X0303 4 2011-01-28 0 0001071255 LAKES ENTERTAINMENT INC LACO 0001250116 BARENBAUM LARRY C LAKES ENTERTAINMENT, INC. 130 CHESHIRE LANE MINNETONKA MN 55305 1 0 0 0 Common Stock 2011-01-28 4 M 0 1666 0.00 A 3333 D Restricted Stock Units 2011-01-28 4 M 0 1666 0.00 D Common Stock 1666 1667 D Shares were acquired upon the vesting and conversion of Restricted Stock Units, which were received as a grant for which no consideration was paid. Each Restricted Stock Unit ("RSU"), which was granted on January 28, 2009, represents a contingent right to receive one share of the Issuer's common stock. 1,667 of the total number of RSUs granted vested on January 28, 2010, 1,666 of the total number of RSUs granted vested on January 28, 2011 and the remaining 1,667 RSUs granted will vest on January 28, 2012. /s/ Larry Barenbaum 2011-01-31