Document:

exv10w3

 

EXHIBIT 10.3

CNL HOTELS & RESORTS, INC.

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment (the “Amendment”) to the amended and restated employment agreement (the
“Employment Agreement”), dated May 19, 2006, between CNL Hotels & Resorts, Inc., a Maryland
corporation (the “Company”), and C. Brian Strickland (“Executive”) is made as of
February 21, 2007, by and between the Company and Executive.

     WHEREAS, the Company has entered into an Agreement and Plan of Merger, dated as of
January 18, 2007, by and among the Company, MS Resort Holdings LLC, MS Resort Acquisition LLC (“MS
Acquisition”), MS Resort Purchaser LLC and Ashford Sapphire Acquisition LLC (the “Merger
Agreement”), pursuant to which, at the effective time of the proposed merger, MS Acquisition
will merge with and into the Company, with the Company continuing as the surviving corporation,
(the “Merger”);

     WHEREAS, the Company granted to Executive a deferred share award (the “Deferred
Share Award”) on March 28, 2006 pursuant to the terms of the Deferred Share Award Grant Notice
(Executive — Performance-Based Vesting) (the “Grant Notice”) and its related Deferred Share
Award Agreement for deferred shares that vest based on the achievement of certain performance
goals;

     WHEREAS, the Merger Agreement provides that each deferred share award that is
outstanding at the Effective Time (as defined in the Merger Agreement) of the Merger will be
cancelled by the Company and each holder thereof will be entitled to receive $20.50 in cash per
share subject to such award, including the Executive’s Deferred Share Award, at the Effective Time;

     WHEREAS, contemporaneously herewith the Company and Executive are amending the terms
of the Grant Notice (the “Grant Notice Amendment”) and desire, consistent with the Grant
Notice Amendment, to amend the terms of the Employment Agreement to reduce the number of deferred
shares subject to the Deferred Share Award that would otherwise be cancelled and entitle Executive
to a cash payment in connection with the Merger; and

     WHEREAS, the Company and Executive believe this amendment is in the best interests of
the Company and the Company’s employees and may increase the success of the Merger.

     NOW, THEREFORE, the parties agree as follows:

     1. Section B.3.2. of Attachment A to the Employment Agreement is hereby amended to replace the
number “Three Hundred Eighty-One Thousand Three Hundred (381,300)” with the number Three Hundred
Thirty-Two Thousand Five Hundred Twenty (332,520).

     2. Effectiveness. This Amendment shall be effective immediately. In the event that
the Merger Agreement is terminated or the Merger does not close for any reason, this Amendment
shall be null and void ab initio and of no further force or effect.

 

 

     3.  Miscellaneous/Deferred Share Award Grant Notice. Except as specifically amended
hereby, the Employment Agreement shall continue in full force and effect in accordance with its
terms. This Amendment supersedes all prior agreements and understandings oral or written with
respect to the subject matter hereof, including without limitation, the terms of the Grant Notice,
that are inconsistent herewith and which the parties hereby acknowledge and agree is being amended
by the Grant Notice Amendment.

     4. Counterparts. This Amendment may be executed in counterparts, and each counterpart
shall have the same force and effect as an original and shall constitute an effective, binding
agreement on the part of each of the undersigned. Execution and delivery of this Amendment by
exchange of facsimile copies bearing the facsimile signature of a party shall constitute a valid
and binding execution and delivery of the Amendment by such party. Such facsimile copies shall
constitute enforceable original documents.

     5. Governing Law. This Amendment will be governed by and construed in accordance with
the laws of the State of Florida (without regard to choice-of-law provisions).

[The remainder of this page has intentionally been left blank.]

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     IN WITNESS WHEREOF, this Amendment has been entered into as of the date first set forth above.

	 	 	 	 	 	 	 
	CNL HOTELS & RESORTS, INC.

	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	/s/ Dianna Morgan

	 	 	 	/s/ C. Brian Strickland	 	 
	 

	 	 	 	 	 	 
	By: Dianna Morgan

	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	Title: Chair of Compensation Committee
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	C. Brian Strickland	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Printed Name	 	 

Signature Page of the Amendment to Employment Agreement

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EXHIBIT 10.4

CNL HOTELS & RESORTS, INC.

AMENDMENT TO PERFORMANCE-BASED DEFERRED SHARE AWARD GRANT NOTICE

This Amendment (the “Amendment”) to the Deferred Share Award Grant Notice (Executive -
Performance-Based Vesting) (the “Grant Notice”) between CNL Hotels & Resorts, Inc., a
Maryland corporation (the “Company”), and Thomas J. Hutchison III (“Executive”) is
made as of February 21, 2007, by and between the Company and Executive.

     WHEREAS, the Company has entered into an Agreement and Plan of Merger, dated as of
January 18, 2007, by and among the Company, MS Resort Holdings LLC, MS Resort Acquisition LLC (“MS
Acquisition”), MS Resort Purchaser LLC and Ashford Sapphire Acquisition LLC (the “Merger
Agreement”), pursuant to which, at the effective time of the proposed merger, MS Acquisition
will merge with and into the Company, with the Company continuing as the surviving corporation,
(the “Merger”);

     WHEREAS, the Company granted to Executive a deferred share award (the “Deferred
Share Award”) on March 28, 2006 pursuant to the terms of the Grant Notice and its related
Deferred Share Award Agreement for deferred shares that vest based on the achievement of certain
performance goals;

     WHEREAS, the Merger Agreement provides that each deferred share award that is
outstanding at the Effective Time (as defined in the Merger Agreement) of the Merger will be
cancelled by the Company and each holder thereof will be entitled to receive $20.50 in cash per
share subject to such award, including the Executive’s Deferred Share Award, at the Effective Time;

     WHEREAS, the Company and Executive desire to amend the terms of the Grant Notice to
reduce the number of deferred shares subject to the Deferred Share Award that would otherwise be
cancelled and entitle Executive to a cash payment in connection with the Merger; and

     WHEREAS, the Company and Executive believe this amendment is in the best interests of
the Company and the Company’s employees and may increase the success of the Merger.

     NOW, THEREFORE, the parties agree as follows:

     1. A new paragraph shall be added after the “Delivery Schedule” of the Grant Notice and prior
to “Additional Terms/Acknowledgements” to read as follows:

     “Cancellation of a Portion of the Award: Immediately prior to and contingent upon the closing
of the Merger (as defined below), Participant hereby agrees to cancel One Hundred Sixteen Thousand
One Hundred Twenty (116,120) shares subject to this award (the “Cancelled Shares”). The Cancelled
Shares shall not be eligible for any payment in connection with the Merger. For purposes of this
Deferred Share Award Grant Notice, the term “Merger” means the merger pursuant to the Agreement and
Plan of Merger, dated as of January 18, 2007 (as the same may from time to time be amended), by and
among the Company, MS Resort Holdings LLC, MS Resort Acquisition

 

 

LLC, MS Resort Purchase LLC and Ashford Sapphire Acquisition LLC under which, at the effective
time of the proposed merger, MS Resort Acquisition LLC will merge with and into the Company, with
the Company continuing as the surviving corporation, and MS Resort Holdings LLC will acquire all of
the issued and outstanding stock of the Company.”

     2. Effectiveness. This Amendment shall be effective immediately. In the event that
the Merger Agreement is terminated or the Merger does not close for any reason, this Amendment
shall be null and void ab initio and of no further force or effect.

     3. Miscellaneous/Employment Agreement. Except as specifically amended hereby, the
Grant Notice shall continue in full force and effect in accordance with its terms. This Amendment
supersedes all prior agreements and understandings oral or written with respect to the subject
matter hereof, including without limitation, the terms of that certain Employment Agreement, dated
as of May 19, 2006, by and between the Company and Executive, that are inconsistent herewith and
which the parties hereby acknowledge and agree is being amended by separate instrument
contemporaneously with the execution by the parties of this Amendment.

     4. Counterparts. This Amendment may be executed in counterparts, and each counterpart
shall have the same force and effect as an original and shall constitute an effective, binding
agreement on the part of each of the undersigned. Execution and delivery of this Amendment by
exchange of facsimile copies bearing the facsimile signature of a party shall constitute a valid
and binding execution and delivery of the Amendment by such party. Such facsimile copies shall
constitute enforceable original documents.

     5. Governing Law. This Amendment will be governed by and construed in accordance with
the laws of the State of Florida (without regard to choice-of-law provisions).

[The remainder of this page has intentionally been left blank.]

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     IN WITNESS WHEREOF, this Amendment has been entered into as of the date first set forth above.

	 	 	 	 	 	 	 
	CNL HOTELS & RESORTS, INC.

	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	/s/ Dianna Morgan

	 	 	 	/s/ Thomas J. Hutchison III	 	 
	 

	 	 	 	 	 	 
	By: Dianna Morgan

	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	Title: Chair of Compensation Committee
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Thomas J. Hutchison III	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Printed Name	 	 

Signature Page of the Amendment to Performance-Based Deferred Share Award Grant Notice

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