Attached files
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EX-10.1 - EX-10.1 - GOLDEN ENTERTAINMENT, INC. | c56920exv10w1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 11, 2010
Lakes Entertainment, Inc.
(Exact name of registrant as specified in its charter)
Minnesota | 0-24993 | 41-1913991 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer | ||
Identification No.) |
130 Cheshire Lane, Suite 101, Minnetonka, Minnesota | 55305 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (952) 449-9092 |
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On March 9, 2010, Lakes Ohio Development, LLC (Lakes), an indirect wholly owned
subsidiary of Lakes Entertainment, Inc. entered into an agreement (Agreement) with Quest Media
Group, LLC (Quest), wherein Lakes agreed to pay a fee to Quest for assisting Lakes in partnering
with Rock Ohio Ventures, LLC, and Penn Ventures, LLC (collectively the Project Companies) during
2009 and with MYOHIONOW.COM, LLC in 2008. In exchange for its services, Lakes shall pay Quest a fee
equal to (a) 18% of Gross Distributions after payment of additional capital requirements of the
Project Companies less (b) interest equal to 10% annually on outstanding amounts Lakes advanced to
the Project Companies and MYOHIONOW.COM, LLC during 2008 and 2009. Gross distributions are defined
as the cash received by Lakes from the Project Companies, less the amounts advanced to
MYOHIONOW.COM, LLC in 2008 of approximately $27.8 million and amounts funded to the Project
Companies in 2009 of approximately $4.3 million (Advanced Amount). The Advanced Amount shall be
amortized over five years. Quests fee during the first five years of the Agreement will be capped
at $500,000, with the remaining amount being paid to Lakes to repay Lakes for the Advanced Amount.
A copy of the agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(a) | Not Applicable | ||
(b) | Not Applicable | ||
(c) | Not Applicable | ||
(d) | Exhibit | ||
10.1 | Finders Agreement by and between Lakes Ohio Development, LLC and Quest Media Group, LLC, effective March 9, 2010. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
LAKES ENTERTAINMENT, INC. (Registrant) |
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Date: March 11, 2010 | /s/ Timothy J. Cope | |||
Name: | Timothy J. Cope | |||
Title: | President and Chief Financial Officer | |||