof, Escrow Agent shall
not disburse or otherwise take any action with respect to the Earnest Money, except upon joint 
  
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 13 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
instructions from Seller and Purchaser. The parties hereto hereby acknowledge that the Escrow Agent shall have no liability to any party on account of its
failure to disburse the Earnest Money; and, in the event of any dispute as to who is entitled to receive the Earnest Money, Escrow Agent shall have the right to retain the Earnest Money and disburse it in accordance with the final order of a court
of competent jurisdiction or to deposit the Earnest Money with said court, pending a final decision of such controversy. The parties hereto further agree that Escrow Agent shall not be liable for failure of the depository and shall only be otherwise
liable in the event of his gross negligence or willful misconduct. 
 10. Miscellaneous Provisions. 
 10.1 Entire Agreement. This Agreement constitutes the entire contemplated agreement between the parties hereto with respect to the transactions
contemplated herein, and it supersedes all prior oral and written understandings or agreements between the parties. This Agreement is assignable by Purchaser with approval by Seller. Such approval will not be unreasonably withheld. 
 10.2 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective heirs, devisees,
personal representatives, successors and assigns. 
 10.3 Waiver, Modifications. Failure by Purchaser or Seller to insist upon or enforce any
of its rights shall not constitute a waiver thereof. Either party hereto may waiver the benefit of any provision or condition for its benefit contained in this Agreement. Nor oral modification hereof shall be binding upon the parties, and any
modification shall be in writing and signed by each of the parties. 
 10.4 TIME IS OF THE ESSENCE OF THIS AGREEMENT. 
 10.5 Drafting. Each party hereto hereby acknowledges that all parties hereto participated equally in the drafting of this Agreement and that,
accordingly, no court construing this Agreement shall construe it more stringently against one party than the other. 
 10.6 Governing Law.
This Agreement shall be governed by, and construed under, the laws of the State of (*STATE CONFIDENTIAL*). 
 10.7 Rights Cumulative. Except
as is provided in Section 9.1 hereof, each and every of the rights, benefits and remedies provided to Purchaser or Seller by this Agreement, or any instrument or document pursuant to this Agreement are cumulative and shall not be exclusive of
any other of said rights, remedies and benefits allowed by law or equity. 
  
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 14 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 10.8 Date. For purposes of this Agreement, the date hereof shall mean the date Seller finally accepts
this Agreement. If this Agreement is not signed by Seller and Lender on or before February 9, 2008, then this Agreement is null and void and of no effect. 
 10.9 Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be personally delivered by means of receipted delivery or mailed by first-class registered or certified
mail, return receipt requested, postage prepaid (and shall be effective when received): 
  

									
	(a)	  	if to Seller:	  	(*NAME AND ADDRESS CONFIDENTIAL*)	  	
				
		  	with copy to:	  	(*NAME AND ADDRESS CONFIDENTIAL*)	  	
					
	(b)	  	if to Purchaser:	  	Troy Lowrie	  		  	
		  		  	Brent Lewis	  		  	
		  		  	VCG Holding Corp.	  		  	
		  		  	390 Union Blvd., Suite 540	  		  	
		  		  	Lakewood, CO 80228	  		  	
					
		  	With copies to:	  		  		  	
				
		  		  	Mike Ocello	  	
		  		  	1401 Mississippi Avenue #10	  	
		  		  	Sauget, IL 62201	  		  	
					
		  		  	Martin A. Grusin	  		  	
		  		  	780 Ridge Lake Blvd., Suite 202	  	
		  		  	Memphis, TN 38120	  		  	
		  		  	Facsimile: 901-682-3590	  		  	
				
	(c)	  	if to Escrow Agent:	  	(*NAME AND ADDRESS CONFIDENTIAL*)	  	

 10.10 Seller agrees to indemnify and hold harmless Purchaser from and against all costs, losses,
damages, liabilities, and expenses (including reasonable attorney fees) which Purchaser may sustain by reason of the failure of closing of sale of the Subject Property because of the failure of Seller to cure any material default by Seller resulting
because any representation and warranty of Seller in Section 3.1 (a) through (t) shall be untrue as of the date of closing, which costs and expenses shall include, but not be limited to, Purchaser’s costs of loan applications,
commitment fees, engineering costs of delivering documents and correspondence, telephone expenses and surveys. Any claim for indemnity must be made within six (6) months from date of Closing and shall be limited to $25,000.00. 
  
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 15 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 11. Survival of Warranties. All of the warranties and representations contained in this Agreement or
given pursuant hereto shall survive delivery of the Deed, Bill of Sales and other documents of transfer, the closings hereunder and any investigations made by the parties. 
 12. This Agreement and Purchaser’s obligations as specified herein are specifically made contingent upon Seller and Purchaser entering into a Lease
Agreement for the land upon which the Subject Property is located. 
 IN WITNESS WHEREOF, the parties have hereto set their hands and seals
as of the date and year first above written. 
  

							
		 		 	SELLER:
		 		 	(*NAME CONFIDENTIAL*)
			
	2-9-08	 		 	 /s/ (*NAME CONFIDENTIAL*)

	Date signed by Seller	 		 	(*NAME CONFIDENTIAL*)
			
		 		 	PURCHASER:
		 		 	(*NAME CONFIDENTIAL*)
				
	2-9-08	 		 	BY:	 	 /s/ MICHEAL L. OCELLO

	Date signed by Purchaser	 		 	TITLE:	 	V. PRESIDENT
			
		 		 	ESCROW AGENT:
		 		 	(*NAME CONFIDENTIAL*)
				
	  
	 		 	BY:	 	  

	Date signed by Escrow Agent	 		 	TITLE:	 	  

  
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 16Ground Lease Agreement

 Exhibit 10.5 
 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant
to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange Commission. 
 GROUND LEASE AGREEMENT 
 THIS LEASE is made the 9th day of February, 2008, to be effective upon the Effective Time and Closing
as defined in the Agreement and Plan of Reorganization executed by the parties hereto simultaneously with the execution of this Ground Lease Agreement, by and between VCG Holding Corp., a Colorado corporation and (*NAME CONFIDENTIAL*), a (*STATE
CONFIDENTIAL*) Limited Liability Company (“VCG” or “Tenant”), and (*NAME CONFIDENTIAL*) (“Landlord”). 
 A. Landlord is the
owner of the Land commonly known as (*ADDRESS CONFIDENTIAL*) as described in the legal description attached hereto and made a part hereof as Exhibit “A” (“Premises” or “Leased Premises”). 
 B. Landlord desires to lease the Premises to Tenant, and Tenant desires to take and lease the Premises from Landlord. 
 NOW, therefore, for and in consideration of the rents reserved hereunder and the terms and conditions hereof, Landlord hereby rents, demises, and leases to Tenant, and
Tenant takes and leases from Landlord the Premises, all upon the following terms and conditions. 
 ARTICLE I 
 TERM OF LEASE AND USE OF PREMISES 
 1.1 Term.
The term of the Lease shall commence on the Effective Time, as that term is defined in the Agreement and Plan of Reorganization executed by the parties simultaneously hereto, and shall end on the last day of the 60th month from the Effective Time.

 1.2 Extended Term. Landlord shall grant the option to Tenant four 5-year options to renew this Lease. Tenant shall provide written notice of
election to decline such option 180 days prior to the expiration of the initial or subsequent terms described above or this Lease shall automatically extend to the succeeding renewal period. Each option period shall be at an increased rate of 10%
increase over the prior term’s rental obligation. If Tenant does not exercise timely any said option, then Tenant shall execute all documents necessary to allow another entity to have a Sexually Oriented business license issued at said location
immediately upon the Termination of their lease and shall surrender its SOB license for such purpose. 
 1.3 Initial Rental Obligation. Tenant shall
pay Fifty Thousand ($50,000.00) Dollars (net) to Landlord on the 1st day of each month and continuing thereafter on a monthly basis for the first term and each and every month during the term (“Monthly Rent”). Tenant shall pay to Landlord
the pro rata portion of the rent due from the Effective Time through the 
  
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 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
last day of the month in which the Effective Time occurs, and said Monthly Rent shall thereafter be paid on a regular and continuing basis as stated in this
Section. All Rent and other obligations of Tenant to Landlord shall be paid to Landlord at (*ADDRESS CONFIDENTIAL*) or to such place or person/entity. 
 Landlord directs. In order that such Rent shall be net to Landlord ,Tenant shall pay all taxes insurance and expenses whatsoever related to the Premises as provided for herein. 
 1.4 Use of Premises. The Leased Premises shall be used and occupied as an adult entertainment facility, or adult cabaret, or for such other lawful purpose as Tenant may elect, provided at all times Tenant
maintains a Specialized Certificate of Occupancy and the appropriate Sexually Oriented Business (“SOB”) license under (*CITY CONFIDENTIAL*) City Code (“(*CITY CONFIDENTIAL*) License”) or the equivalent to operate as an SOB adult
cabaret. The Tenant shall not (i) knowingly use the premises for any illegal or unlawful purpose in a manner which threatens the operation of the business or constitutes an abatable nuisance (ii) use the premises for any purpose in
violation of the Certificate of Occupancy or (iii) engage in or allow any illegal or unlawful act on the Premises. The Premises shall continuously be used as an SOB. 
 1.5 Compliance with the Law. In its use and occupancy of the Leased Premises, and the exercise of its rights hereunder, Tenant shall, at its sole cost and expense, promptly comply with all federal, state,
county, or municipal laws, ordinances, rules, regulations, directives, orders and/or requirements (collectively “Governmental Regulations”) now in force or which may hereafter be in force with respect to the Premises due specifically to
Tenant’s use and occupancy of the Premises and Tenant’s business conducted thereon. Tenant shall not permit any use of the Leased Premises which would directly or indirectly violate any such law, ordinance, regulation or direction, or
which may be dangerous to any of the personal property located at the Premises. Failure to maintain the (*STATE CONFIDENTIAL*) License for the Premises shall constitute an event of default. Upon such act of default the Landlord shall be entitled to
recover actual damages in addition to rents due or to be paid hereunder for loss of real estate that qualified as an SOB location. 
 1.6 Assignment and
Subletting. Tenant shall have the right to sublease all or any part of the Leased Premises subject to the terms hereof without the consent of the Landlord, so long as Tenant remains primarily liable for all terms hereof, and the Landlord shall
not be required to engage in any manner with the sub-tenant or assignee. Any such sublease or assignment may not be made unless and until the Sub tenant or Assignee has reaffirmed acceptance of all terms hereof and has qualified to receive a (*CITY
CONFIDENTIAL*) License at the Premises. 
 1.7 Assignment by Landlord. Landlord shall have the right to assign this Lease, collaterally or otherwise,
without Tenant’s consent; provided, however, that Landlord shall give written notice to Tenant of any proposed assignment at least thirty (30) days prior thereto. No assignment by Landlord shall alter the rights of Tenant hereunder, and
all of the recitals, terms, covenants, and conditions of this Lease shall remain in full force and effect upon the assignment. Upon any assignment by Landlord, Tenant shall make 

  

 2 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
rental payments to the assignee unless and until the assignee actually delivers to Tenant a written notice directing rental payments to thereafter be made to
the assignor. In the event of the transfer and assignment by Landlord of its interest in the Lease and in the Premises to a person expressly assuming Landlord’s obligations under this Lease, Landlord shall remain liable hereunder unless
released by the Tenant in which case Tenant agrees to look solely to such successor in interest of the Landlord for performance of such obligations. Any security given Tenant to Landlord to secure Tenant’s obligations hereunder may be assigned
and transferred by Landlord to such successor-in-interest and Landlord will thereby be discharged of any further obligations relating thereto. 
 1.8
Security Deposit. Tenant agrees to deposit with Landlord the sum of Fifty Thousand ($50,000.00) Dollars, which sum shall be held by Landlord, without liability for interest, as security for the performance of Tenant’s obligations under
this Lease, it being expressly understood and agreed that this security deposit is not an advance rental deposit, or a measure of Landlord’s damages in case of Tenant’s default. Upon each occurrence of a Tenant Default (hereinafter
defined), Landlord may use all or part of the security deposit to pay past due rent or other payments due Landlord under this Lease, and the cost of any other damage, injury, expense or liability caused by such Tenant Default without prejudice to
any other remedy provided herein or provided by law. On demand, Tenant shall pay Landlord the amount that will restore the security deposit to its original amount. The security deposit shall be deemed the property of Tenant and any remaining balance
of such security deposit not used by the Landlord pursuant to this Lease shall be returned by Landlord to Tenant within sixty (60) days after Tenant’s obligations under the Lease have been fulfilled. Notwithstanding any terms or provisions
hereof to the contrary, the Security Deposit shall be returned to Tenant in the event that Tenant terminates this Lease in accordance with its terms. 
 1.9 Late Charges. If Tenant fails to pay any installment of Monthly Rent on or before the fifteenth
(15th) day of the calendar month, then Tenant shall pay to Landlord, in addition to the installment of Monthly Rent, five percent (5%) of such
installment, as a late payment fee. Notwithstanding the foregoing, Landlord shall provide notice to Tenant if any installment of Monthly Rent is not paid on or before the fifteenth (15th) day of the calendar month. 
 1.10 Surrender of the Property. Upon the termination of this Lease,
Tenant shall quit and surrender the Project, broom clean, to Landlord, without delay and in good order, condition and repair, ordinary wear and tear excepted, free and clear of all liens and encumbrances other than Permitted Exceptions. Any personal
property owned by Tenant which shall remain on the Project after the termination of this Lease and the removal of Tenant from the Project, may, at the option of Landlord, be deemed to have been abandoned, and may either be retained by Landlord as
its property or be disposed of without accountability, as Landlord may see fit. The provisions of this Section shall survive the termination of this Lease .Further upon termination Tenant shall surrender its current (*CITY CONFIDENTIAL*) License for
the Premises to Landlord along with all other documents affidavits etc. required by the City of (*CITY CONFIDENTIAL*) to allow the cancellation of Tenant’s license instantaneously with the issuance of a new 

  

 3 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
(*CITY CONFIDENTIAL*) License for the Premise to Landlord or his designee. To the extent necessary this document shall constitute an irrevocable Power of
attorney from Tenant to Landlord or his designee to effectuate the provisions of this subsection. 
 ARTICLE II 
 ADDITIONAL RENT 
 2.1 Additional Rental
Obligation. In addition to the rental sum described above, Tenant shall pay the following: 
 a. Utilities. Tenant shall promptly pay and discharge
the cost of all utilities in connection with Tenant’s use of the Leased Premises and Building thereon. In the event that any such utility charge is unpaid, Landlord may, at its option, pay and discharge such charge, notifying Tenant of such
payment and forthwith being reimbursed on demand for such payment by Tenant; 
 b. Taxes. Tenant shall pay, before they become delinquent, any ad
valorem taxes, including but not limited to real estate and personal property taxes, waste disposal assessments, or other assessments for public or municipal improvements that are assessed or imposed upon the Leased Premises and Building thereon
during the time of the Lease including all such taxes for the year 2007. Landlord shall furnish to Tenant within five days after receipt of any such tax or assessments which shall be levied on the property. Tenant shall promptly pay the real estate
and personal property taxes, assessments or other costs imposed upon the land, prior to such obligation becoming delinquent, evidencing an official receipt as paid in full and providing same to Landlord. Tenant shall pay before delinquency any and
all taxes on the real estate and personal property which are levied or assessed and/or which become payable during the Lease Term for the year 2007 upon all or any part of the Building, improvements, equipment, furniture, fixtures, and other
personal property, although same may be assessed and taxed with the real property. Tenant shall, upon request of Landlord, furnish to Landlord, prior to the date any tax or tax assessment would become delinquent, an official receipt of the
appropriate taxing authority, or other evidence satisfactory to Landlord, evidencing the payment thereof. 
 c. Insurance. Tenant shall procure and
maintain, and pay all premiums, fees and charges for the purpose of procuring and maintaining continuously throughout the Term: (i) insurance on the Improvements (including building and fixtures on the Premises) against loss or damage by fire
or other casualty with endorsements providing what is commonly known as all risk fire and extended coverage (but not including flood or earthquake coverage), vandalism and malicious mischief insurance, in an amount equal to the full replacement cost
thereof; and (ii) general liability insurance(insuring against claims of bodily injury, death or property damage) with a combined single limit of not less than Two Million Dollars ($2,000,000.00) for any bodily injury or property
damage(including 

  

 4 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
coverage for liquor liability /Dram Shop claims if liquor is sold or provided on the Premises), with a deductible that is consistent with Tenant’s
insurance practices. Landlord may procure and maintain general liability insurance. All property, casualty and other policies of insurance referred to in this Lease shall include the other party, as their interest may appear, as additional insureds,
shall insure such party against liability arising out of the other party’s negligence or, to the extent typically covered by a standard policy of commercial general liability insurance, the negligence of any other person, firm or corporation
and contain a contractual liability endorsement for liabilities assumed by the other party under this Lease. All policies procured by Tenant hereunder shall be on standard policy forms issued by insurers of recognized responsibility, rated APlusXII
or better by Best’s Insurance Rating Service, qualified to do business in (*STATE CONFIDENTIAL*). A certificate of such insurance shall be delivered to the other party prior to the Lease Commencement Date and thereafter not less than fifteen
(15) days after the expiration thereof and shall provide that such policy may not be cancelled or modified except upon not less than thirty (30) days written notice to the other. Any insurance required or permitted to be carried pursuant
to this paragraph may be carried under a policy or policies covering other liabilities and locations of Landlord or Tenant; provided, however, that such policy or policies shall apply to the property required to be insured as set forth above and,
with respect to Tenant, in an amount not less than the amount of insurance required to be carried by Tenant. Landlord shall be named as an additional insured on all such policies and Tenant shall provide proof of same and all insurance required
hereunder to Landlord. 
 d. Licenses. Tenant shall be liable for, and shall pay throughout the Term, all license and excise fees and occupation taxes
covering the adult cabaret conducted on the Premises, including but not limited to any specialized certificates of occupancy required. 
 2.2 Failure of
Tenant to Provide Insurance. Should Tenant occupy the Leased Premises without providing the required insurance coverage, Landlord, at its option, may obtain the required insurance coverage and Tenant shall pay the premiums for same as additional
rent within five days of the receipt of notice of payment from Landlord. 
 2.3 Failure to Pay Taxes. Should Tenant fail or refuse to pay any real
estate or personal property taxes, waste disposal assessments, or other assessments for public or municipal improvements, Landlord shall elect to pay same, after giving written notice to Tenant of its intent to do so, and Tenant shall reimburse
Landlord for the payment as additional rent within five days of the receipt of notice of payment from Landlord. 
 2.4 Waiver of Subrogation.
Notwithstanding anything set forth in this Lease to the contrary, Landlord and Tenant do hereby waive any and all right of recovery, claim, action or cause of action against the other, their respective principals, beneficiaries, partners, officers,
directors, agents, employees and Mortgagees, for any loss or damage that may occur to Landlord or Tenant or any party claiming by, through or under Landlord or Tenant, as the case may be, with respect to their respective properties, the Project or
the Premises or any addition or Improvements thereto, or any contents therein, by reason of fire, the elements or any other cause, regardless of cause or origin, including 

  

 5 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
the negligence of Landlord or Tenant, or their respective principals, beneficiaries, partners, officers, directors, agents and employees and Mortgagees,
which loss or damage is (or would have been, had the insurance required by this Lease been carried) covered by insurance. Since this mutual waiver will preclude the assignment of any such claim by subrogation (or otherwise) to an insurance company
(or any other person), Landlord and Tenant each agree to give each insurance company which has issued, or in the future may issue, its policies of fire, extended coverage or material damage insurance, written notice of the terms of this mutual
waiver, and to have such insurance policies property endorsed, if necessary, to prevent the invalidation of any of the coverage provided by such insurance policies by reason of such mutual waiver. For the purpose of the foregoing waiver, the amount
of any deductible applicable to any loss or damage shall be deemed covered by, and recoverable by the insured under the insurance policy to which such deductible relates. 
 ARTICLE III 
 REPAIRS AND MAINTENANCE 
 3.1 Maintenance. 
 a. Tenant shall, at its own expense, keep in good
repair buildings and fixtures as found on the Leased Premises, including without limitation the heating and air conditioning systems, plumbing, lighting and electrical systems, partitions, exterior and interior doors, windows (including plate
glass), fixtures and the interior of walls, floors and ceilings and comply with all governmental requirements as to the condition of the Leased Premises. 
 b. Exterior maintenance of the Leased Premises shall be provided by Tenant. Tenant, at its sole cost and expense, shall keep the Project, all Improvements constructed thereon, and all alleyways, passageways, sidewalks, curbs, equipment,
fences, parking areas (including the surface and striping) and vaults adjoining the Project in good and clean order and condition, ordinary wear excepted, shall not make or suffer any waste or damage thereto, and shall make all necessary repairs,
replacements and renewals thereof, interior and exterior, and structural and non-structural. The necessity for and adequacy of the repairs and replacements to the Project made or required to be made pursuant to this Section 3.1 shall be
measured by the standards which are appropriate for buildings of similar construction and age in the vicinity of the Premises containing similar facilities. By taking possession of the Premises, the Tenant accepts the Premises as suitable for the
purposes for which the same are leased and hereby waives any implied warranties of habitability or fitness for use. 
 3.2 Liens. Tenant will not
create or permit to be created or remain, and will promptly discharge, at its sole cost and expense, any lien, encumbrance or charge upon the Leased Premises and Building thereon or any part thereof or upon Tenant’s leasehold interest therein,
which arises out of the use or occupancy of the Leased Premises and Building 

  

 6 

 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
thereon by Tenant or by reason of any labor and material furnished or claimed to have been furnished to Tenant or by reason of any construction, addition, or
alteration, on any part of the Leased Premises by Tenant. Landlord, at its sole option, may cause to be discharged any lien, encumbrance or charge upon the Leased Premises, or any part Thereof or upon Tenant’s leasehold interest therein. Tenant
shall immediately pay to Landlord on demand an amount equal to the cost of discharging such interest, plus all fees and expenses reasonably incurred in connection therewith, including, but not limited to reasonable attorney’s fees. 

3.2 Construction/Alteration. See Addendum A. 
 ARTICLE IV 
 OPTION 
 4.1
First Right of Refusal. Landlord hereby grants to Tenant (VCG) a first right of refusal to purchase the property during the term and any extensions of this Lease Agreement. If Landlord shall desire to sell the Premises (subject to the terms
of this Lease), and receives a bona fide offer to purchase, Landlord shall give Tenant written notice of Landlord’s intention to sell Landlord’s interest in the Premises as contained in said offer to purchase. Such notice
(“Landlord’s Notice”) shall state the terms and conditions under which Landlord intends to sell its interest. For thirty (30) business days following the giving of such notice, Tenant shall have the option to purchase the
Landlord’s interest at the same price and under the same terms as stated in the Landlord’s Notice. A written notice in substantially the following form, addressed to Landlord and signed by Tenant, within the period for exercising the
Option, submitted with a bank cashier’s check or money order payable to the order of Landlord in the amount of $100,000.00 (the “Earnest Money”) shall be an effective exercise of Tenant’s Option, to wit: 
 [DATE] 
 “We hereby exercise the Option to purchase the
property described in the Lease, pursuant to the Right of First Refusal contained in that certain Lease Agreement between us pertaining to said Premises under the terms of Landlord’s Notice” 
 The closing of such Purchase shall be within sixty (60) days from the date of notice. Such exercise will not abate Rent or any other Obligation in this Lease and
same will continue until Closing on said Option. 
 4.2 Option to Purchase. Landlord hereby grants the Tenant an option to purchase the Leased
Premises, at any time on or after the Fifth (5th) year anniversary date of this Lease Agreement, at fair market value but in no event less than Six Million Dollars ($6,000,000.00) provided that Tenant is not in default under the terms of the
Lease and the Lease has not otherwise been terminated. In determining fair market value, an appraiser shall be obtained by Tenant, at Tenant’s expense, and shall value the property as an adult cabaret. In the event Landlord is in disagreement
with the appraisal provided by 

  

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Tenant, then in such event Landlord shall obtain an appraiser, at Landlord’s expense, to value the property as an adult cabaret. In the event there is
more than a 5% difference in the appraised values between Tenant’s appraisal and Landlord’s appraisal, the parties shall retain a third appraisal, said appraiser to be selected by Tenant’s and Landlord’s two appraisers, for a
final appraisal to be performed for a valuation as an adult cabaret, with the cost of the third appraisal being borne by the party whose initial appraisal is farthest from the initial appraisals. If Tenant wishes to exercise such option Tenant shall
deliver to Landlord a written notice in substantially the following form, addressed to Landlord and signed by Tenant and given in accordance with the provisions of this Article, within the period for exercising the Option, submitted with a bank
cashier’s check or money order payable to the order of Landlord in the amount of $100,000.00 (the “Earnest Money”) shall be an effective exercise of Tenant’s Option, to wit: 
 [DATE] 
 “We hereby exercise the Option to purchase the
property described in the Lease, pursuant to the Option contained in that certain Lease Agreement between us pertaining to said Premises.” 
 The
closing of such Purchase shall be within sixty (60) days from the date of notice .Such exercise will not abate Rent or any other Obligation in this Lease and same will continue until Closing on said Option. All costs of Sale will be born by
Tenant. 
 4.3 Right of Reversion. Should Tenant or its assigns fail or refuse to exercise its option to purchase as herein described, and the term of
the Lease or any extensions thereof end, then the title and ownership of the Improvements (including the building), Fixtures and Personal Property related to (*ADDRESS CONFIDENTIAL*) and the Leased Premises shall revert back to the Landlord. At the
expiration of the Term, Tenant, if requested by Landlord, shall execute any and all documents necessary to evidence that ownership and title to the aforementioned Improvements (including the building), Fixtures and Personal Property is in Landlord
and to extinguish and remove any cloud or potential cloud on the title to the Premises and/or the Improvements 
 ARTICLE V 

LOSS OR DESTRUCTION 
 5.1 Loss or
Destruction. Pursuant to an Agreement and Plan of Reorganization dated February 9, 2008, having an Effective Time as defined in said Agreement and Plan of Reorganization (“Plan”), VCG will purchase the building currently erected
on the Leased Premises. Should the building be destroyed or damaged by fire or other disaster, Tenant shall upon timely notice to Landlord of said Loss or Destruction have the option as follows: 
 a. rebuild subject to Addendum A hereto the building in a quality and manner at least as good as the quality and manner of the building as of the Effective Time of the
Plan. The 

  

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work of repair or restoration, which shall be completed with due diligence, shall be commenced within a reasonable time after the damage or loss occurs; or

 b. pay the insurance proceeds received for the destruction or loss of the building to Landlord, unless Tenant shall exercise the options contained in
Article IV hereof and terminates this Lease in compliance with all obligations arising from said termination herein. 
 Neither Monthly Rent nor any other
rental hereunder shall abate while the Improvements are being repaired or restored; provided, however, in the event the Leased Premises cannot be used for the operation of the business due to the extent of the loss or destruction there shall be a
120 day abatement in Monthly Rent due under the Lease and there shall be a corresponding extension of the lease term not to exceed four (4) months. 
 ARTICLE VI 
 EARLY TERMINATION 
 6.1 Right to Terminate. Landlord hereby grants Tenant the limited right to early termination of the Lease Agreement herein, at the option of Tenant, should the Leased Premises lose the right to operate as an
adult cabaret due to a change in local, state, or federal law which prevents the location of the Premises from being used as an adult cabaret. The early termination rights herein are solely provided and may only be exercised in the event Tenant has
lost the use of the Leased Premises and Building and Improvements for the permitted use as an adult cabaret through a change in local, state, or federal law which prevents the location of the Premises from being used as an adult cabaret. Tenant has
no other early termination right. It is expressly understood by Landlord and Tenant that Tenant shall not be allowed early termination for its loss of use of the Leased Premises as an adult cabaret as a result of Tenant’s actions and inactions,
during the operation of the Business, which result in the loss of the ability to use the Leased Premises as an adult cabaret. 
 ARTICLE
VII 
 CONDEMNATION 
 7.1
Condemnation/Eminent Domain. 
 a. Condemnation. If the Leased Premises are taken by any authorized entity by eminent domain or by private sale
to a governmental authority under the threat thereof, or if part of the Leased Premises is taken so as to substantially interfere with the use thereof, then Tenant shall have the option, to be exercised within sixty (60) days after the taking,
to terminate this Lease by notice to Landlord, which termination shall be deemed to be effective as of the date the condemning authority takes title or possession, whichever first occurs, and all rentals shall be paid up to that date. In such an
event all ownership and title to the Improvements (including building), Fixtures and Personal Property revert back 

  

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to Landlord and Landlord. Nothing herein shall prevent Tenant from seeking any award due it as a result of the loss of its leasehold interest, and Landlord
shall be entitled to all awards/condemnation proceeds due him for the loss of the building, property and income therefrom. 
 b. Rights in Awards. In
the event Tenant does not exercise his right to terminate the Lease, Landlord and Tenant will be entitled to share any condemnation award according to their respective interests. 
 c. Apportionment of Partial Award. If there occurs a Partial Taking and Tenant elects not to terminate the Lease, Landlord and Tenant shall be entitled to receive and retain such separate awards and portions of
lump sum awards as may be allocated to their respective interests in any condemnation proceedings, or as may be otherwise agreed, taking into consideration the fact that Landlord’s interest in the premises is limited to the Land, as encumbered
by this Lease, a reversionary interest in the Improvements (including building), Fixtures and Personal Property upon the expiration of the Term or termination of the Lease, and the right to receive rent hereunder. If the Premises shall be restored
as herein provided, Tenant shall first be entitled to recover the costs and expenses incurred in such restoration out of any such award. Thereafter, if the condemning authority does not make separate awards and the parties are unable to agree as to
amounts that are to be allocated to the respective interests of Landlord and Tenant, then each party shall select an independent M.A. I. real estate appraiser (an “Appraiser”). Each appraiser shall separately determine the amount of the
balance of the condemnation award that is to be allocated to the interests of Landlord and Tenant. If the percentage of the balance of the total award each Appraiser allocates to Landlord (a) are within ten (10%) of each other, the two
(2) allocations shall be averaged and such average shall be the final allocation of the award, or (b) are not within ten (10%) of each other, the two Appraisers shall then select a third Appraiser who shall independently allocate the
award between Landlord and Tenant, and the middle of such three (3) allocations shall be the final allocation of the award. 
 ARTICLE
VIII 
 ENVIRONMENTAL/HAZARDOUS SUBSTANCES 
 8.1 Discharge. “Discharge” shall mean the releasing, spilling, leaking, leaching, disposing, pumping, pouring, emitting, emptying, dumping, presence, use, handling, treatment, manufacture, transportation, generation,
storage or sale of Hazardous Substances at, in, on, under or emanating to or from the Premises, the Common Areas or the Development, directly or through migration, or the threat thereof, regardless of whether the result of an intentional or
unintentional act or omission. 
 8.2 Environmental Documents. “Environmental Documents” shall mean all environmental documents in the
possession or under the control of the producing party concerning the Premises, the Common Areas or the Development, and their environs, including without limitation, all sampling plans, cleanup plans, preliminary assessment 

  

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plans and reports, site investigation plans and reports, remedial investigation plans and reports, remedial actions plans and reports, or the equivalent,
sampling results, sampling result reports, data, diagrams, charts, maps, analysis, conclusions, quality assurance/quality control documentation, correspondence to or from any Governmental Authority, submissions to any Governmental Authority and
directives, orders, approvals and disapprovals issued by any Governmental Authority. 
 8.3 Environmental Law or Laws. “Environmental Law”
or “Environmental Laws” shall mean each and every applicable federal, state, regional, county or municipal environmental or health safety statute ,ordinance, rule, regulation, order, code, directive or requirement, relating to the
environment, Hazardous Substances or health or safety, including without limitation the Resource Conservation and Recovery Act, as amended, 42 U.S.C. §6901 et seq.; the Comprehensive Environmental Response, Compensation and Liability Act, as
amended 42 U.S.C. §9601 et seq.; the Water Pollution and Control Act, 33 U.S.C. §1251 et seq.; the Toxic Substances Control Act, 15 U.S.C. §2601 et seq., the Clean Water Act, 33 U.S.C. §1251 et seq.; the Clean Air Act, 42 U.S.C.
§7401 et seq.; and the Tank Laws (as defined below), now or hereafter existing, together with all successor statutes, ordinances, rules, regulations, orders directives, or requirements now or hereafter existing. 
 8.4 Governmental Authority. “Governmental Authority” shall mean the federal, state, regional, county or municipal government, or any department, agency,
bureau or other similar type body obtaining authority therefrom or created pursuant to any applicable statutes, ordinances, rules, regulations, orders, codes, directives or requirements now or hereafter existing. 
 8.5 Hazardous Substance or Hazardous Substances. “Hazardous Substance” or “Hazardous Substances” shall mean any substance, material, waste,
toxic substance, hazardous substance, hazardous waste, solid waste, pollution, pollutant, irritant or contaminant, including without limitation, petroleum, petroleum byproducts or derivatives, asbestos, polychlorinated biphenyls, mold or other
bacterial matter, as defined, listed or referred to in any Environmental Law, together with any amendments thereto, regulations promulgated thereunder and all substitutions thereof. Hazardous Substances shall not include Hazardous Substances used in
the Tenant’s customary business operations provided same are used in such quantities and handled in such manner as allowed/required under applicable Environmental Laws. 
 8.6 Environmental Notice. Environmental Notices” shall mean, in addition to its ordinary meaning, any communications of any nature, whether in the form of correspondence, memoranda, order, directives or
otherwise. 
 8.7 Remediate or Remediation. “Remediate” or “Remediation” shall mean all actions to investigate and clean up or
respond to any known, suspected or threatened Discharge of a Hazardous Substance, including without limitation; environmental investigation, monitoring and sampling; installation, maintenance and removal of monitoring wells; removal, treatment,
neutralization or containment of any Hazardous Substance; storage of 

  

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excavated materials; and installation, maintenance, storage and removal of machinery and equipment used in connection with the Remediation, to the extent
necessary to comply with the applicable Environmental Laws. 
 8.8 Tank Laws. “Tank Laws” shall mean all federal, state, regional, county,
or municipal environmental statutes, ordinances, rules or regulations relating to the underground storage tanks, including, without limitation, the Federal Underground Storage Law, subtitle 1 of the Resource Conservation and Recovery Act, as
amended, 42 U.S.C. § 6901 et seq. together with any amendments thereto, regulations promulgated thereunder and all substitutions thereof, and any successor legislation and regulations. 
 8.9 Underground Storage Tanks. “Underground Storage Tanks” shall have the meaning ascribed in such term under the Tank Laws, and shall also include
unregulated underground storage tanks used to store Hazardous Substances. 
 8.10 General Environmental Compliance Clauses. 
 a. Presence and Use of Hazardous Substances. Neither Tenant nor Tenant’s agents or contractors shall, without Landlord’s prior written consent, keep any
Hazardous Substances on or about the Premises, the Common Areas or the Development, in violation of Environmental Laws. 
 b. Tenant’s Compliance
with Environmental Laws. Tenant shall at Tenant’s own expense, comply with any applicable transaction triggered Environmental Laws, but only in the event of a closing of Tenant’s operations or transfer of Tenant’s operations or
change in the ownership of Tenant. If such compliance, becomes necessary due to any action or omission of Landlord, or any third party other than Tenant, including, without limitation, a trigger of a transaction triggered Environmental Law due to a
change in ownership of the Premises or the Development, or a change in ownership of Landlord, then Landlord shall, at Landlord’s own expense, promptly comply with such transaction triggered Environmental Law. Notwithstanding anything in the
contrary set forth in this Section, and regardless of whether such compliance is triggered by Landlord or Tenant, Tenant, shall only be responsible to investigate and Remediate Hazardous Substances at the Premises in the most cost effective manner
possible under the circumstances to comply with applicable Environmental laws, and only to the extent that the Hazardous Substances were Discharged by Tenant or Tenant’s employees, agents or contractors. In all other respects, Landlord shall,
at Landlord’s own expense, and without interfering with the ongoing business operations of Tenant in a commercially unreasonable manner, promptly comply with such transaction triggered Environmental Laws, including without limitation taking all
other action required by applicable Environmental Laws with respect to any Discharge of Hazardous Substances. Landlord hereby represents that to the best of his knowledge that as of the date of execution of this Lease there exists no violation of
Environmental Laws as that term is defined herein, provided however, if such violation arises as a result of any act prior to the date of the execution of this Lease, Landlord shall be responsible for any and all costs associated with such violation
or remedy: provided further, nothing herein shall be construed to prevent Landlord from seeking contribution 

  

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and indemnity from prior (i) title holders; (ii) tenants; (iii) any other generator as that term is used in the definition of Environmental
Laws; or (iv) any other polluter. 
 c. Information to Tenant. At no expense to Tenant, Landlord shall promptly provide all information
reasonably requested by Tenant or any applicable Governmental Authority with respect to Tenant’s obligations under this Section, and shall promptly sign such affidavits, submissions and other documents reasonably requested by Tenant or any
applicable Governmental Authority. 
 d. Notice of Meetings. Tenant shall use commercially reasonable efforts to notify Tenant in advance of all
meetings scheduled by Landlord or Landlord’s agents or contractors with any Governmental Authority with respect to the Premises, the Common Area or the Development and shall have the right to attend and participate in all such meetings.

 ARTICLE IX 
 GENERAL
PROVISIONS 
 9.1 Quiet Enjoyment. Tenant shall, provided Tenant shall not be in default hereunder, be permitted to peaceably and quietly hold and
enjoy the Leased Premises during the term hereof. 
 9.2 Access to Premises. Landlord, its agents, servants, or employees may enter the Premises at
reasonable times with reasonable advance notice to Tenant (or an authorized employee of Tenant at the Premises), and at any time, upon reasonable notice to Tenant under the circumstances, in an emergency, to do the following: inspect the Premises;
comply with all laws, orders, ordinances and requirements of any governmental unit or authority for which Landlord may be responsible under this Lease, if any; show the Premises to prospective lenders or purchasers and, during the ninety
(90) days immediately prior to the expiration of this Lease if Tenant declines to renew for an additional term in accordance with the provisions of this Lease, to prospective tenants, but only if all such showings are accompanied by a
representative of Tenant if so requested by Tenant; or post (on the Development, but not within or at the entrance of the Premises) for sale or for lease signs; provided; however, that all such entries shall be completed promptly in a good
workmanlike manner so as to cause the least practical interference to Tenant’s business and Tenant’s use of the Premises. In all events, Landlord shall use commercially reasonable efforts to minimize interference with the Premises and
Tenant’s business operations thereon. If Landlord’s entry materially and substantially interferes with the conduct of Tenant’s business and/or cause damage to Tenant’s property (and the entry is not needed because of
Tenant’s default, negligence or willful misconduct), then in such event the rent and any sums due and payable as additional rents, shall abate in proportion to the extent of the interference and Landlord shall be liable for any damage to
Tenant’s property. 
 9.3 Mutual Indemnification. Subject to the waiver of subrogation provision, Tenant agrees to indemnify and hold Landlord
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liability, or expenses (including reasonable attorneys’ fees) incurred by Landlord, arising from loss of life, personal injury and/or property damage,
caused by or resulting from, in whole or in part, any negligent act or omission or intentional misconduct of Tenant or any officer, agent, contractor or employee of Tenant in the Development, in connection with Tenant’s use of occupancy of the
Premises. Subject to the waiver of subrogation provision, Landlord agrees to indemnify and hold Tenant harmless from any and all losses, damages, liability, or expenses (including reasonably attorneys’ fees) incurred by Tenant, arising from
loss of life, personal injury and/or property damage, caused by or resulting from, in whole or in part, any negligent act or omission or intentional misconduct of Landlord or any officer, agent, contractor or employee of Landlord, in connection with
Landlord’s management and operation of the Leased Premises. 
 9.4 Concurrent Negligence. Notwithstanding the provisions of Mutual
Indemnification above, in the event of the concurrent negligence or intentional misconduct of Tenant, its agents, employees, sublessees, or contractors on the one hand and that the Landlord, its partners, directors, officers, agents, employees, or
contractors on the other hand, which concurrent negligence or intentional misconduct results in injury or damage to persons or property and relates to the construction, alteration, repair, addition to, subtraction from, improvement to, or
maintenance of the Leased Premises, a party’s (the “Indemnifying Party”) obligation to indemnify the other shall be limited to the extent of the Indemnifying Party’s negligence and/or intentional misconduct, and that of its
agents, employees, sublessees, or contractors, including the Indemnifying Party’s proportionate share of reasonable costs, attorneys’ fees, and expenses incurred in connection with any claim, action, or proceeding brought with respect to
such injury or damage. 
 9.5 Tenant’s Default. 
 a.
Default. The occurrence of any one or more of the following events shall constitute a default of this Lease by Tenant (a “Tenant Default”): (a) the failure by Tenant to make any payment of Monthly Rent, or any other payment
required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of fifteen (15) days after Tenant’s receipt of written notice thereof by Landlord to Tenant; provided that if Tenant fails to pay
Monthly Rent or any other payment required to be made by Tenant hereunder on time more than two (2) times in a twelve (12) month period, a Tenant Default shall occur notwithstanding that such payments have been made within the applicable
cure period; (b) the failure by Tenant to observe or perform any of the covenants, conditions, or provisions of this Lease to be observed or performed by Tenant, other than as described in subsection (a) above, where such failure shall
continue for a period of thirty (30) days after Tenant’s receipt of written notice thereof by Landlord provided that if such cure reasonably requires more than thirty (30) days to complete, then Tenant shall not be in default if
Tenant shall promptly commence the cure of such Tenant Default and diligently pursues such cure to completion; (c) the making by Tenant of a general assignment or general arrangement for the benefit of creditors; the filing of a voluntary
bankruptcy petition by Tenant. If an involuntary bankruptcy petition against Tenant has been filed and is not contested, dismissed, or stayed within sixty (60) days of filing); or the appointment of a trustee or receiver to take possession of
substantially all 

  

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of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not contested, discharged, or stayed in
thirty (30) days after appointment of said trustee or receiver, provided however, if a final order adjudicating the tenant as being bankrupt or appointing a trustee or receiver shall have been entered pursuant to 11 U.S.C. §303 such order
shall be an event of default hereunder, or the filing of a petition for the appointment of same by the Tenant, whichever shall first occur and (d) failure to maintain the premises as an adult cabaret in continuous operation, subject to the
provisions of Article VI. Notwithstanding anything in this provision which may be construed to the contrary, Tenant, in the event of an involuntary bankruptcy petition against it, has the right to contest an order for relief prior to entry of or
defeating the entry of same. 
 b. Remedies in Default. On the occurrence of the Tenant Default and after the applicable notice and cure period, and
subject to terms and conditions provided herein, Landlord may, without limiting Landlord in the exercise of any other right or remedy that Landlord may have at law or in equity by reason of such default, the remedies of Landlord hereunder being
cumulative and not exclusive of one another: (a) perform on Tenant’s behalf, any unperformed covenant or obligation hereunder constituting such Tenant Default (after giving Tenant written notice of Landlord’s intention to do so except
in the case of emergency), in which event Tenant shall reimburse Landlord for all expenses reasonably incurred by Landlord in doing so, plus interest at the Default Rate, which expenses and interest shall be additional rent and shall be payable by
Tenant immediately on demand therefore by Landlord; and/or (b) terminate this Lease and collect liquidated damages from Tenant in an amount equal to (i) the sum of all amounts due hereunder to the date of termination; plus (ii) the
aggregate rent remaining over the unexpired portion of the Term, plus the reasonable cost to Landlord of any repairs required to comply with Tenant’s obligations, all reduced to present value using a discount rate equal to the interest rate of
a governmental security having a mutual closest to the then current expiration of the Term; less (iii) the aggregate fair net rental value of the Premises over the remaining portion of the Term (provided, however, a reasonable period of time,
not to exceed twenty four (24) months, may be considered as a leasing period by which the Premises would not be leased and therefore no income would be realized for such period) reduced to present value at the above specified discount rate;
plus (iv) Landlord’s costs and expenses incurred in the enforcement hereof including reasonable attorneys fees as herein provided, or (c) maintain Tenant’s right to possession, in which case this Lease shall continue in effect
and Landlord shall be entitled to enforce all of Landlord’s right and remedies under this Lease, include the right to recover the Rent and other amounts payable hereunder as they become due hereunder. 
 9.6 Landlord Disclaimer. Except as may be otherwise in this Lease expressly provided, the Premises is being leased “AS IS,” with Tenant
accepting all defects, if any; and except as otherwise in the Lease expressly provided, Landlord makes no warranty of any kind, express or implied, with respect to the Premises (without limitation, Landlord makes no warranty as to the habitability,
fitness or suitability of the Premises for a particular purpose). This section is subject to any contrary requirements under applicable law, however, in this regard Tenant acknowledges 

  

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that it has been or is being given the opportunity to inspect the Premises and to have qualified experts inspect the Premises prior to the execution of
this Lease. Landlord is not in receipt of any notice from any governmental authority regarding a negative environment issue with respect to the Leased Premises and knows of no negative environment issue with respect to the Leased Premises.

 9.7 Brokerage Commission. Landlord and Tenant warrant and represent that they have not dealt with any real estate broker or salesman in
connection with this Lease. Landlord and Tenant further represent they have dealt with no other person that would create any liability for the payment of a commission by the other party. The party who breaches this warranty shall defend, hold
harmless, and indemnify the non-breaching party from any claims or liability arising form the breach. 
 9.8 Choice of Law. This Lease shall be
governed by the laws of the State of (*STATE CONFIDENTIAL*). Venue of any legal proceedings/arbitration shall be in (*COUNTY CONFIDENTIAL*) County ,(*STATE CONFIDENTIAL*). 
 9.9 Authority to Execute. Tenant represents and warrants that this Lease has been duly authorized, executed and delivered by and on behalf of Tenant and constitutes the valid, binding, and enforceable agreement
of Tenant in accordance with the terms hereof. Landlord represents and warrants that this Lease has been duly authorized, executed and delivered by and on behalf of Landlord, and constitutes the valid, binding and enforceable agreement of Landlord
in accordance with the terms hereof. 
 9.10 No Construction Against Drafting Party. Landlord and Tenant acknowledge that each of them and their
respective counsel have had an opportunity to review this Lease and that this Lease shall not be construed for or against either party merely because such party prepared or drafted this Lease or any particular provision thereof. 
 9.11 Number of Execution Copies/Counterparts. This Lease may be executed in any number of counterparts, each of which shall be an original, but all of which shall
constitute one instrument. 
 9.12 Prior Agreement. THIS LEASE CONTAINS THE ENTIRE AGREEMENT OF THE PARTIES HERETO AND ANY AND ALL ORAL AND WRITTEN
AGREEMENTS, UNDERSTANDINGS, REPRESENTATIONS, WARRANTIES, PROMISES, AND STATEMENTS FO THE PARTIES HERETO AND THEIR RESPECTIVE OFFICERS, DIRECTORS, PARTNERS, AGENTS, AND BROKERS WITH RESPECT TO THE SUBJECT MATTER OF THE LEASE, AND ANY MATTER COVERED
OR MENTIONED IN THIS LEASE SHALL BE MERGED IN THIS LEASE AND NO SUCH PRIOR ORAL OR WRITTEN AGREEMENT, UNDERSTANDING, REPRESENTATION, WARRANTY, PROMISE, OR STATEMENT SHALL BE EFFECTIVE OR BINDING FOR ANY REASON OR PURPOSE UNLESS SPECIFICALLY SET
FORTH IN THIS LEASE. NO PROVISION OF THIS LEASE MAY BE AMENDED OR ADDED TO EXCEPT BY AN AGREEMENT, IN WRITING, SIGNED BY THE PARTIES HERETO OR THEIR 

  

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RESPECTIVE SUCCESSORS IN INTEREST. THIS LEASE SHALL NOT BE EFFECTIVE OR BINDING ON ANY PARTY UNTIL FULLY EXECUTED BY BOTH PARTIES HERETO. 
 9.13 Acceptance. The submission of this Lease to Tenant does not constitute an offer to lease. This Lease shall become effective only upon the execution and
delivery thereof by both Landlord and Tenant. 
 9.14 Consent. Except where otherwise expressly provided for in this Lease any consent or approval
required under this Lease, pursuant to the terms of this Lease, may not be unreasonably withheld, conditioned, or delayed. 
 9.15 Attorneys’
Fees. Should either party be required to engage an attorney to enforce this Agreement, or the arbitration section as set forth below, the prevailing party shall receive all reasonable cost of enforcement, including, but not limited to reasonable
attorney’s fee. 
 9.16 a. Notices. Any notice required or permitted to be given to party under the provisions of this Lease shall be deemed
valid only if given in writing and (i) delivered personally or (ii) sent via United States Certified Mail, Return Receipt Requested, with postage prepaid or, (iii) sent via Federal Express or other similar nationally recognized
overnight courier to the recipient for next business day delivery and addressed by the sender to the intended recipient: 
 If to VCG Corporation:

 Troy Lowry 
 390 Union Blvd., Suite 540 
 Lakewood, CO 80228 
 Copy to: 
 Michael Ocello 
 1401 Mississippi Ave., Suite 10 
 Sauget, IL 62201 
 Copy to: 
 Martin A. Grusin 
 The Law Offices of Martin A. Grusin P.C. 
 780 Ridge Lake Blvd., Suite 202 
 Memphis, TN 38120 
 If to Landlord: 
 (*NAME AND ADDRESS CONFIDENTIAL*) 
  

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 Copy to: 
 (*NAME AND
ADDRESS CONFIDENTIAL*) 
 b. All references to days for Notice contained in this Lease shall mean Business Days, provided however, this provision shall not
apply to Section 1.9. 
 c. All notices are only deemed effective upon ACTUAL receipt. 
 9.17 Successors. This Lease binds and inures to the benefit of the parties and their respective heirs, legal representatives, successors and assigns. 
 9.18 Recordation. Tenant and Landlord shall join in the execution of a short form Memorandum of Lease for purposes of recordation. 
 9.19 Estoppel Certificate. Landlord and Tenant agree that from time to time upon not less than ten (10) days prior request by Landlord, Tenant will deliver
to Landlord a statement in writing certifying that (a) this Lease is unmodified and in full force and effect (or if there have been modifications, that this Lease is in full force and effect as modified and identifying the modifications),
(b) the dates to which the rent and other charges have been paid, and (c) that so far as the person making the certificate knows, Landlord is not in default under any provision of this Lease and, if Landlord is in default specifying each
such default of which the person making the certificate may have knowledge, it being understood that any such statement so delivered may be relied upon by Landlord, or any successor or assignee or interest of Landlord, or any prospective purchaser,
mortgagee, or any assignee or any mortgage on the Leased Premises. Landlord also expressly agrees that this Lease shall not be subordinate to any mortgage that Landlord may grant on the Leased Premises subsequent to the date of execution of this
Lease, and that no estoppel certificate so requested shall require such subordination and shall confirm that this Lease shall not be so subordinated. 
 9.20
Waiver of Covenants. No waiver of any condition or covenant of this Lease shall be deemed to imply or constitute a further waiver of the same or any other like condition or covenant, and nothing therein contained shall be construed to be a
waiver on the part of Landlord of any right or remedy at law or otherwise, and all of Landlord’s remedies herein provided for shall be deemed to be cumulative. A modification or amendment of this Lease will be valid and effective only if it is
in writing signed by each of the parties. 
 9.21 Headings. The headings used in this Lease are inserted for convenience and are not to be considered
in the construction of the provisions of this Lease. 
 9.22 Covenants Run With Land. During the term of this Lease, all covenants and agreements
contained in this Lease shall be construed as covenants running with the land, and all rights and powers given to and obligations imposed upon the respective parties shall be construed as inuring to and binding upon the successors in interest and
the permitted assigns of the parties hereto, respectively. 
  

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 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 9.23 Time of Essence. Time is of the essence with respect to the performance of the parties’ obligations
under this Lease. 
 9.24 Condition Precedent. This Lease is expressly contingent upon the execution of and payment of the Purchase Price under that
certain Agreement and Plan of Reorganization dated February 9, 2008, to be effective on the Effective Time as defined in said Agreement and Plan of Reorganization by and among VCG Holding Company, a Colorado corporation and (*NAME
CONFIDENTIAL*), a (*STATE CONFIDENTIAL*) corporation. Absent execution of and payment of the Purchase Price under the aforementioned Agreement and Plan of Reorganization, this Lease is void ab initio, does not bind the parties and does not create
any right, claim or liability by or between the parties hereto. 
 9.25 Right of Offset. Notwithstanding anything contained herein to the contrary,
the Tenant or his assigns or subtenants shall have the right of offset against any sums due hereunder as a result of (*NAME CONFIDENTIAL*) (Landlord/Controlling Shareholder) or his assigns default of all or any terms of this Lease or Agreement and
Plan of Reorganization stated above in Section 9.24 to the extent of damages incurred. The right of offset shall not be exercised until the arbitration procedures set forth in Section 9.27 have been exhausted. 
 9.26 Limitation of Damages. No party shall be liable to any other party for any special or punitive damages, whether at law or equity. 
 9.27 Arbitration. Each of the parties hereto agrees to submit to binding arbitration any and all differences and disputes which may arise between them, their
heirs, successors, assigns, employees, officers, directors, affiliates, subsidiaries, or shareholders who are related to this Agreement. Prior to initiating arbitration, the parties shall first meet face-to-face to effect a resolution of the
differences. Any differences which the parties are unable to resolve in said face-to-face meeting shall be heard and finally settled at a mutually agreed upon location by the parties, by binding arbitration in accordance with the Commercial Rules of
the American Arbitration Association. If the parties do not agree upon a location, the arbitration proceeding shall be conducted in (*COUNTY AND STATE CONFIDENTIAL*). Any award entered in any such arbitration shall be final, binding, and may be
entered and enforced in any court of competent jurisdiction. The arbitrator shall make such orders and conduct and schedule all proceedings in connection with the arbitration so that final arbitration commences no less than thirty (30) days and
concludes no later than seventy-five (75) days after a party files the initial notice of arbitration, and so that the final arbitration award is made and delivered to the parties within ninety (90) days after the filing of the initial
notice of arbitration. The cost of such arbitration shall be apportioned as determined by the arbitrator, in any manner determined by him/her based upon the fault or lack thereof by the respective parties. If the cost of such arbitration is not
apportioned by the arbitrator, then the cost shall be borne equally between the parties hereto. Nothing herein contained shall be construed as preventing any party from instituting legal or 

  

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 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
equitable action against any of the other parties for temporary or similar provisional relief to the full extent permitted under the laws applicable to
this Agreement, or any such other written agreement between the parties or the performance hereof or thereof or otherwise pending final settlement of any dispute, difference or question by arbitration. Any such provisional relief may be modified or
amended in any way by the arbitrator at any time after his appointment. 
  

			
	 /S/MO    
	 	 /S/(*NAME CONFIDENTIAL*)

		
	 Initials
	 	Initials

 9.28 No Joint Venture. Nothing herein contained shall be deemed or construed by the parties hereto, nor by
any third party, as creating the relationship of principal and agent or partnership or of joint venture between parties hereto, it being understood and agreed that neither the method of computation of rent, not any other provision contained herein,
no any acts of the parties hereto, shall be deemed to create any relationship between the partied hereto other than the relationship of Landlord and Tenant. 
 9.29 For Lease. At any time within the final one hundred eighty (180) days of the Term of this Lease, Landlord may place a reasonable “For Lease” (or comparable language) sign on the Property and may enter the Premises
to show same to prospective tenants. At all reasonable times during the Term of this Lease, Landlord may enter the Premises to show shame to prospective purchasers and mortgagees. 
 9.30 Sexually Oriented Business License. Tenant (and its parent corporation and affiliated entities), nor any officer, director, or any family member of same, director of same shall not apply for nor hold a
Sexually Oriented Business License or a liquor license for any business or property (other than Leased Premises) or operate a gentlemen’s nightclub within 1,000 feet of the Leased Premises during the term of this Lease and for one (1) year
following the termination of this Lease without the consent of Landlord. 
 ARTICLE 10. 
 LANDLORD’S LIEN 
 LANDLORD HAS A CONTRACTUAL LIEN
FOR UNPAID RENT THAT IS DUE AND THE LIEN ATTACHES TO NON-EXEMPT PROPERTY AS DEFINED BY (*SECTION CONFIDENTIAL) OF THE (*STATE CONFIDENTIAL*) PROPERTY CODE THAT IS IN THE LEASED PREMISES OR Tenant HAS STORED IN A STORAGE ROOM. IT IS EXPRESSLY AGREED
THAT, IN THE EVENT OF DEFAULT BY TENANT UNDER THIS LEASE, LANDLORD SHALL HAVE A LIEN UPON ALL GOODS, CHATTELS, OR PERSONAL PROPERTY OF ANY DESCRIPTION BELONGING TO TENANT THAT ARE PLACED IN, OR BECOME A PART OF, THE LEASED PREMISES, AS SECURITY FOR
RENT DUE AND TO BECOME DUE FOR THE REMAINDER OF THE CURRENT LEASE TERM. THIS LIEN SHALL NOT BE IN LIEU OF, OR ANY WAY AFFECT, THE STATUTORY LANDLORD’S LIEN GIVEN 

  

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 CONFIDENTIAL TREATMENT REQUESTED 
 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 
BY LAW BUT SHALL BE IN ADDITION TO THAT LIEN, AND TENANT GRANTS TO LANDLORD A SECURITY INTEREST IN ALL PERSONAL PROPERTY PLACED IN OR ON THE LEASED PREMISES
FOR PURPOSES OF THIS CONTRACTUAL LIEN. THIS ORDINARY COURSE OF BUSINESS FREE OF SUCH LIEN TO LANDLORD. IF LANDLORD EXERCISES THE OPTION TO TERMINATE THE LEASEHOLD, REENTER, AND RELET THE PREMISES, AS PROVIDED IN THE PRECEDING PARAGRAPH, AND GIVES
TENANT REASONABLE NOTICE OF ITS INTENT TO TAKE POSSESSION OF TENANT’S PROPERTY ON THE PREMISES AND AN OPPORTUNITY FOR A HEARING ON THE MATTER, LANDLORD MAY TAKE POSSESSION OF ALL OF TENANT’S PROPERTY ON THE PREMISES. AFTER GIVING TENANT
REASONABLE NOTICE OF THE TIME AND PLACE OF ANY PUBLIC SALE OR OF THE TIME AFTER WHICH ANY PRIVATE SALE IS TO BE MADE, LANDLORD MAY THEN SELL THE PROPERTY AT PUBLIC OR PRIVATE SALE AFTER TEN DAYS WRITTEN NOTICE TO TENANT, FOR CASH OR ON CREDIT, FOR
SUCH PRICES AND TERMS AS LANDLORD DEEMS BEST, WITH OR WITHOUT HAVING THE PROPERTY PRESENT AT THE SALE. THE PROCEEDS OF THE SALE SHALL BE APPLIED FIRST TO THE NECESSARY AND PROPER EXPENSE OF REMOVING, STORING, AND SELLING SUCH PROPERTY, THEN TO THE
PAYMENT OF ANY RENT DUE OR TO BECOME DUE UNDER THIS LEASE, WITH THE BALANCE, IF ANY, TO BE PAID TO TENANT. 
 IN WITNESS WHEREOF, the parties have executed
or have caused this Lease to be executed on February 9, 2008, to be effective as of the Effective Time as defined in the Agreement and Plan of Reorganization executed simultaneously by the parties hereto. 
  

	
	 LANDLORD:

	
	 /S/ (*NAME CONFIDENTIAL*)

	(*NAME CONFIDENTIAL*)

			
	
	 TENANT:

	 VCG HOLDING CORP.

		
	 BY:
	 	 /S/ MICHEAL OCELLO

	 ITS:
	 	PRESIDENT
	
	 (*NAME CONFIDENTIAL*)

		
	 BY:
	 	 /S/ MICHEAL OCELLO

	 ITS:
	 	V. PRESIDENT

  

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 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 EXHIBIT A 
 [Description of Property] 
 MEMORANDUM OF DEED OF GROUND LEASE 
 AND KEY PROVISIONS SUMMARY 
  

			
	 Effective Date:
	  	                    , 2008
		
	 Landlord:
	  	(*NAME CONFIDENTIAL*)
		
	 Tenant:
	  	 VCG Holding Corp., a Colorado corporation
 (*NAME
CONFIDENTIAL*), a (*STATE CONFIDENTIAL*)
 limited liability company

		
	 Land and Leased
 Premises:
	  	(*ADDRESS CONFIDENTIAL*)
		
		  	Landlord: (*NAME AND ADDRESS CONFIDENTIAL*)
		
		  	Copy to: (*NAME AND ADDRESS CONFIDENTIAL*)
		
		  	Tenant: VCG Holding Corp.
		  	c/o Troy Lowry
		  	390 Union Blvd., Suite 540
		  	Lakewood, CO 80228
		
		  	Copy to: Martin A. Grusin
		  	780 Ridge Lake Blvd., Suite 202
		  	Memphis, TN 38120
		
		  	Copy to: Micheal Ocello
	 Notices:
	  	1401 Mississippi Avenue #10
		  	Sauget, IL 62201
		
		  	Tenant: (*NAME CONFIDENTIAL*)
		  	c/o Troy Lowry
		  	390 Union Blvd., Suite 540
		  	Lakewood, CO 80228
		
		  	Copy to: Martin A. Grusin
		  	780 Ridge Lake Blvd., Suite 202
		  	Memphis, TN 38120
		
		  	Copy to: Micheal Ocello

  

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Commission. 
  

			
		  	1401 Mississippi Avenue #10
		  	Sauget, IL 62201
		
	 Lease Commencement
 Date:
	  	                    , 2008
		
	 Rent Commencement
 Date:
	  	                    , 2008
		
	 Expiration Date
 (Initial Term):
	  	                    , 2013
		
		  	Initial Term: 5 years (Section 1.1)
	 Lease Term:
	  	Renewal Terms:
		  	4 terms of 5 years each (Section 1.2)
		
	 Broker:
	  	None
		
	 Exhibits:
	  	Exhibit “A” - Legal Description
		
	 Addendums
	  	Addendum A – Construction of Improvements

  

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 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 ADDENDUM A 
 CONSTRUCTION OF IMPROVEMENTS 
 A.1 Construction of the Improvements shall be undertaken in compliance with,
and Tenant hereby covenants that it will comply with, each of the following provisions: 
 A.1.1 The construction of the Improvements
shall be undertaken under the supervision of an architect or engineer selected by Tenant and approved by Landlord, which approval shall not be unreasonably withheld, and shall be undertaken in accordance with detailed plans and specifications
prepared by such architect or engineer, and approved by Landlord, which approval shall not be unreasonably withheld. Moreover, in the event the Landlord does not advise Tenant of its disapproval of the Plans and Specifications within five
(5) days after Landlord’s receipt of same, it shall be deemed that Landlord approves such Plans and Specifications. 
 A.1.2
The construction of the Improvements shall be undertaken with reasonable diligence and dispatch in a first-class manner and with first-class materials and workmanship. 
 A.1.3 Before construction of the Improvements is commenced, Tenant shall procure, at its expense, all necessary licenses, permits, approvals and authorizations from all Governmental Authorities and shall on
written demand deliver photocopies thereof to Landlord. Upon Tenant’s request, Landlord shall join in the application for such licenses, permits, approvals and authorizations whenever such action is necessary, and Tenant covenants that Landlord
will not suffer, sustain or incur any costs, expenses or liability by reason thereof. 
 A.1.4 Promptly after the completion of the
construction of Improvements, Tenant shall procure, at Tenant’s expense, (i) all such approvals by Governmental Authorities, if any, of the completed Improvements as may be required by any applicable 

  

 24 

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Commission. 
  

 
law or ordinance or any applicable rule or regulation of Governmental Authorities and all insurance organizations approvals, if any, as may be required or
customary in connection therewith, and, on written demand, shall deliver photocopies thereof to Landlord;(ii) certificates from the contractor and architect addressed to the Landlord certifying that the Improvements as completed have been
constructed substantially in accordance with the plans and specifications. 
 A.1.5 The construction of the Improvements shall not
create any encroachments upon any adjoining street or property. 
 A.1.6 Tenant, on written demand, shall promptly deliver to Landlord
a copy of the final survey of the Project showing the completed Proposed Improvements and demarcating the boundaries of the Premises. 
 A.1.7 The Tenant shall construct the Improvements in accordance with applicable building codes and zoning ordinances, and will not encroach over any easements or set-back lines, if any, affecting the Property. 
 A.2 Landlord, at the request of Tenant, shall join in the execution of any easement agreement required by any Governmental Authority or public or private utility
company in connection with the construction of the Improvements. 
 A.3 The Landlord shall have the right to regularly inspect the construction as it
progresses and to consult with the contractor and the architect as to such construction. 
 A.4 The Improvements constructed upon the Premises shall
be subject to the Ground Lease dated             -. 
  

 25 

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 Portions of this exhibits indicated by “(*[TEXT]*)” have been omitted pursuant to a request for confidential treatment and such omitted portions have been filed separately with the Securities and Exchange
Commission. 
  

 CHANGES AND ALTERATIONS BY TENANT 
 B(1) Tenant shall have the right ,if approved by Landlord, which approval shall not be unreasonably withheld, from time to time during the Term to make, at its
expense, changes and alterations in or of the Improvements, provided that no Event of Default shall then exist hereunder, and subject in all cases to the further provisions of this ADDENDUM and to all other applicable provisions of this Lease

 B(2) No change or alteration shall be made except in compliance with, , and Tenant hereby covenants that it will comply with, each of the following
provisions: 
 (i) All changes and alterations shall be made with reasonable diligence and dispatch in a first-class manner and with
first-class materials and workmanship. 
 (ii) Before any changes or alterations are begun, Tenant shall procure, at its expense, all
necessary licenses, permits, approvals and authorizations from all Governmental Authorities and shall, on demand, deliver photocopies thereof to Landlord. Upon Tenant’s request, Landlord shall join in the application for such licenses, permits,
approvals and authorizations whenever such action is necessary, and Tenant covenants that Landlord will not suffer, sustain or incur any cost, expense or liability by reason thereof. 
 (iii) Promptly after the completion of any change or alteration, Tenant shall procure, at Tenant’s expense, all such approvals by Governmental
Authorities, if any, of the completed change or alteration as may be required by any applicable law or ordinance or any applicable rule or regulation of Governmental Authorities, and, all such insurance organizations approvals, if any, as may be
required or customary in connection therewith, and on written demand, shall promptly deliver photocopies thereof to Landlord. 
 (iv)
No change or alteration shall create any encroachment upon any street or upon any property adjacent to the Premises. 
  

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Commission. 
  

 B(3) Notwithstanding anything contained herein to the contrary, this Addendum shall not apply to any cosmetic
changes which do not require construction permits. 
  

 27

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