May 29, 2007 Rivacq LLC 591 West Putnam Avenue Greenwich, CT 06830 Attention: Barry Sternlicht RH1, LLC c/o Torino Companies 4445 Wagon Trail Avenue Las Vegas, NV 89118 Attention: Brett Torino Re: Allocation of Fee Under Option Agreement...Allocation of Fee Under Option Agreement • June 5th, 2007 • Flag Luxury Riv LLC • Hotels & motels
This will confirm that (i) each of Flag Luxury Riv, LLC ("Flag") and Rivacq LLC ("Rivacq") contributed 50% (or $1,150,000) of the aggregate payment of $2,300,000 paid by RAH to T5 pursuant to the Option Agreement and, accordingly, (ii) each of Flag and Rivacq are entitled to the beneficial ownership of 50% of any shares of Riviera Holdings Corporation that RAH may acquire from T5 upon exercise of the option under the Option Agreement.
