Document:

Exhibit 10.2

 

SECOND AMENDMENT
TO EMPLOYMENT AGREEMENT

 

This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT, dated
as of June 18, 2009 (this “Amendment”), is by and between Interval Leisure
Group, Inc. (the “Company”) and Jeanette E. Marbert (“Executive”).

 

RECITALS

 

WHEREAS, the Company and the Executive entered into
that certain Employment Agreement, dated as of July 31, 2008 effective August 20,
2008, as amended December 30, 2008 (the “Original Agreement”) relating to
the employment of the Executive by the Company;

 

WHEREAS, the Company and Executive desire to make
certain amendments to the Original Agreement pursuant to the terms and subject
to the conditions set forth in this Amendment.

 

NOW THEREFORE, in consideration of the premises and
the agreements contained herein, the parties hereto agree as follows:

 

1.                                       Amendments to Standard Terms and Conditions.  The
Standard Terms and Conditions of the Original Agreement shall be amended as
follows:

 

a.                                       The first paragraph of Section 1(d)(iv) shall
be replaced with the following: “(iv) any portion of the Initial Equity Awards
or of any other equity award granted after the Effective Date under the Company
Incentive Plan or any successor plan (“Future Equity Award”) that is
outstanding and unvested at the time of such termination but that would, but
for a termination of employment, have vested during the Severance Period shall
vest as of the date of such termination of employment; provided; however,
that, for purposes of this provision, the Cliff Vesting Award and each Future
Equity Award that vests at the end of a multi-year period (“Future Cliff
Vesting Award”) shall be treated as though it vested annually pro rata over its vesting period (e.g.,
if the date of termination occurred between the one and two-year anniversaries
of the Effective Date, 75% of Company RSUs subject to the Cliff Vesting Award
would vest on the date of termination and if the date of termination occurred
following the two-year anniversary of the Effective Date, all of the Company
RSUs subject to the Cliff Vesting Award would vest on the date of termination);
provided, further, however, that any Company RSUs that
would vest under this provision but for the fact that outstanding performance
conditions have not been satisfied shall vest only if, and at such point as,
such performance conditions are satisfied.”

 

b.                                      Section 2 shall be replaced in its
entirety with the following:

 

“2.                                 TREATMENT OF EXECUTIVE’S EQUITY AWARDS IN THE
EVENT OF A CHANGE OF CONTROL OF THE COMPANY.  In the
event 

 

 

that, during the Term,
there is consummated a Change of Control (as defined in the Company Incentive
Plan), any portion of the Initial Equity Awards or of Future Equity Awards that
is outstanding and unvested at the time of such Change of Control which would
have vested during the twenty-four (24) month period following such Change of
Control shall vest as of the date of such Change of Control and the Initial
Equity Awards and Future Equity Awards shall otherwise continue to vest in
accordance with their terms; provided that, for purposes of this
provision, the Cliff Vesting Award and any Future Cliff Vesting Award shall be
treated as though it vested annually pro rata over
its vesting period (e.g., if the
Change of Control occurred on the one-year anniversary of the Effective Date,
75% of the Company RSUs subject to the Cliff Vesting Award would vest on the
date of consummation of the Change of Control and if the date of termination
occurred following the two-year anniversary of the Effective Date, all of the
Company RSUs subject to the Cliff Vesting Award would vest on the date of
consummation of such Change of Control). 
In the event any portion of the Initial Equity Awards or of Future
Equity Awards remains unvested following such Change of Control after
application of the foregoing sentence, the agreements effectuating the Change
of Control shall provide for the assumption or substitution of the unvested
Initial Equity Awards and Future Equity Awards by the successor entity (unless
the successor entity is the Company, in which case the unvested Initial Equity
Awards and Future Equity Awards shall remain outstanding in accordance with
their terms).  In no event shall any
unvested portion of the Initial Equity Awards or Future Equity Awards be
cancelled or forfeited without value in connection with a Change of Control

 

2.                                       No Other Amendments. 
Except for modifications specifically set forth in this Amendment, the
Original Agreement shall remain in full force and effect without any other
modification.

 

3.                                       Governing Law.  This
Amendment shall be governed by and construed in accordance with the laws of the
State of Florida, without regard to principles of conflicts of law therein.

 

4.                                       Miscellaneous.  The invalidity or unenforceability of any
particular provision of this Amendment shall not affect the other provisions
hereof, and this Amendment shall be construed in all respects as if the invalid
or unenforceable provision were omitted. No alteration, modification, amendment
or addition shall be valid unless expressed in writing and signed by or on
behalf of Parent and the party against which such alteration, modification,
amendment or addition is to be enforced.

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this instrument to be duly executed on the date first written above.

 

 

	
   

  	
  INTERVAL LEISURE GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Craig M. Nash

  
	
   

  	
   

  	
  Craig M. Nash

  
	
   

  	
   

  	
  Chairman, President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Jeanette E. Marbert

  
	
   

  	
  JEANETTE
  E. MARBERTExhibit 10.3

 

SECOND AMENDMENT
TO EMPLOYMENT AGREEMENT

 

This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT, dated
as of June 18, 2009 (this “Amendment”), is by and between Interval Leisure
Group, Inc. (the “Company”) and William L. Harvey (“Executive”).

 

RECITALS

 

WHEREAS, the Company and the Executive entered into
that certain Employment Agreement, dated as of August 25, 2008, as amended
December 30, 2008 (the “Original Agreement”) relating to the employment of
the Executive by the Company;

 

WHEREAS, the Company and Executive desire to make
certain amendments to the Original Agreement pursuant to the terms and subject
to the conditions set forth in this Amendment.

 

NOW THEREFORE, in consideration of the premises and
the agreements contained herein, the parties hereto agree as follows:

 

1.                                       Amendments to Standard Terms and Conditions.  The
Standard Terms and Conditions of the Original Agreement shall be amended as
follows:

 

a.                                       Section 1(d)(iii) shall be replaced
with the following: “(iii) any portion of the Initial Equity Awards or of any
other equity award granted after the Effective Date under the Company Incentive
Plan or any successor plan (“Future Equity Award”) that is outstanding and
unvested at the time of such termination but that would, but for a termination
of employment, have vested during the Severance Period shall vest as of the
date of such termination of employment; provided; however, that,
for purposes of this provision, each Future Equity Award that vests at the end
of a multi-year period (“Future Cliff Vesting Award”) shall be treated as
though it vested annually pro rata over
its vesting period (e.g., if the
date of termination occurred between the one and two-year anniversaries of the
grant date of a Future Cliff Vesting Award that vests at the end of four years,
75% of Company RSUs subject to such Future Cliff Vesting Award would vest on
the date of termination and if the date of termination occurred following the
two-year anniversary of the Effective Date, all of the Company RSUs subject to
such Future Cliff Vesting Award would vest on the date of termination); provided,
further, however, that any Company RSUs that would vest under
this provision but for the fact that outstanding performance conditions have
not been satisfied shall vest only if, and at such point as, such performance
conditions are satisfied.”

 

b.                                      Section 2 shall be replaced in its
entirety with the following:

 

“2.                                 TREATMENT OF EXECUTIVE’S EQUITY AWARDS IN THE
EVENT OF A CHANGE OF CONTROL OF THE COMPANY.  In the
event that, during the Term, there is consummated a Change of Control (as
defined in the Company Incentive Plan), any portion of the Initial Equity
Awards or of Future Equity Awards that 

 

 

is outstanding and
unvested at the time of such Change of Control which would have vested during
the twenty-four (24) month period following such Change of Control shall vest
as of the date of such Change of Control and the Initial Equity Awards and
Future Equity Awards shall otherwise continue to vest in accordance with their
terms; provided that, for purposes of this provision, any Future Cliff
Vesting Award shall be treated as though it vested annually pro rata over its vesting period (e.g.,
if the Change of Control occurred on the one-year anniversary of the grant of a
Future Cliff Vesting Award which vests at the end of four years, 75% of the
Company RSUs subject to such Future Cliff Vesting Award would vest on the date
of consummation of the Change of Control and if the date of termination
occurred following the two-year anniversary of the grant of such Future Cliff
Vesting Award, all of the Company RSUs subject to such Future Cliff Vesting
Award would vest on the date of consummation of such Change of Control).  In the event any portion of the Initial
Equity Awards or of Future Equity Awards remains unvested following such Change
of Control after application of the foregoing sentence, the agreements
effectuating the Change of Control shall provide for the assumption or
substitution of the unvested Initial Equity Awards and Future Equity Awards by
the successor entity (unless the successor entity is the Company, in which case
the unvested Initial Equity Awards and Future Equity Awards shall remain
outstanding in accordance with their terms). 
In no event shall any unvested portion of the Initial Equity Awards or
Future Equity Awards be cancelled or forfeited without value in connection with
a Change of Control

 

2.                                       No Other Amendments. 
Except for modifications specifically set forth in this Amendment, the
Original Agreement shall remain in full force and effect without any other
modification.

 

3.                                       Governing Law.  This
Amendment shall be governed by and construed in accordance with the laws of the
State of Florida, without regard to principles of conflicts of law therein.

 

4.                                       Miscellaneous.  The invalidity or unenforceability of any
particular provision of this Amendment shall not affect the other provisions
hereof, and this Amendment shall be construed in all respects as if the invalid
or unenforceable provision were omitted. No alteration, modification, amendment
or addition shall be valid unless expressed in writing and signed by or on
behalf of Parent and the party against which such alteration, modification,
amendment or addition is to be enforced.

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this instrument to be duly executed on the date first written above.

 

 

	
   

  	
  INTERVAL LEISURE GROUP, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Craig M. Nash

  
	
   

  	
   

  	
  Craig M. Nash

  
	
   

  	
   

  	
  Chairman, President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ William L. Harvey

  
	
   

  	
  WILLIAM
  L. HARVEY

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