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Ex. 10.2

AMENDMENT NO. 1
TO EMPLOYMENT AGREEMENT

THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (“Amendment”) between Silverleaf
Resorts, Inc. (“Silverleaf”) and Harry J. White, Jr. (“Employee”) is entered
into effective as of February 4, 2008.

R E C I T A L S:

A.            Silverleaf and Employee previously entered into that certain
Employment Agreement, dated effective as of January 1, 2007
(“EmploymentAgreement”), pursuant to which Employee was employed as the Chief
Financial Officer of Silverleaf.

B.            Employee has announced his intention to resign as Chief Financial
Officer of Silverleaf effective as of February 4, 2008 and as a full-time
officer and employee of the Company effective as of May 8, 2008.

C.            Silverleaf and Employee have agreed that Employee will continue to
serve as Chief Accounting Officer of Silverleaf from February 4, 2008 through
May 8, 2008, and will additionally assist in such capacity in the transition of
his duties as Chief Financial Officer to his successor elected by the Silverleaf
Board of Directors.

D.            Employee has further agreed to provide consulting services to
Silverleaf after May 8, 2008 on such terms and conditions as Employee and
Silverleaf may mutually agree.

NOW, THEREFORE, in consideration of the premises and terms hereinafter set
forth, the parties agree as follows:

AGREEMENT

1.            Employee hereby resigns as Chief Financial Officer effective as of
February 4, 2008.

2.            Employee shall serve as Chief Accounting Officer from February 4,
2008 through May 8, 2008. In addition to his duties as Chief Accounting Officer,
Employee shall assist in the transfer of the duties and responsibilities of the
office of Chief Financial Officer to the person elected by the Board of
Directors to fill such office. Employee shall also provide such additional
services to Silverleaf as reasonably requested by the Board of Directors or the
Chief Financial Officer of Silverleaf.

3.            Employee’s resignation as Chief Accounting Officer shall be
effective on May 8, 2008 with no further action required of Employee or
Silverleaf.
 

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4.            Except to the extent that such terms conflict with the terms of
this Amendment, the terms of the Employment Agreement, including but not limited
to Employee’s salary and benefits, shall remain in full force and effect as set
forth therein.

IN WITNESS WHEREOF, this Amendment is executed to be effective as of the date
set forth above.

 
“SILVERLEAF”:
       
SILVERLEAF RESORTS, INC.
             
By:
/S/ ROBERT E. MEAD
   
Robert E. Mead, Chief Executive Officer
       
“EMPLOYEE”:
             
/S/ HARRY J. WHITE, JR.
 
Harry J. White, Jr.

 

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