WAIVER OF RIGHTS
EXHIBIT 10.16
THIS WAIVER OF RIGHTS (this “Waiver”), dated June , 2007, to participate in the
Rights Offering (as defined hereinafter) is made pursuant to the Membership Interest Purchase
Agreement (the “Purchase Agreement”), dated as of June , 2007, by and among CKX, Inc.
(“CKX”), FX Luxury Realty, LLC (the “Company”) and Flag Luxury Properties, LLC
(“Flag”). Certain capitalized terms used herein have the meaning ascribed to them in the
Purchase Agreement.
WHEREAS, pursuant to the Purchase Agreement, CKX shall invest $100 million in the Company in
return for ownership of 50% of the Company’s aggregate outstanding membership interests.
WHEREAS, as an inducement for Flag to enter into the Purchase Agreement and as a condition
thereof, CKX (but not its stockholders following the Stockholder Distribution) and Flag and all
members of Flag have agreed to waive (or shall otherwise become subject to a waiver of) their
rights to participate in any such Rights Offering, in each case, as provided in the Purchase
Agreement.
NOW, THEREFORE, in consideration of these premises, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby
waives and forfeits any and all rights to participate in the Rights Offering and any and all other
rights or interests that a stockholder of NEWCO Inc. may have, or hereafter obtain with respect to
the Rights Offering. This Waiver shall not apply to any other rights that the undersigned may have
under the Purchase Agreement or the Operating Agreement.
| CKX, INC. | ||||||
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| Title: | ||||||
Acknowledged:
FX LUXURY REALTY, LLC
By: Flag Luxury Property, LLC, its managing member
| By: | ||||||
| Name: | ||||||
| Title: |