Document:

ex10_1.htm

    
      

    

    Exhibit
      10.1 

     

    
      TERMINATION
        AGREEMENT OF 

    

    
      "MANUFACTURING
        AND SUPPLY AGREEMENT" 

    

    

    This
      Termination Agreement of the Manufacturing and Supply Agreement between Mitsui
      Chemicals, Inc. (hereinafter referred to as "MCI") and Southwall Technologies
      Inc. (hereinafter referred to at "STI") dated June 26, 2003 (hereinafter
      referred to as the "Agreement") amends and supersedes the Agreement.

    

    This
      Termination Agreement is effective as of November 15, 2007 (the "Effective
      Date"). This Termination Agreement documents the agreement between the parties
      hereto with regard to early termination of the Agreement.

    

    Unless
      otherwise specifically provided for or amended in this Termination Agreement,
      all capitalized definitions used herein shall have the meanings provided for
      them in the Agreement.

    

    According
      to Article 14 (Term and Termination) of the Agreement, the Agreement was
      scheduled to remain in effect until December 31, 2007. As a result of MCI's
      decision to cease purchasing PDP Films, and in consideration for early
      termination of the previously committed binding forecast, MCI agrees to pay
      STI
      three million United States Dollars ($3,000,000) for the undelivered quantities
      of PDP films.

    

    The
      parties agree that two million nine hundred fifty-nine thousand and three
      hundred and thirty three United States dollars represents a portion of the
      unabsorbed fixed expenses in STI's Dresden, Germany plant resulting from MCI's
      early termination of the previously committed 2007 binding forecast.

    

    The
      parties specifically agree that MCI's fulfillment of its payment obligation
      set
      forth in the above terms constitutes full settlement of the "take or pay"
      provision described in Article 9.2 of the Agreement.

    

    With
      the
      exception of the payment obligation of MCI reflected in this Termination
      Agreement, upon the termination of the Agreement, the parties hereby release
      and
      forever discharge each other (and each party's successors or assigns) from
      any
      and all demands, damages, actions and claims of every kind. whether known or
      unknown, from the beginning of time to the present, including, without
      limitation, any claims arising out of the Agreement.

    

    Notwithstanding
      the foregoing, the obligations set forth in Article 10 (Product Liability),
      11
      (Future Cooperation), 12 (Secrecy), and 15 (Governing Law and Arbitration)
      of
      the Agreement shall survive the termination of the Agreement.

    

    This
      Termination Agreement shall be governed and construed by the laws of the State
      of New York, U.S.A.

    

    
      	
              Mitsui
                Chemicals, Inc.

            	
              Southwall
                Technologies Inc.ex10-1.htm

    
      

    

    Ex.
      10.1

    

    EMPLOYMENT
      AGREEMENT

    WITH
      SILVERLEAF RESORTS,
      INC.

    

    

    THIS
      EMPLOYMENT AGREEMENT (the
      "Agreement") is made between SILVERLEAF RESORTS, INC., a Texas corporation
      ("Silverleaf"), and ROBERT M. SINNOTT (the "Employee").

    

    

    RECITALS:

    

    A.           
      Employee is a key executive officer and employee of Silverleaf; and

    

    
      	
               

            	
              B.

            	
              Silverleaf
                and Employee desire to continue the employment of Employee and to
                agree on
                the terms of Employee's continued employment.

            

    

    

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

    

    

    AGREEMENT:

    

    Section
      1.   Employment.  Employee's
      employment with Silverleaf as Chief Financial Officer is hereby continued,
      effective as of the Effective Date and for an initial period of three (3) years
      from the Effective Date (the "Term"), unless sooner terminated pursuant to
      the
      termination provisions of this Agreement.  Employee may not engage in
      other employment while he or she is in the employ of Silverleaf pursuant to
      this
      Agreement.

    

    Section
      2.   Duties.  Employee
      agrees
      to devote such time, attention and energies as are necessary to fulfill his
      or
      her duties as reasonably specified by the Board of Directors of Silverleaf
      from
      time to time for an employee of Employee’s position.  Employee further
      agrees that he or she will promote the best interests and welfare of Silverleaf
      and shall perform any and all duties to the best of his or her
      abilities.  The Employee shall:

     

    (a)    Non-Competition:  Not
      render to
      others, during his or her employment with Silverleaf, service of any kind for
      compensation or promote, participate or engage in any other business activity
      which would conflict or interfere with the performance of his or her duties
      or
      loyalty under this Agreement, including, but not limited to, participating
      in
      the promotion or sale of products or services for a competitor of Silverleaf
      or
      otherwise engage in business with such competitor; 

    
      
        
          
            
              
                

                
                  (b)    Regulatory
                    Laws:  Abide
                    by all applicable statutes, rules and
                    regulations of each State in which services may be rendered;
                    and

                   

                

              

            

          

        

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

      (c)    Silverleaf
        Rules:  Abide by
        all
        rules, regulations and policies issued by Silverleaf, which are pertinent
        to
        Employee's duties and obligations. 

       

    

    Section
      3.   Compensation.  As
      compensation
      for the services rendered pursuant to this Agreement:

    

    
      (a)    Base
        Compensation:  Silverleaf
        shall
        pay Employee base compensation computed at the annual rate of Two Hundred,
        Seventy-Five Thousand and No/100 Dollars ($275,000.00) payable in semi-monthly
        payments on the 15th day and the last day of each month. 

    

    

    
      (b)    Incentive
        Compensation:  Employee
        shall be
        entitled to participate in any bonus, incentive, stock option or other
        compensation plans of Silverleaf only to the extent the Board of Directors
        of
        Silverleaf may deem appropriate from time to time. 

    

    

    
      (c)    Fringe
        Benefits:  Silverleaf
        shall
        provide Employee health and life insurance under its group plans as they
        may
        exist from time to time.  The cost of any coverage of any of the
        Employee's family members under Silverleaf's group plans shall be paid by
        the
        Employee.  The Employee shall also be entitled to such vacation time,
        sick leave and other fringe benefits as may be specified by the Board of
        Directors of Silverleaf from time to time for its executive personnel.

    

    

    Section
      4.   Termination
      Payments. If
      Employee’s employment with Silverleaf is terminated prior to a Change of
      Control, the payment to Employee of all compensation earned to the date of
      termination (the “Earned Compensation”) shall be in full satisfaction of all of
      Employee’s claims against Silverleaf under this Agreement and Employee shall be
      entitled to no other termination pay.  If Employee’s employment is
      terminated after a Change of Control and during the Term or any extended Term
      of
      this Agreement, then the following provisions shall apply:

    

    
      (a)    Good
        Cause or Voluntary Termination:  If Silverleaf
        terminates Employee’s employment for Good Cause, or if Employee voluntarily
        terminates Employee’s employment other than for Good Reason, then Employee shall
        be entitled to the Earned Compensation only. 

    

    

    
      (b)    No
        Good
        Cause or Good Reason:  If Silverleaf
        terminates Employee’s employment other than for Good Cause, or if Employee
        terminates Employee’s employment for Good Reason, then Employee shall be
        entitled to the Earned Compensation and to Severance Pay.  For this
        purpose, Severance Pay means an amount of compensation equal to the greater
        of
        (a) two (2) times the sum of the total cash compensation received by the
        Employee for the immediately preceding calendar year, including but not limited
        to any base compensation, commissions, bonuses, and similar cash items, but
        exclusive of any fringe benefits, vehicle usage and similar non-cash items
        or
        (b) two (2) times the sum of the Employee’s annual base
        compensation.  The Severance Pay shall be payable in a lump sum within
        thirty (30) days after the termination of employment.  As a condition
        precedent to the payment of the Severance Pay, Employee agrees to execute
        and
        deliver to Silverleaf a general release of Silverleaf and its affiliates
        from
        any and all other claims that Employee might have against Silverleaf and
        its
        affiliates, the form of which will be provided by Silverleaf.

    

    

    
      
        
        

      

      
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      (c)    Death
        or Incapacity:  If
        Employee’s employment is terminated because of Employee’s death, or Employee’s
        incapacity and inability to perform Employee’s duties hereunder due to
        Employee’s physical or mental illness, then Employee shall be entitled to the
        Earned Compensation only. 

    

     

    Section
      5.       Termination
      Payment Definitions.  For
      purposes of Section 4, the following definitions shall apply:

    

    (a)    Change
      of
      Control:  “Change of
      Control” shall mean the occurrence of any of the following events after the
      Effective Date:

     

    [1]    Individuals
      who, on the Effective Date, constitute the Board of Directors (the “Board”) of
      Silverleaf (the “Incumbent Directors”) cease for any reason to constitute at
      least a majority of the Board, provided that any person becoming a director
      subsequent to such date, whose election or nomination for election was approved
      by a vote of at least two-thirds of the Incumbent Directors then on the Board
      (either by a specific vote or by approval of the proxy statement of Silverleaf
      in which such person is named as a nominee for director, without written
      objection to such nomination) shall be an Incumbent Director; provided, however,
      that no individual initially elected or nominated as a director of Silverleaf
      as
      a result of an actual or threatened election contest with respect to directors
      or as a result of any other actual or threatened solicitation of proxies or
      consents by or on behalf of any person other than the Board shall be deemed
      to
      be an Incumbent Director;

     

    [2]    The
      consummation of any sale, transfer or other disposition of all or substantially
      all of the assets of the business of Silverleaf through one transaction or
      a
      series of related transactions to one or more persons or entities;

     

    [3]    Any
      “Person” (as such term is defined in Section 3(a)(9) of the Securities Exchange
      Act of 1934 (the “Exchange Act”) and as used in Sections 13(d)(3) and 14 (d)(2)
      of the Exchange Act), other than Robert E. Mead, is or becomes a “beneficial
      owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
      indirectly, of securities of Silverleaf representing more than 50% of the
      combined voting power of Silverleaf’s then outstanding securities eligible to
      vote for the election of the Board;

     

    [4]    The
      consummation of a merger, consolidation, reorganization, statutory share
      exchange or similar form of corporate transaction involving Silverleaf or any
      of
      its subsidiaries that requires the approval of Silverleaf’s stockholders,
      whether for such transaction or the issuance of securities in the transaction;
      or

     

    
      
        
        

      

      
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      [5]    The
        stockholders of Silverleaf approve a plan of complete liquidation or
        dissolution.  

    

     

    (b)     
        Good
      Cause:  “Good Cause”
shall be deemed
      to exist if Employee:

     

    [1]           
      Willfully breaches or habitually neglects the duties that the Employee is
      required to perform under the terms of this Agreement;

    
       

      [2]           
        Willfully violates reasonable and substantial rules, regulations or policies
        governing employee performance;

       

      [3]           
        Willfully refuses to obey reasonable orders in a manner that amounts to
        insubordination; or

       

      [4]           
        Willfully commits clearly dishonest acts toward Silverleaf.

      

    

    For
      such
      purposes, no act or failure to act by Employee shall be considered “willful”
unless done or omitted to be done by Employee in bad faith and without
      reasonable belief that Employee’s action or omission was in the best interests
      of Silverleaf or its affiliates.  Any act, or failure to act, based
      upon authority given pursuant to a resolution duly adopted by the Board or
      based
      upon the advice of counsel for Silverleaf shall be conclusively presumed to
      be
      done, or omitted to be done, by Employee in good faith and in the best interests
      of Silverleaf.  Good Cause shall also not exist pursuant to clause
      [1], [2] or [3], unless Employee has failed to correct the activity alleged
      to
      constitute Good Cause within thirty (30) days following written notice from
      Silverleaf of such activity, which notice shall specifically set forth the
      nature of such activity and the corrective action reasonably sought by
      Silverleaf.  Notwithstanding the foregoing, the termination of the
      Employee’s employment for Good Cause shall be pursuant to the action of the
      Board, taken in conformity with the By-laws of Silverleaf.

     

    (c)    
         Good
      Reason:  “Good Reason” shall mean the occurrence of any of the
      following events after a Change of Control:

    
       

      [1]           
        The failure by Silverleaf to pay Employee the compensation and benefits due
        Employee under Section 3;

      

      [2]           
        A material diminution in Employee’s responsibilities or authority, or a
        diminution of Employee’s title;

      

      [3]           
        Employee is required to relocate for purposes of Employee’s employment with
        Silverleaf;

       

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

      
        [4]           
          Any material breach of this Agreement by Silverleaf; or

        

        [5]           
          The failure of any successor to all or substantially all of the business
          and/or
          assets of Silverleaf to assume this Agreement.

         

      

    

    Provided,
      however, Employee must give written notice to Silverleaf of the event
      constituting Good Reason within thirty (30) days of Employee’s knowledge of the
      event, or such event shall not constitute Good Reason.  Provided,
      further, Good Reason shall not be deemed to exist unless Silverleaf fails to
      cure the event giving rise to Good Reason within thirty (30) days after receipt
      of the written notice from Employee.

     

    Section
      6.   Confidentiality.

    

    
      (a)    Nondisclosure
        and Nonuse:  Employee
        acknowledges that during his or her employment with Silverleaf, he or she
        may
        have access to and become acquainted with Silverleaf Confidential Information,
        as defined below.  Except as Employee's duties during his or her
        employment with Silverleaf may require or Silverleaf may otherwise consent
        in
        writing, Employee agrees that he or she shall not at any time disclose or
        use,
        directly or indirectly, either during or subsequent to his or her employment
        with Silverleaf, any Silverleaf Confidential Information. 

    

    

    
      (b)    Confidential
        Information:  For purposes
        of
        the foregoing provisions, "Silverleaf Confidential Information" shall mean
        (1)
        any and all confidential and proprietary business information and trade secrets
        concerning the business and affairs of Silverleaf and its affiliates, including
        but not limited to all marketing, sales and lead generation techniques, know-how
        and studies, timeshare member lists, other customer and lead lists, current
        and
        anticipated customer requirements, price lists, business plans, training
        programs, computer software and programs, and computer software and data-base
        technologies, systems, structures and architectures (and related processes,
        formulae, compositions, improvements, devices, know-how, inventions,
        discoveries, concepts, ideas, designs, methods and information), (2) any
        and all
        information concerning the business and affairs of Silverleaf and its affiliates
        (including but not limited to their historical financial statements, financial
        projections and budgets, historical and projected sales, capital spending
        budgets and plans, the names and backgrounds of key personnel, personnel
        training and techniques and materials, however documented), and (3) any and
        all
        notes, analysis, compilations, studies, summaries, and other material prepared
        by or for Silverleaf and its affiliates containing or based, in whole or
        in
        part, on any information included in the foregoing. 

    

    

    Section
      7.   Non-Interference.  Employee
      further
      agrees that during his or her employment and for a period of two (2) years
      after
      the effective date of any Termination, Employee shall not, either on his or
      her
      own account or jointly with or as a manager, agent, officer, employee,
      consultant, partner, joint venturer, owner or shareholder or otherwise on behalf
      of any other person, firm or corporation:  (1) carry on or be engaged
      or interested directly or indirectly in, or solicit, the manufacture or sale
      of
      goods or provision of services to any person, firm or corporation which, at
      any
      time during his or her employment has been or is a customer or in the habit
      of
      dealing with Silverleaf or its affiliates in their business if it would
      adversely affect Silverleaf’s business, (2) endeavor, directly or indirectly, to
      canvas or solicit in competition with Silverleaf or its affiliates or to
      interfere with the supply of orders for goods or services from or by any person,
      firm or corporation which during this or her employment has been or is a
      supplier of goods or services to Silverleaf or its affiliates if it would
      adversely affect Silverleaf’s business, or (3) directly or indirectly solicit or
      attempt to solicit away from Silverleaf or its affiliates any of its officers,
      employees or independent contractors or offer employment or business to any
      person who, on or during the 6 months immediately preceding the date of such
      solicitation or offer, is or was an officer, employee or independent contractor
      of Silverleaf or its affiliates.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Section
      8.   Noncompetition.   If
      the
      Employee’s employment is terminated after a Change of Control and during the
      Term or any extended Term of this Agreement:

    

    
      (a)    Covenant:  Employee
        covenants and agrees that he or she shall not, for a period of two (2) years
        after the effective date of the Termination, working alone or in conjunction
        with one or more other persons or entities, for compensation or not, permit
        his
        or her name to be used by or engage in or carry on, directly or indirectly,
        either for himself or herself or as a member of a partnership or other entity
        or
        as a stockholder, investor, officer or director of a corporation or as an
        employee, agent, associate or contractor of any person, partnership, corporation
        or other entity, any business in competition with the business of Silverleaf
        or
        its affiliates, as carried on by Silverleaf or its affiliates immediately
        prior
        to the effective date of the Termination, but only for as long as such business
        is carried on by (1) Silverleaf or its affiliates or (2) any person,
        corporation, partnership, trust or other organization or entity deriving
        title
        from Silverleaf or its affiliates to the assets and goodwill of the business
        being carried on by Silverleaf or its affiliates immediately prior to the
        effective date of the Termination, in any county of any state of the United
        States in which Silverleaf or its affiliates conducts such business or markets
        the products of such business immediately prior to the effective date of
        the
        Termination. 

    

    

    
      (b)    Tolling.  If
        Employee
        violates any covenant contained in this Section, then the term of such violated
        covenant shall be tolled for the period commencing on the commencement of
        such
        violation and ending upon the earlier of (1) such time as such violation
        shall
        be cured by Employee to the reasonable satisfaction of Silverleaf, (2) final
        adjudication (including appeals) of any action filed for injunctive relief
        or
        damages arising out of such violation, and (3) the expiration of 24 months
        after
        Termination during which no violation of the covenant has occurred.

    

    

    
      (c)    Reformation.  If,
        in any
        judicial proceeding, the court shall refuse to enforce any covenant contained
        in
        this Section because the time limit is too long, it is expressly understood
        and
        agreed between Silverleaf and Employee that for purposes of such proceeding
        such
        time limitation shall be deemed reduced to the extent necessary to permit
        enforcement of such covenant.  If, in any judicial proceeding, the
        court shall refuse to enforce any covenant contained in this Section because
        it
        is more extensive (whether as to geographic area, scope of business or
        otherwise) than necessary to protect the business and goodwill of Silverleaf
        and/or its affiliates, it is expressly understood and agreed between Silverleaf
        and Employee that for purposes of such proceeding the geographic area, scope
        of
        business or other aspect shall be deemed reduced to the extent necessary
        to
        permit enforcement of such covenant. 

    

    

    
      
        
        

      

      
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    Section
      9.   Injunctive
      Relief.   Employee
      acknowledges that a breach of Sections 6, 7, or 8 hereof would cause irreparable
      damage to Silverleaf and/or its affiliates, and in the event of Employee's
      breach of the provisions of Sections 6, 7 or 8 hereof, Silverleaf shall be
      entitled to a temporary restraining order and an injunction restraining Employee
      from breaching such Sections without the necessity of posting bond or proving
      irreparable harm, such being conclusively admitted by
      Employee.  Nothing shall be construed as prohibiting Silverleaf from
      pursuing any other available remedies for such breach, including the recovery
      of
      damages from Employee.  Employee acknowledges that the restrictions
      set forth in Sections 6, 7 and 8 hereof are reasonable in scope and duration,
      given the nature of the business of Silverleaf and its
      affiliates.  Employee agrees that issuance of an injunction
      restraining Employee from breaching such Sections in accordance with their
      terms
      will not pose an unreasonable restriction on Employee's ability to obtain
      employment or other work following the effective date of any
      Termination.

    

    Section
      10.    Employee
      Investments.  Anything to
      the
      contrary herein notwithstanding, Employee:  (1) shall not be
      prohibited from investing his or her assets in such form or such manner as
      will
      not, in the aggregate, detract from the performance by Employee of his or her
      duties hereunder and will not violate the provisions of Sections 6, 7 or 8
      hereof; and (2) shall not be prohibited from purchasing stock in any publicly
      traded company solely as a stockholder so long as Employee does not own
      (together or separately or through his or her affiliates) more than two percent
      (2%) of the stock in any company, other than Silverleaf, which is engaged in
      the
      timeshare business.

    

    Section
      11.         Employee's
      Representations.   Employee
      represents and warrants that he or she is free to enter into and perform each
      of
      the terms and conditions hereof, and that his or her execution and performance
      of this Agreement does not and will not violate or breach any other Agreement
      between Employee and any other person or entity.

    

    Section
      12.        Termination.   Employee’s
      employment shall terminate upon the expiration of the Term of this
      Agreement, or prior thereto: (1) upon written notice by either party, at any
      time and for any or no reason whatsoever, at least thirty (30) days prior to
      the
      effective date of the termination; or (2) as of the end of the month of
      Employee’s death, or incapacity and inability to perform Employee’s duties
      hereunder due to Employee’s physical or mental illness (the “Termination”).  The Term
      of
      this Agreement may be extended only: (1) by the written agreement of Employee
      and Silverleaf; or (2) by Silverleaf, in its sole discretion, by the giving
      of
      written notice to Employee of a one (1) year extension of the then Term of
      this
      Agreement, provided that Silverleaf may only exercise this option within sixty
      (60) days before or after each anniversary of the Effective Date of this
      Agreement, the option may be exercised only once for each anniversary of the
      Effective Date and the exercise must be prior to the expiration of the then
      Term
      of this Agreement.  If Silverleaf unilaterally extends the Term as
      provided above, Employee, in Employee’s sole discretion, may reject the
      extension by giving written notice to Silverleaf within thirty (30) days of
      the
      date of Silverleaf’s notice of the extension, in which event the Term shall not
      be extended.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    Section
      13.        Return
      of
      Materials and Vehicles:  Employee
      understands and agrees that any training manuals, sales and promotional
      material, vehicles or other equipment provided to him or her by Silverleaf
      in
      connection with this Agreement shall remain the sole property of Silverleaf,
      and
      shall be used by the Employee exclusively for Silverleaf's
      benefit.  Upon termination of this Agreement, any such material,
      vehicles or other equipment shall be immediately returned to
      Silverleaf.

    

    Section
      14.     Non-Binding
      Alternate Dispute Resolution.  Except for
      actions brought by Silverleaf pursuant to Section 9 hereof:

    

    
      (a)    Agreement
        to Utilize:  The parties
        shall
        attempt to settle any claim or controversy arising from this Agreement through
        consultation and negotiation in good faith and a spirit of mutual cooperation
        prior to the commencement of any legal action.  If such attempts fail,
        then the dispute shall be mediated by a mutually-accepted mediator to be
        chosen
        by the parties within forty-five (45) days after written notice demanding
        mediation is sent by one party to the other party.  Neither party may
        unreasonably withhold consent to the selection of a mediator, and the parties
        shall share the costs of the mediation equally.  By mutual written
        agreement, however, the parties may postpone mediation until they have completed
        some specified but limited discovery regarding the dispute.  The
        parties may also agree to replace mediation with any other form of alternate
        dispute resolution ("ADR") available in Texas, such as a mini-trial or
        arbitration. 

    

    

    
      (b)    Failure
        to Resolve:  Any dispute
        which
        the Parties cannot resolve through negotiation, mediation or any other form
        of
        ADR, within six (6) months of the date of the initial demand for mediation,
        may
        then be submitted to the appropriate court for resolution.  The use of
        negotiation, mediation, or any other form of ADR procedures will not be
        construed under the doctrines of laches, waiver or estoppel to affect adversely
        the rights of either party. 

    

    

    Section
      15.        Waiver.  Silverleaf's
      failure at any time to require performance by Employee of any of the provisions
      hereof shall not be deemed to be a waiver of any kind nor in any way affect
      the
      rights of Silverleaf thereafter to enforce the provisions hereof.  In
      the event that either party to this Agreement waives any provision of this
      Agreement or any rights concerning any breach or default of the other party
      hereto, such waiver shall not constitute a continuing waiver of any such
      provision or breach or default of the other party hereto.

     

    
      
        
        

      

      
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    Section
      16.        Successors,
      Assignability.

    

    
      (a)    Silverleaf
        Successors:  The provisions
        of
        this Agreement shall inure to the benefit of and be binding upon Silverleaf,
        its
        successors, assigns and other affiliated entities, including, but not limited
        to, any corporation or other entity which may acquire all or substantially
        all
        of Silverleaf's assets or with or into which Silverleaf may be consolidated,
        merged or reorganized.  Upon any such merger, consolidation or
        reorganization, the term "Silverleaf" as used herein shall be deemed to refer
        to
        any such successor. 

    

    

    
      (b)    No
        Assignment by Employee:  The parties
        hereto agree that Employee's services hereunder are personal and unique,
        and
        that Silverleaf is executing this Agreement in reliance thereon.  This
        Agreement shall not be assignable by Employee. 

    

    

    Section
      17.     Severability.  If
      one or more of
      the provisions contained in this Agreement shall for any reason be held to
      be
      invalid, illegal or unenforceable in any respect, such invalidity, illegality
      or
      unenforceability shall not affect any other provision of this Agreement, but
      shall be deemed stricken and severed from this Agreement and the remaining
      terms
      of this Agreement shall continue in full force and effect.

    

    Section
      18.    Governing
      Law and Venue.  This Agreement
      shall be deemed to have been made and entered into in the State of Texas and
      its
      validity, construction, breach, performance and operation shall be governed
      by
      the laws of that state.  The obligations hereunder of Silverleaf shall
      be performable in Dallas County, Texas, and venue for any suit involving this
      Agreement shall lie exclusively in Dallas County, Texas.

    

    Section
      19.    Entire
      Understanding.  This Agreement
      sets forth the entire understanding between the parties with respect to the
      employment of Employee, and no other representations, warranties or agreements
      whatsoever have been made by Silverleaf to Employee.  Further, this
      Agreement may not be modified or amended except by another instrument in writing
      executed by both of the parties.

    

    Section
      20.    Notices.  All
      notices and
      communications under this Agreement shall be sent to the parties at the
      following addresses or such other addresses that the parties may subsequently
      designate in writing.

    
       

      
        	
                 

              	
                (a)

              	
                Silverleaf:

              

      

       

      Silverleaf
        Resorts, Inc.

      Attention:  Robert
        E. Mead, Chief Executive Officer

      1221
        River Bend, Suite 120

      Dallas,
        Texas 75247

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      
        	
                 

              	
                (b)

              	
                Employee:

              

      

      

      Robert
        M.
        Sinnott

      6441
        Westlake Avenue

      Dallas,
        TX  75214

       

    

    Section
      21.        Section
      Headings.  Section and
      paragraph headings are inserted herein only for convenience and shall not be
      used to interpret any of the provisions hereof.

    

    Section
      22.        Counterparts.  This
      Agreement
      may be executed in counterparts, each of which shall be an original, but all
      of
      which together shall constitute one and the same original.

    

    Section
      23.        Effective
      Date.  This Agreement
      is
      executed on the date set forth below, but shall be effective as of February
      4,
      2008 (the "Effective Date").

    

    

    
      	
              Dates
                of Execution:

            	
              "SILVERLEAF"

            
	 	
              SILVERLEAF
                RESORTS, INC.

            
	 	 	 
	 	 	 
	
              February
                4, 2008

            	
              By:

            	
              /S/
                ROBERT E. MEAD

            	
               

            
	 	 	
              ROBERT
                E. MEAD, Chief Executive
                Officer

            
	 	 	 
	 	 	 
	 	
              “EMPLOYEE”

            
	 	 	 
	 	 	 
	
              February
                4, 2008

            	 	
              /S/
                ROBERT M.
                SINNOTT

            	
               

            
	 	 	
              ROBERT
                M. SINNOTT

            

    

     

     

    10

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