X0201 5 2003-12-28 0 1 0 0001071255 LAKES ENTERTAINMENT INC LACO 0000903291 BERMAN LYLE LAKES ENTERTAINMENT, INC. 130 CHESHIRE LANE MINNETONKA MN 55305 1 1 1 0 Chief Executive Officer Common Stock, $.01 par value 3 20625 I Spouse Common Stock, $.01 par value 3 11403 I By Berman Consulting Corporation, a corporation wholly owned by the Reporting Person Common Stock, $.01 par value 3 161500 I By profit sharing plan Common Stock, $.01 par value 2003-10-30 5 G 0 2000 0 D 1399433 D Stock Options 11.34 3 2006-05-06 Common Stock, $.01 par value 250000 250000 D Stock Options 8.375 3 2009-01-04 Common Stock, $.01 par value 500000 500000 D Right to Acquire 8.25 3 2002-11-01 Common Stock, $.01 par value 200000 200000 I By Berman Consulting Corporation Stock Options 16.255 3 2014-01-01 Common Stock, $.01 par value 200000 200000 D Pursuant to Rule 16b-3 (right to buy). Options vest immediately. Options vest in five equal annual increments beginning on 1/4/2000. Berman Consulting Corporation has the right to acquire the shares on or abter 11/1/02 in satisfaction of a promissory note from the holder of the shares. 50,000 shares each vest on 1/1/05, 1/1/06, 1/1/07 and 1/1/08. /s/ Lyle Berman 2004-01-26