Document:

Prepared by MERRILL CORPORATION

Exhibit 10.1

 

AMENDMENT TO

EMPLOYMENT AGREEMENT

 

 

                THIRD

AMENDMENT made as of this 3rd day of August, 2001 to the

Employment Agreement dated as of April 29, 1998, as amended by the First

Amendment To Employment Agreement entered into on the 29th day of

July, 1999 and by the Second Amendment To Employment Agreement entered into on

the 15th day of December, 1999, by and between ResortQuest

International, Inc., a Delaware corporation formerly known as Vacation

Properties International, Inc. (“RQI”), and David L. Levine (the “Employee”),

which became effective on May 26, 1998, the date of the consummation of the

initial public offering of the common stock of RQI (the “Employment

Agreement”).

 

W I T N E S S E T H:

 

                WHEREAS,

RQI and Employee have previously entered into the Employment Agreement; and

 

                WHEREAS,

RQI and Employee desire to further amend the Employment Agreement.

 

                NOW,

THEREFORE, the parties hereto agree as follows:

 

1.             The

first sentence of Paragraph 5 of the Employment Agreement is hereby amended in

its entirety to read as follows:

 

“The term of this Agreement shall begin on August 3,

2001 and continue until August 3, 2006, and, unless terminated sooner as herein

provided, shall continue thereafter on a year-to-year basis on the same terms

and conditions contained herein in effect as of the time of renewal (such

initial period and any extensions thereof being referred to herein as the

“Term”).

 

2.             Sub-paragraph

12(h)(i) of the Employment Agreement is hereby amended in its entirety to read

as follows:

 

“a lump-sum cash payment within fifteen (15) days of

Employee’s date of termination (or, if applicable, such later date as is

necessary for the Employee to execute the release described under paragraph

20(b) herein) equal to three (3) times the Employee’s annual base salary in

effect immediately prior to the Change in Control multiplied by the greater of

(1) the number of years (or partial years) remaining in the Term as of the date

of termination (without additional extension) or (2) two (2);”

 

3.             Sub-paragraph

12(i)(i) of the Employment Agreement is hereby amended in its entirety to read

as follows:

 

“(i)          a

lump sum cash payment within fifteen (15) days of the Change in Control (or, if

applicable, such later date as is necessary for Employee to execute the release

described under paragraph 20(b) herein) equal to three (3) times the Employee’s

base salary at the rate in effect at the time of Employee’s termination for

whatever time period is remaining under the Term of this Agreement at the time

of Employee’s termination (without any additional extension), less any amounts

paid pursuant to sub-paragraph 5(d) between the effective date of Employee’s

termination and the effective date of a Change in Control; and”

 

4.             Sub-paragraph

12(j) of the Employment Agreement is amended by adding the following language

at the end thereof:

 

“Notwithstanding the foregoing, the five (5) year

period provided for in this sub-paragraph 12(j) is hereby extended to a seven

(7) year period so that the Employee will be entitled to ten (10) years of

continued health and welfare benefits in those situations where the Employee

would have, in the absence of this sentence, been entitled to eight (8) years

of continued health and welfare benefits.”

 

5.             Severability.  If any portion of this Amendment is held

invalid or inoperative, the other portions of this Amendment shall be deemed

valid and operative and, so far as is reasonable and possible, effect shall be

given to the intent manifested by the portion held invalid or inoperative.

 

6.             Assignment;

Binding Effect.  Employee

understands that he or she has been selected for employment by RQI on the basis

of Employee’s qualifications, experience and skills.  Employee, therefore, shall not assign all or any portion of

Employee’s performance under this Amendment. 

Subject to the preceding two (2) sentences, this Amendment shall be

binding upon, inure to the benefit of and be enforceable by the parties hereto

and their respective heirs, legal representatives, successors and assigns.

 

7.             Complete

Agreement.  This Amendment, together

with the Employment Agreement (as amended hereby), supersedes any other

agreements or understandings, written or oral, between RQI and Employee, and

Employee has no oral representations, understandings or agreements with RQI or

any of its officers, directors or representatives covering the same subject

matter as the Employment Agreement (as amended hereby).

 

                This written

Amendment, together with the Employment Agreement (as amended hereby) is the

final, complete and exclusive statement and expression of all the terms of the

Employment Agreement, and it cannot be varied, contradicted or supplemented by

evidence of any prior or contemporaneous oral or written agreements.  This written Amendment, together with the

Employment Agreement (as amended hereby), may not be later modified except by a

written instrument signed by a duly authorized office of RQI and Employee, and

no term of this Agreement may be waived except by a written instrument signed

by the party waiving the benefit of such term.

 

8.             Governing

Law.  This Amendment shall in all

respects be construed according to the laws of the State of Tennessee.

 

9.             Notice.  Whenever any notice is required hereunder,

it shall be given in writing addressed as follows:

 

	

  To RQI:

  	

   

  	

  ResortQuest International, Inc.

  530 Oak Court Drive

  Suite 360

  Memphis, TN 38117

  Attention:  General Counsel

  
	

   

  	

   

  	

   

  
	

  To Employee:

  	

   

  	

  To the address specified below Employee’s name at

  the end 

  of this Amendment.

  

 

Notice shall be deemed given and effective three (3) days after the

deposit in the U.S. mail of a writing addressed as above and sent first class

mail, certified, return receipt requested, or when actually received.  Either party may change the address for

notice by notifying the other party of such change in accordance with this

paragraph 7.

 

10.           The

Employment Agreement.  Except as

expressly set forth herein, all other provisions of the Employment Agreement

shall remain in full force and effect.

 

                IN WITNESS

WHEREOF, the parties hereto have executed this Amendment as of the

day and year first written above.

 

	

   

  	

  RESORTQUEST

  INTERNATIONAL, INC.

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ M. Ronald Halpern

  	

   

  
	

   

  	

   

  	

  Name: 

  	

  M. Ronald Halpern

  	

   

  
	

   

  	

   

  	

  Title:

  	

  Vice President, General Counsel and Secretary

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  /s/ David L. Levine

  	

   

  
	

   

  	

  Employee

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  Address:Prepared by MERRILL CORPORATION

EXHIBIT

10.2

 

AMENDMENT TO

EMPLOYMENT AGREEMENT

 

 

                THIS

AMENDMENT made as of this 3rd day of August, 2001 to the

Employment Agreement dated as of DATE, by and between ResortQuest

International, Inc., a Delaware corporation formerly known as Vacation Properties

International, Inc. (“RQI”), and NAME OF EMPLOYEE (the “Employee”), which

became effective on DATE, the date of the consummation of the initial public

offering of the common stock of RQI (the “Employment Agreement”) or date of

hire.

 

W I T N E S S E T H:

 

                WHEREAS,

RQI and Employee have previously entered into the Employment Agreement; and

 

                WHEREAS,

RQI and Employee desire to further amend the Employment Agreement.

 

                NOW,

THEREFORE, the parties hereto agree as follows:

 

1.             Paragraph

5 of the Employment Agreement is hereby amended by adding the following

language after the first sentence therein:

 

“Notwithstanding the foregoing, the Term is hereby

extended for one additional year from the date it would have otherwise ended

had it not been extended in accordance with the preceding sentence and, unless

terminated sooner as herein provided, shall continue thereafter on a

year-to-year basis on the same terms and conditions contained herein in effect

as of the time of renewal.”

 

2.             Sub-paragraph

12(h)(i) of the Employment Agreement is hereby amended in its entirety to read

as follows:

 

“(i)          a

lump-sum cash payment within fifteen (15) days of Employee’s date of

termination (or, if applicable, such later date as is necessary for the

Employee to execute the release described under paragraph 20(b) herein) equal

to three (3) times the Employee’s annual base salary in effect immediately

prior to the Change in Control multiplied by the greater of (1) the number of

years (or partial years) remaining in the Term as of the date of termination

(without additional extension) or (2) two (2);”

 

3.             Sub-paragraph

12(i)(i) of the Employment Agreement is hereby amended in its entirety to read

as follows:

 

“(i)          a

lump sum cash payment within fifteen (15) days of the Change in Control (or, if

applicable, such later date as is necessary for Employee to execute the release

described under paragraph 20(b) herein) equal to three (3) times the Employee’s

base salary at the rate in effect at the time of Employee’s termination for

whatever time period is remaining under the Term of this Agreement at the time

of Employee’s termination (without additional extension), less any amounts paid

pursuant to sub-paragraph 5(d) between the effective date of Employee’s

termination and the effective date of a Change in Control; and”

 

4.             Severability.  If any portion of this Amendment is held

invalid or inoperative, the other portions of this Amendment shall be deemed

valid and operative and, so far as is reasonable and possible, effect shall be

given to the intent manifested by the portion held invalid or inoperative.

 

5.             Assignment;

Binding Effect.  Employee

understands that he or she has been selected for employment by RQI on the basis

of Employee’s qualifications, experience and skills.  Employee, therefore, shall not assign all or any portion of

Employee’s performance under this Amendment. 

Subject to the preceding two (2) sentences, this Amendment shall be

binding upon, inure to the benefit of and be enforceable by the parties hereto

and their respective heirs, legal representatives, successors and assigns.

 

6.             Complete

Agreement.  This Amendment, together

with the Employment Agreement (as amended hereby), supersedes any other

agreements or understandings, written or oral, between RQI and Employee, and

Employee has no oral representations, understandings or agreements with RQI or

any of its officers, directors or representatives covering the same subject

matter as the Employment Agreement (as amended hereby).

 

                This written

Amendment, together with the Employment Agreement (as amended hereby) is the

final, complete and exclusive statement and expression of all the terms of the

Employment Agreement, and it cannot be varied, contradicted or supplemented by

evidence of any prior or contemporaneous oral or written agreements.  This written Amendment, together with the

Employment Agreement (as amended hereby), may not be later modified except by a

written instrument signed by a duly authorized office of RQI and Employee, and

no term of this Agreement may be waived except by a written instrument signed

by the party waiving the benefit of such term.

 

7.             Governing

Law.  This Amendment shall in all

respects be construed according to the laws of the State of Tennessee.

 

8.             Notice.  Whenever any notice is required hereunder,

it shall be given in writing addressed as follows:

 

	

  To RQI:

  	

   

  	

  ResortQuest International, Inc.

  530 Oak Court Drive

  Suite 360

  Memphis, TN 38117

  Attention:  General Counsel

  
	

   

  	

   

  	

   

  
	

  To Employee:

  	

   

  	

  To the address specified below Employee’s name at

  the end 

  of this Amendment.

  

 

Notice shall be deemed given and effective three (3) days after the

deposit in the U.S. mail of a writing addressed as above and sent first class

mail, certified, return receipt requested, or when actually received.  Either party may change the address for

notice by notifying the other party of such change in accordance with this

paragraph 7.

 

9.             The

Employment Agreement.  Except as

expressly set forth herein, all other provisions of the Employment Agreement

shall remain in full force and effect.

 

                IN WITNESS

WHEREOF, the parties hereto have executed this Amendment as of the

day and year first written above.

 

 

	

   

  	

  RESORTQUEST

  INTERNATIONAL, INC.

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ David L. Levine

  	

   

  
	

   

  	

   

  	

  Name: 

  	

  David L. Levine

  	

   

  
	

   

  	

   

  	

  Title:

  	

  CEO

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  /s/ NAME OF EMPLOYEE

  	

   

  
	

   

  	

  Employee

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  Address:

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