Document:

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                                                                    Exhibit 10.3

                             URANIUM RESOURCES, INC.

                              AMENDED AND RESTATED
                            1995 STOCK INCENTIVE PLAN

     General. This Stock Incentive Plan (the "Plan") provides eligible employees
of Uranium Resources, Inc., (the "Company") with the opportunity to acquire or
expand their equity interest in the Company by making available for purchase
Common Shares, par value $.001 per share, of the Company ("Common Shares"),
through the granting of nontransferable options to purchase Common Shares
("Stock Options"). It is intended that key employees may be granted,
simultaneously or from time to time, Stock Options that qualify as incentive
stock options ("Incentive Stock Options") under Section 422 of the Internal
Revenue Code of 1986, as amended (the "Code") or Stock Options that do not so
qualify ("Non-qualified Stock Options"). No provision of the Plan is intended or
shall be construed to grant employees alternative rights in any Incentive Stock
Option granted under the Plan so as to prevent such Option from qualifying under
Section 422 of the Code.

     1. Purpose of the Plan. The purpose of the Plan is to provide continuing
incentives to key employees of the Company and of any subsidiary corporation of
the Company, by encouraging such key employees to acquire new or additional
share ownership in the Company, thereby increasing their proprietary interest in
the Company's business and enhancing their personal interest in the Company's
success.

     For purposes of the Plan, a "subsidiary corporation" consists of any
corporation at least fifty percent (50%) of the stock of which is directly or
indirectly owned or controlled by the Company.

     2. Effective Date of the Plan. The Plan shall become effective upon its
adoption by the Board of Directors, subject to approval by holders of a majority
of the outstanding shares of voting capital stock of the Company. If the Plan is
not so approved within twelve (12) months after the date the Plan is adopted by
the Board of Directors, the Plan and any grants made hereunder shall be null and
void. However, if the Plan is so approved, no further shareholder approval shall
be required with respect to the making of grants pursuant to the Plan, except as
provided in Section 10 hereof.

     3. Administration of the Plan. The Plan shall be administered by the
Compensation Committee of the Board of Directors of the Company, or by any other
committee selected by such Board of Directors by majority vote and composed of
no fewer than two (2) members of such Board of Directors (the "Committee"). No
person shall be appointed to the Committee who, during the one-year period
immediately preceding such person's appointment to the Committee, has received
any grants of Stock Options under the Plan or any similar stock option or stock
incentive plan, other than a formula-based plan, maintained by the Company or
any subsidiary corporation. A member of the Committee shall not be eligible to
participate in this Plan while serving on the Committee.

     A majority of the Committee shall constitute a quorum. The acts of a
majority of the members present at any meeting at which a quorum is present (or
acts unanimously approved in writing by the members of the Committee) shall
constitute binding acts of the Committee.

     Subject to the terms and conditions of the Plan, the Committee shall be
authorized and empowered:

          (a)  To select the key employees to whom grants may be made;

          (b)  To determine the number of Common Shares to be covered by any
               Grant;

          (c)  To prescribe the terms and conditions of any grants made under
               the Plan, and the form(s) and agreement(s) used in connection
               with such grants, which shall include agreements governing the
               granting of Stock Options;

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          (d)  To determine the time or times when Stock Options will be granted
               and when they will terminate in whole or in part;

          (e)  To determine the time or times when Stock Options that are
               granted may be exercised;

          (f)  To determine, at the time a Stock Option is granted under the
               Plan, whether such Option is an Incentive Stock Option entitled
               to the benefits of Section 422 of the Code; and

          (g)  To establish any other Stock Option agreement provisions not
               inconsistent with the terms and conditions of the Plan or, where
               the Stock Option is an Incentive Stock Option, with the terms and
               conditions of Section 422 of the Code.

     4. Employees Eligible for Grants. Grants may be made from time to time to
those key employees of the Company or a subsidiary corporation, who are
designated by the Committee in its sole and exclusive discretion. Key employees
may include, but shall not necessarily be limited to, members of the Board of
Directors (excluding members of the Committee), and officers, of the Company and
any subsidiary corporation; however, Stock Options intended to qualify as
Incentive Stock Options shall only be granted to key employees while actually
employed by the Company or a subsidiary corporation. The Committee may grant
more than one Stock Option to the same key employee. No Stock Option shall be
granted to any key employee during any period of time when such key employee is
on a leave of absence.

     5. Shares Subject to the Plan. The shares to be issued pursuant to any
Stock Option granted under the Plan shall be Common Shares. Either Common Shares
held as treasury stock, or authorized and unissued Common Shares, or both, may
be so issued, in such amount or amounts within the maximum limits of the Plan as
the Board of Directors shall from time to time determine.

     Subject to the provisions of the next succeeding paragraph of this Section
6 and the provisions of Section 7(h), the aggregate number of Common Shares that
can be actually issued under the Plan shall be four million (4,000,000) Common
Shares.

     If, at any time subsequent to the date of adoption of the Plan by the Board
of Directors, the number of Common Shares are increased or decreased, or changed
into or exchanged for a different number or kind of shares of stock or other
securities of the Company or of another corporation (whether as a result of a
stock split, stock dividend, combination or exchange of shares, exchange for
other securities, reclassification, reorganization, redesignation, merger,
consolidation, recapitalization or otherwise): (i) there shall automatically be
substituted for each Common Share subject to an unexercised Stock Option (in
whole or in part) granted under the Plan, the number and kind of shares of stock
or other securities into which each outstanding Common Share shall be changed or
for which each such Common Share shall be exchanged; and (ii) the option price
per Common Share or unit of securities shall be increased or decreased
proportionately so that the aggregate purchase price for the securities subject
to a Stock Option shall remain the same as immediately prior to such event. In
addition to the foregoing, the Committee shall be entitled in the event of any
such increase, decrease or exchange of Common Shares to make other adjustments
to the securities subject to a Stock Option, the provisions of the Plan, and to
any related Stock Option agreements (including adjustments which may provide for
the elimination of fractional shares), where necessary to preserve the terms and
conditions of any grants hereunder.

     6. Stock Option Provisions.

     (a) General. The Committee may grant to key employees (also referred to as
"optionees") nontransferable Stock Options that either qualify as Incentive
Stock Options under Section 422 of the Code or do not so qualify. However, any
Stock Option which is an Incentive Stock Option shall only be granted within 10
years from the earlier of (i) the date this Plan is adopted by the Board of
Directors of the Company; or (ii) the date this Plan is approved by the
shareholders of the Company.

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     (b) Stock Option Price. The option price per Common Share which may be
purchased under an Incentive Stock Option under the Plan shall be determined by
the Committee at the time of Grant, but shall not be less than one hundred
percent (100%) of the fair market value of a Common Share, determined as of the
date such Option is granted; however, if a key employee to whom an Incentive
Stock Option is granted is, at the time of the grant of such Option, an "owner,"
as defined in Section 422(b)(6) of the Code (modified as provided in Section
424(d) of the Code) of more than ten percent (10%) of the total combined voting
power of all classes of stock of the Company or any subsidiary corporation (a
"Substantial Shareholder"), the price per Common Share of such Option, as
determined by the Committee, shall not be less than one hundred ten percent
(110%) of the fair market value of a Common Share on the date such Option is
granted. The option price per Common Share under each Stock Option granted
pursuant to the Plan which is not an Incentive Stock Option shall be determined
by the Committee at the time of Grant. Except as specifically provided above,
the fair market value of a Common Share shall be determined in accordance with
procedures to be established by the Committee. The day on which the Committee
approves the granting of a Stock Option shall be considered the date on which
such Option is granted.

     (c) Period of Stock Option. The Committee shall determine when each Stock
Option is to expire. However, no Stock Option shall be exercisable for a period
of more than ten (10) years from the date upon which such Option is granted.
Further, no Incentive Stock Option granted to an employee who is a Substantial
Shareholder at the time of the grant of such Option shall be exercisable after
the expiration of (5) years from the date of grant of such Option.

     (d) Limitation on Exercise and Transfer of Stock Options. Only the key
employee to whom a Stock Option is granted may exercise such Option, except
where a guardian or other legal representative has been duly appointed for such
employee, and except as otherwise provided in the case of such employee's death.
No Stock Option granted hereunder shall be transferable by an optionee other
than by will or the laws of descent and distribution. No Stock Option granted
hereunder may be pledged or hypothecated, nor shall any such Option be subject
to execution, attachment or similar process.

     (e) Employment, Holding Period Requirements For Certain Options. The
Committee may condition any Stock Option granted hereunder upon the continued
employment of the optionee by the Company or by a subsidiary corporation, and
may make any such Stock Option immediately exercisable. However, the Committee
will require that, from and after the date of grant of any Incentive Stock
Option granted hereunder until the day three (3) months prior to the date such
Option is exercised, such optionee must be an employee of the Company or of a
subsidiary corporation, but always subject to the right of the Company or any
such subsidiary corporation to terminate such optionee's employment during such
period. Each Stock Option shall be subject to such additional restrictions as to
the time and method of exercise as shall be prescribed by the Committee. Upon
completion of such requirements, if any, a Stock Option or the appropriate
portion thereof may be exercised in whole or in part from time to time during
the option period; however, such exercise right(s) shall be limited to whole
shares.

     (f) Payment for Stock Option Price. A Stock Option shall be exercised by an
optionee giving written notice to the Company of his intention to exercise the
same, accompanied by full payment of the purchase price in cash or by check, or,
with the consent of the Committee, in whole or in part with a promissory note or
with a surrender of Common Shares having a fair market value on the date of
exercise equal to that portion of the purchase price for which payment in cash
or check is not made. The Committee may, in its sole discretion, approve other
methods of exercise for a Stock Option or payment of the option price, provided
that no such method shall cause any option granted under the Plan as an
Incentive Stock Option to not qualify under Section 422 of the Code, or cause
any Common Share issued in connection with the exercise of an option not to be a
fully paid and non-assessable Common Share.

     (g) Certain Reissuances of Stock Options. To the extent Common Shares are
surrendered by an optionee in connection with the exercise of a Stock Option in
accordance with Section 7(f), the Committee may in its sole discretion grant new
Stock Options to such optionee (to the extent Common Shares remain available for
grants), subject to the following terms and conditions:

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           (i) The number of Common Shares shall be equal to the number of
               Common Shares being surrendered by the optionee;

          (ii) The option price per Common Share shall be equal to the fair
               market value of Common Shares, determined on the date of exercise
               of the Stock Options whose exercise caused such Grant; and

         (iii) The terms and conditions of such Stock Options shall in all
               other respects replicate such terms and conditions of the Stock
               Options whose exercise caused such Grant, except to the extent
               such terms and conditions are determined to not be wholly
               consistent with the general provisions of this Section 7, or in
               conflict with the remaining provisions of this Plan.

     (h) Cancellation and Replacement of Stock Options and Related Rights. The
Committee may at any time or from time to time permit the voluntary surrender by
an optionee who is the holder of any outstanding Stock Options under the Plan,
where such surrender is conditioned upon the granting to such optionee of new
Stock Options for such number of shares as the Committee shall determine, or may
require such a voluntary surrender as a condition precedent to the grant of new
Stock Options. The Committee shall determine the terms and conditions of new
Stock Options, including the prices at and periods during which they may be
exercised, in accordance with the provisions of this Plan, all or any of which
may differ from the terms and conditions of the Stock Options surrendered. Any
such new Stock Options shall be subject to all the relevant provisions of this
Plan. The Common Shares subject to any Stock Option so surrendered, shall no
longer be charged against the limitation provided in Section 6 of this Plan and
may again become shares subject to the Plan. The granting of new Stock Options
in connection with the surrender of outstanding Stock Options under this Plan
shall be considered for the purposes of the Plan as the granting of new Stock
Options and not an alteration, amendment or modification of the Plan or of the
Stock Options being surrendered.

     (i) Limitation on Exercisable Incentive Stock Options. The aggregate fair
market value of the Common Shares first becoming subject to exercise as
Incentive Stock Options by a key employee during any given calendar year shall
not exceed the sum of One Hundred Thousand Dollars ($100,000). Such aggregate
fair market value shall be determined as of the date such Option is granted,
taking into account, in the order in which granted, any other incentive stock
options granted by the Company, or by a parent or subsidiary thereof.

     7. Termination of Employment. If a key employee ceases to be an employee of
the Company and every subsidiary corporation, for a reason other than death,
retirement, or permanent and total disability, his Stock Options shall, unless
extended by the Committee on or before his date of termination of employment,
terminate on the effective date of such termination of employment. Neither the
key employee nor any other person shall have any right after such date to
exercise all or any part of his Stock Options.

     If termination of employment is due to death or permanent and total
disability, then outstanding Stock Options may be exercised within the one (1)
year period ending on the anniversary of such death or permanent and total
disability. In the case of death, such outstanding Stock Options shall be
exercised by such key employee's estate, or the person designated by such key
employee by will, or as otherwise designated by the laws of descent and
distribution. Notwithstanding the foregoing, in no event shall any Stock Option
be exercisable after the expiration of the option period, and in the case of
exercises made after a key employee's death, not to any greater extent than the
key employee would have been entitled to exercise such Option at the time of his
death.

     Subject to the discretion of the Committee, in the event a key employee
terminates employment with the Company and all subsidiary corporations because
of normal or early retirement, any then-outstanding Stock Options held by such
key employee shall lapse at the earlier of the end of the term of such Stock
Option or three (3) months after such retirement or permanent and total
disability.

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     In the event an employee of the Company or one of its subsidiary
corporations is granted a leave of absence by the Company or such subsidiary
corporation to enter military service or because of sickness, his employment
with the Company or such subsidiary corporation shall not be considered
terminated, and he shall be deemed an employee of the Company or such subsidiary
corporation during such leave of absence or any extension thereof granted by the
Company or such subsidiary corporation.

     8. Change of Control. Upon the occurrence of a Change of Control (as
defined below), notwithstanding any other provisions hereof or of any agreement
to the contrary, all Stock Options granted under this Plan shall become
immediately exercisable in full.

     For purposes of this Plan, a Change of Control shall be deemed to have
occurred if: (i) a tender offer shall be made and consummated for the ownership
of 25% or more of the outstanding voting securities of the Company; (ii) the
Company shall be merged or consolidated with another corporation and, as a
result of such merger or consolidation, less than 75% of the outstanding voting
securities of the surviving or resulting corporation shall be owned in the
aggregate by the former shareholders of the Company as the same shall have
existed immediately prior to such merger or consolidation; or (iii) the Company
shall sell substantially all of its assets to another corporation which is not a
wholly owned subsidiary; or (iv) a person, within the meaning of Section 3(a)(9)
or of Section 13(d)(3) (as in effect on the date hereof) of the Exchange Act,
shall acquire, other than by reason of inheritance, fifty-one percent (51%) or
more of the outstanding voting securities of the Company (whether directly,
indirectly, beneficially or of record). In making any such determination,
transfers made by a person to an affiliate of such person (as determined by the
Board of Directors of the Company), whether by gift, devise or otherwise, shall
not be taken into account. For purposes of this Plan, ownership of voting
securities shall take into account and shall include ownership as determined by
applying the provisions of Rule 13d-3(d)(1)(i) as in effect on the date hereof
pursuant to the Exchange Act.

     Notwithstanding the provisions of subparagraph (iv) of this Section 9,
"person" is used in that subparagraph shall not include any holder who was the
beneficial owner of more than ten percent (10%) of the voting securities of the
Company on the date the Plan was adopted by the Board of Directors.

     9. Amendments to Plan. The Committee is authorized to interpret this Plan
and from time to time adopt any rules and regulations for carrying out this Plan
that it may deem advisable. Subject to the approval of the Board of Directors of
the Company, the Committee may at any time amend, modify, suspend or terminate
this Plan. In no event, however, without the approval of shareholders, shall any
action of the Committee or the Board of Directors result in:

          (a)  Materially amending, modifying or altering the eligibility
               requirements provided in Section 5 hereof; or

          (b)  Materially increasing, except as provided in Section 6 hereof,
               the maximum number of shares subject to Stock Options;

except to conform this Plan and any agreements made hereunder to changes in the
Code or governing law.

     10. Investment Representation, Approvals and Listing. The Committee may, if
it deems appropriate, condition its grant of any Stock Option hereunder upon
receipt of the following investment representation from the optionee:

         "I agree that any Common Shares of Uranium Resources, Inc., which I may
         acquire by virtue of this Stock Option shall be acquired for investment
         purposes only and not with a view to distribution or resale, and may
         not be transferred, sold, assigned, pledged, hypothecated or otherwise
         disposed of by me unless (i) a registration statement or post-effective
         amendment to a registration statement under the Securities Act of 1933,
         as amended, with respect to said Common Shares has become effective so
         as to permit the sale or other disposition of said shares by me; or
         (ii) there is presented to Uranium Resources, Inc., an opinion of
         counsel satisfactory to Uranium Resources, Inc., to the effect that the
         sale or other proposed disposition of said Common Shares by me may
         lawfully be made otherwise

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         than pursuant to an effective registration statement or post-effective
         amendment to a registration statement relating to the said shares
         under the Securities Act of 1933, as amended."

     The Company shall not be required to issue any certificate or certificates
for Common Shares upon the exercise of any Stock Option granted under this Plan
prior to (i) the obtaining of any approval from any governmental agency which
the Committee shall, in its sole discretion, determine to be necessary or
advisable; (ii) the admission of such shares to listing on any national
securities exchange on which the Common Shares may be listed; (iii) the
completion of any registration or other qualifications of the Common Shares
under any state or federal law or ruling or regulations of any governmental body
which the Committee shall, in its sole discretion, determine to be necessary or
advisable or the determination by the Committee, in its sole discretion, that
any registration or other qualification of the Common Shares is not necessary or
advisable; and (iv) the obtaining of an investment representation from the
optionee in the form stated above or in such other form as the Committee, in its
sole discretion, shall determine to be adequate.

     11. General Provisions. The form and substance of Stock Option agreements
made hereunder, whether granted at the same or different times, need not be
identical. Nothing in this Plan or in any agreement shall confer upon any
employee any right to continue in the employ of the Company or any of its
subsidiary corporations, to be entitled to any remuneration or benefits not set
forth in this Plan or such Grant, or to interfere with or limit the right of the
Company or any subsidiary corporation to terminate his employment at any time,
with or without cause. Nothing contained in this Plan or in any Stock Option
agreement shall be construed as entitling any optionee to any rights of a
shareholder as a result of the grant of a Stock Option, until such time as
Common Shares are actually issued to such optionee pursuant to the exercise of
such Option. This Plan may be assumed by the successors and assigns of the
Company. The liability of the Company under this Plan and any sale made
hereunder is limited to the obligations set forth herein with respect to such
sale and no term or provision of this Plan shall be construed to impose any
liability on the Company in favor of any employee with respect to any loss, cost
or expense which the employee may incur in connection with or arising out of any
transaction in connection with this Plan. The cash proceeds received by the
Company from the issuance of Common Shares pursuant to this Plan will be used
for general corporate purposes. The expense of administering this Plan shall be
borne by the Company. The captions and section numbers appearing in this Plan
are inserted only as a matter of convenience. They do not define, limit,
construe or describe the scope or intent of the provisions of this Plan.

     12. Termination of This Plan. This Plan shall terminate on October 11,
2005, and thereafter no Stock Options shall be granted hereunder. All Stock
Options outstanding at the time of termination of this Plan shall continue in
full force and effect according to their terms and the terms and conditions of
this Plan.

         As amended and restated on September 27, 2000 and approved by the
         stockholders on March 22, 2001.

                                      E-9ex10-48

 

Exhibit 10.48

NOTE PURCHASE AGREEMENT

DATED

NOVEMBER 2, 2001

BETWEEN

CVG INVESTMENT LLC

AND

CLASSIC VACATION GROUP, INC.

 

 

NOTE PURCHASE AGREEMENT

         This is an agreement (the “Agreement”) dated November 2, 2001 between CVG
Investment LLC (“CVGI”), a Delaware limited liability company, and Classic
Vacation Group, Inc. (the “Company”), a New York corporation, relating to the
purchase by CVGI from the Company of (i) $5,000,000 principal amount of the
Company’s 7.5% Convertible Senior Subordinated Notes due December 31, 2006 (the
“Convertible Notes”) and (ii) up to $19,250,000 principal amount of the
Company’s 7.5% Exchangeable Senior Subordinated Notes due December 31, 2006
(the “Exchangeable Notes” and together with the Convertible Notes, the
“Notes”), which agreement is as follows:

ARTICLE I

PURCHASES OF NOTES

         1.1 Purchase and Sale of Notes at the Initial Closing. At the Initial
Closing described in Paragraph 2.1, CVGI will purchase from the Company, for
100% of their principal amount, $5,000,000 principal amount of Convertible
Notes and $5,000,000 principal amount of Exchangeable Notes, and the Company
will sell those Convertible Notes and Exchangeable Notes to CVGI.

         1.2 Purchases and Sales of Additional Notes. Between the day after the
Initial Closing Date (defined below) and April 30, 2002, CVGI will purchase
from the Company, at the Company’s request, up to an additional $14,250,000 of
Exchangeable Notes for 100% of their principal amount in three separate
tranches of $5,000,000, $5,000,000 and $4,250,000. However, the Company may
request multiple tranches simultaneously. Each request that CVGI purchase a
tranche of Exchangeable Notes will be made by a written request from the
Company to CVGI, accompanied by a certification by the chief executive officer
and the chief financial officer of the Company that (i) the balance of cash and
cash equivalents, adjusted to deduct (A) cash which is restricted or segregated
by contract or trust agreement, and (B) amounts reflected

 

 

 on the books of the Company as a liability for outstanding checks and
drafts, as that balance is reflected on the books of the Company has fallen
below $7,000,000 and (ii) the Company needs the proceeds of the sale of the
additional Exchangeable Notes.

ARTICLE II

THE CLOSINGS

         2.1 Time and Place of Closing. The closing of the purchase of Notes
referred to in Paragraph 1.1 (the “Initial Closing”) will take place at the
offices of Clifford Chance Rogers & Wells LLP, 200 Park Avenue, New York, New
York, at 10:00 a.m., New York City time, or at such other time and place as the
parties may mutually agree, on the day (the “Initial Closing Date”) which is
the last to occur of (i) November 2, 2001, and (ii) the business day after the
day on which all the conditions in Article V (other than conditions which it is
contemplated will be satisfied at the Initial Closing) have been satisfied or
waived.

         2.2 Company’s Actions at Closing. At the Initial Closing, the Company
will deliver the following to CVGI:

                  (a) $5,000,000 principal amount of Convertible Notes, which will be
substantially in the form of Exhibit 2.2-A.

                  (b) $5,000,000 principal amount of Exchangeable Notes, which (like all the
Exchangeable Notes) will be substantially in the form of Exhibit 2.2-B.

         2.3 Buyer’s Actions at the Initial Closing. At the Initial Closing, CVGI
will deliver the following to the Company:

                  (a) Evidence of a wire transfer of immediately available funds to an
account or accounts specified at least 24 hours before the Initial Closing by
the Company in the amount of $10,000,000.

3

 

                  (b) A copy, executed by CVGI, GV Investment LLC (“GVI”), Three Cities Fund
III, L.P. (“TCF”) and Thayer Equity Investors III, L.P. (“TEI”), of an
Agreement to Tender, in substantially the form of Exhibit 2.3-B, in which each
of them agrees that if the Company (i) either (x) terminates this Agreement
under Paragraph 8.2(a) or (y) provides notice that the Company has entered into
a definitive agreement relating to a Preferred Transaction (defined below),
(ii) notifies CVGI, GVI, TCF and TEI that the reason the Company is terminating
this Agreement or signing another definitive agreement is in order to
facilitate an alternate financing (a “Preferred Transaction”) which (x)
provides for payment of principal and accrued interest with regard to all the
outstanding Notes when they become due and payable as provided in Paragraph
8.2(b), (y) meets the requirements in clauses (i) and (ii) of the first
sentence of Paragraph 8.2(b) and (z) includes a purchase of all the Company’s
Common Stock (whether through a tender offer followed by a merger or otherwise)
for a price in excess of $0.15 per share (or such other price per share as is
the Tender Offer Price described in Paragraph 6.1), and (iii) pays the
principal and accrued interest with regard to all the outstanding Notes at or
before the time the Preferred Transaction is closed (or if the Preferred
Transaction is a tender offer, at or before the time tendered shares are
accepted for payment) and in any event not later than December 31, 2001, each
of CVGI, GVI, TCF and TEI will tender all the Common Stock it owns in response
to the tender offer which is part of the Preferred Transaction, or otherwise
sell or exchange its shares in connection with the Preferred Transaction, for
the same consideration, and otherwise on the same terms, as those on which the
public holders of Common Stock sell or exchange their shares in the Preferred
Transaction.

         2.4 Subsequent Closings. Each closing of an additional purchase of the
Exchangeable Notes (each a “Subsequent Closing”) will take place at the offices
of Clifford Chance Rogers & Wells LLP at 10:00 a.m., New York City time, or at
such other time and place as the parties may mutually agree, on a day (each a
“Subsequent Closing Date”) specified by

4

 

 CVGI which is not more than ten business days after the Company delivers
to CVGI the request that CVGI purchase the additional Exchangeable Notes and
other items described in Paragraph 1.2; provided, however, that CVGI will use
its best efforts to purchase the Notes which are the subject of a request on or
before the fifth business day after the request is delivered. At each
Subsequent Closing, the Company will deliver to CVGI the Exchangeable Notes
which CVGI is purchasing and CVGI will deliver to the Company (a) evidence of a
wire transfer of immediately available funds to an account or accounts
specified at least 24 hours before the Subsequent Closing by the Company, in an
amount equal to 100% of the principal amount of the Exchangeable Notes that are
being purchased.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

         3.1 Company’s Representations and Warranties. The Company represents and
warrants to CVGI as follows:

                  (a) The Company is a corporation duly organized, validly existing and in
good standing under the laws of the State of New York.

                  (b) The Company has all corporate power and authority necessary to enable
it to enter into this Agreement and carry out the transactions contemplated by
this Agreement. All corporate actions necessary to authorize the Company to
enter into this Agreement and carry out the transactions contemplated by it
have been taken. This Agreement has been duly executed by the Company and is a
valid and binding agreement of the Company, enforceable against the Company in
accordance with its terms.

                  (c) When Notes are issued and delivered to CVGI as contemplated by this
Agreement (including Convertible Notes issued in exchange for Exchangeable
Notes), (i) the Notes will evidence valid and binding obligations of the
Company, and will be enforceable

5

 

against the Company in accordance with their terms, and (ii) the Notes
will constitute Senior Indebtedness as defined in and with regard to the
Company’s 9% Convertible Subordinated Notes due 2007 (the “9% Notes”). When
shares of common stock, par value $.01 per share, of the Company (“Common
Stock”) are issued upon conversion of Convertible Notes (including Convertible
Notes issued in exchange for Exchangeable Notes), those shares (“Conversion
Shares”) will be duly authorized and validly issued, fully paid and
non-assessable, and will not be subject to, or have been issued in violation
of, pre-emptive rights of any shareholders of the Company or any other persons.

                  (d) Except as provided on Exhibit 3.1-D, neither the execution and
delivery of this Agreement or of any document to be delivered in accordance
with this Agreement (including the Notes) nor the consummation of the
transactions contemplated by this Agreement or by any document to be delivered
in accordance with this Agreement will violate, result in a breach of, or
constitute a default (or an event that, with notice or lapse of time or both,
would constitute a default) under, the Certificate of Incorporation or by-laws
of the Company, any agreement or instrument to which the Company is a party or
by which it is bound, other than to the extent that contracts with vendors,
leases or contracts with customers (other than customers that individually
represent more than 5% of cumulative year-to-date bookings during fiscal year
2001 as reflected on the most recent Departures Report (as that term is defined
in the Notes) prepared before the date of this Agreement) contained provisions
requiring notice of, and possibly permitting cancellation as a result of, any
change in control of the Company contemplated by the transactions approved by
the Company’s Board of Directors as described in Paragraph 3.1(s), any law, or
any order, rule or regulation of any court or governmental agency or other
regulatory organization having jurisdiction over the Company.

                  (e) No governmental filings, authorizations, approvals or consents are
required to permit the Company to fulfill all its obligations under this
Agreement, except filings

6

 

with the Securities and Exchange Commission (“SEC”) contemplated by this
Agreement except that issuance of the shares of the Company’s Common Stock on
conversion of the Notes may require filing, the expiration of any applicable
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended (the “HSR Act”) and filings or approvals that may be required as a
result of the change of control of the Company contemplated by the transactions
approved by the Company’s Board of Directors as described in Paragraph 3.1(s).

                  (f) The Company and each of its subsidiaries is qualified to do business
as a foreign corporation in each state in which it is required to be qualified,
except states in which the failure to qualify, in the aggregate, would not have
a Material Adverse Effect upon the Company. As used in this Agreement, the term
“Material Adverse Effect” upon the Company means a material adverse effect upon
(i) the business, operations, properties, results of operations, assets or
condition (financial or otherwise) of the Company and its subsidiaries taken as
a whole, or (ii) the ability of the Company to perform in any material respect
its obligations under the Notes or this Agreement or of CVGI to enforce this
Agreement or the Notes or collect any of the obligations evidenced by the
Notes; provided, however, that continued volatility in the travel market as a
result of the September 11, 2001 terrorist attacks will not constitute a
Material Adverse Effect (although terrorist attacks may, under Paragraph
5.1(g), cause the Company to fail to meet a pre-condition to CVGI’s obligations
to purchase Notes after the date of this Agreement).

                  (g) The only authorized stock of the Company is 60,000,000 shares of
Common Stock, par value $0.01 per share, and 6,000,000 shares of preferred
stock, par value $0.01 per share. At the date of this Agreement, the only
outstanding stock of the Company, excluding treasury shares, is not more than
14,400,000 shares of Common Stock and not less than 14,200,000 shares of Common
Stock. All those shares have been duly authorized and issued and are fully
paid and non-assessable. Except as shown on Exhibit 3.1-G, the Company

7

 

has not issued any options, warrants or convertible or exchangeable
securities which are outstanding, and is not a party to any other agreements,
which require, or upon the passage of time, the payment of money or the
occurrence of any other event may require, the Company to issue or sell any of
its stock.

                  (h) Except as shown on Exhibit 3.1-H, (i) each of the corporations and
other entities of which the Company owns directly or indirectly 50% or more of
the equity (each corporation or other entity of which a company owns directly
or indirectly 50% or more of the equity being a “subsidiary” of that company)
has been duly organized, and is validly existing and in good standing, under
the laws of its state of incorporation or formation, (ii) except as shown on
Exhibit 3.1-H, the Company owns directly or indirectly through wholly owned
subsidiaries, all the outstanding stock of, or other equity interests in, each
of its subsidiaries, (iii) all the shares of stock of, or other equity
interests in, each of the Company’s subsidiaries which are owned by the Company
or any of its subsidiaries are duly authorized and validly issued and, with
regard to stock of corporations or other equity interests in limited liability
entities, fully paid and non-assessable, and are not subject to any preemptive
rights, and (iv) neither the Company nor any of its subsidiaries has issued any
options, warrants or convertible or exchangeable securities, or is a party to
any other agreements, which require, or upon the passage of time, the payment
of money or the occurrence of any other event may require, the Company or any
subsidiary to issue or sell any stock or other equity interests in any of the
Company’s subsidiaries, and there are no registration covenants, except, with
regard to the Company, pursuant to a certain Registration Rights Agreement
dated June 12, 1998, as amended by Amendment No. 1 to the Registration Rights
Agreement dated June 20, 2000, or transfer or voting restrictions with respect
to outstanding securities of any of the Company’s subsidiaries.

                  (i) Since January 1, 1998, the Company has filed with the SEC all forms,
statements, reports and documents it has been required to file under the
Securities Act of 1933,

8

 

as amended, the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) or the rules under either of them.

                  (j) The Company’s Annual Report on Form 10-K for the year ended December
31, 2000 (the “Company 10-K”) and its Report on Form 10-Q for the period ended
June 30, 2001 (the “Second Quarter 10-Q”) which were filed with the SEC,
including the documents incorporated by reference in each of them, each
contained all the information required to be included in it and, when it was
filed, did not contain an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements made in it, in light
of the circumstances under which they were made, not misleading. Without
limiting what is said in the preceding sentence, the financial statements
included in the Company 10-K all were prepared, and the financial information
included in the Second Quarter 10-Q was derived from financial statements which
were prepared, in accordance with United States generally accepted accounting
principles (“GAAP”) applied on a consistent basis (except that financial
information included in the Second Quarter 10-Q does not contain notes and is
subject to normal year end adjustments) and present fairly the consolidated
financial condition and the consolidated results of operations of the Company
and its subsidiaries at the dates, and for the periods, to which they relate.
At the date of this Agreement, the Company has not filed, or been required to
file, any reports with the SEC with regard to any period which ended, or any
event which occurred, after June 30, 2001, except for reports required to be
filed in connection with the transactions contemplated by this Agreement.

                  (k) Since June 30, 2001, the Company and its subsidiaries have conducted
their businesses in the ordinary course and in the same manner in which they
were conducted prior to June 30, 2001, except to the extent the Company and its
subsidiaries have had to change the way in which they conduct their businesses
due to factors which have affected the travel industry or arrangers of
vacations or tours generally.

9

 

                  (l) The assets of the Company and its subsidiaries constitute, in the
aggregate, all the assets (including, but not limited to, intellectual property
rights) used in or necessary to the conduct of their businesses as they
currently are being conducted, except to the extent the Company may require
additional cash to carry on its business.

                  (m) The Company and its subsidiaries have at all times complied, and
currently are complying, with all applicable Federal, state, local and foreign
laws and regulations, except failures to comply which would not reasonably be
expected, in the aggregate, to have a Material Averse Effect on the Company.

                  (n) The Company and its subsidiaries have all licenses and permits which
are required at the date of this Agreement to enable them to conduct their
businesses as they currently are being conducted, except licenses or permits
the lack of which would not reasonably be expected, in the aggregate, to have a
Material Adverse Effect on the Company.

                  (o) Except as shown on Exhibit 3.1-O, the Company and each of its
subsidiaries has filed when due all Tax Returns which it has been required to
file and has paid all Taxes shown on those returns to be due. Those Tax
Returns accurately reflect all Taxes required to have been paid, except to the
extent of items which may be disputed by applicable taxing authorities but for
which there is substantial authority to support the position taken by the
Company or the subsidiary and which have been adequately reserved against in
accordance with GAAP on the balance sheet at June 30, 2001, included in the
Second Quarter 10-Q. At the date of this Agreement, except as shown on Exhibit
3.1-O, (i) no extension of time given by the Company or any of its subsidiaries
for completion of the audit of any of its Tax Returns is in effect, (ii) no tax
lien has been filed by any taxing authority against the Company or any of its
subsidiaries or any of their assets, (iii) no Federal, state or local audits or
other administrative proceedings or court proceedings with regard to Taxes are
presently pending with regard to the Company or any of its subsidiaries, (iv)
neither the Company nor any subsidiary is a party to any

10

 

agreement providing for the allocation or sharing of Taxes, (v) neither
the Company nor any subsidiary has participated in or cooperated with an
international boycott as that term is used in Section 999 of the Internal
Revenue Code of 1986, as amended (the “Code”) and (vi) neither the Company nor
any subsidiary has filed a consent pursuant to Section 341(f) of the Code or
agreed to have Section 341(f)(2) of the Code apply to any disposition of a
Subsection (f) asset (as that term is defined in Section 341(f)(4) of the Code)
owned by the Company or any subsidiary. For the purposes of this Agreement,
the term “Taxes” means all taxes (including, but not limited to, withholding
taxes), assessments, fees, levies and other governmental charges, and any
related interest or penalties. For the purposes of this Agreement, the term
“Tax Return” means any report, return or other information required to be
supplied to a taxing authority in connection with Taxes.

                  (p) (i) The Company and its subsidiaries have all environmental permits
which are necessary to enable them to conduct their businesses as they
currently are being conducted without violating any Environmental Laws, (ii)
the Company has not received any notice of material noncompliance or material
liability under any Environmental Law, (iii) neither the Company nor any
subsidiary has performed any acts, including but not limited to releasing,
storing or disposing of hazardous materials, there is no condition on any
property owned or leased by the Company or a subsidiary, and there was no
condition on any property formerly owned or leased by the Company or a
subsidiary while the Company or a subsidiary owned or leased that property,
that could reasonably be expected to result in material liability by the
Company or a subsidiary under any Environmental Law or to have a Material
Adverse Effect on the Company and (iv) neither the Company nor any subsidiary
is subject to any order of any court or governmental agency requiring the
Company or any subsidiary to take, or refrain from taking, any actions in order
to comply with any Environmental Law and no action or proceeding seeking such
an order is pending or, insofar as any officer of the Company is aware,
threatened

11

 

against the Company. As used in this Agreement, the term “Environmental
Law” means any Federal, state or local law, rule, regulation, guideline or
other legally enforceable requirement of a governmental authority relating to
protection of the environment or to environmental conditions which affect human
health or safety.

                  (q) Except as shown on Exhibit 3.1-Q, there are no contracts, agreements
or other arrangements which could result in the payment by the Company or by
any subsidiary of an “Excess Parachute Payment” as that term is used in Section
280G of the Code.

                  (r) Neither the Schedule 14D-9 described in Paragraph 6.2 nor any
information supplied by the Company for inclusion in the Offer Documents
described in Paragraph 6.1 will, at the respective times the Schedule 14D-9 and
the Schedule TO described in Paragraph 6.1 are filed with the SEC and first
published, sent or given to the Company’s shareholders, contain a false or
misleading statement with respect to any material fact or omit to state any
material fact required to be stated or included in it or necessary in order to
make the statements made or included in it, in light of the circumstances under
which they are made, not misleading. On the day the Proxy Statement described
in Paragraph 7.1 is mailed to the Company’s shareholders and on the day of the
Shareholders Meeting, the Proxy Statement will not contain a false or
misleading statement with respect to any material fact or omit to state any
material fact required to be stated in it or necessary in order to make the
statements in it, in light of the circumstances under which they are made, not
misleading or necessary to correct any statement in any earlier communication
with respect to the Shareholders Meeting or the solicitation of proxies to be
used at the Shareholders Meeting. However, the Company does not make any
representations or warranties with respect to information supplied by CVGI or
Acquisition (defined in Paragraph 6.1) or any of their affiliates or
representatives for inclusion in the Schedule 14D-9 or the Proxy Statement, or
with respect to the Offer Documents (except to the extent of information
supplied by the Company for inclusion in the Offer Documents). The

12

 

Schedule 14D-9 and the Proxy Statement each will comply as to form in all
material respects with the requirements of the Exchange Act and the rules under
it.

                  (s) The Company’s Board of Directors has approved (i) the transfer of
Common Stock from TEI to TCF or GVI, (ii) the transfer of Common Stock from TCF
to GVI, (iii) the contribution of Common Stock by TEI, TCF, GVI or their
affiliates to CVGI pursuant to the Capital Contribution Agreement dated the
same date as this Agreement, (iv) any transfer of 9% Notes (or an interest
therein) by Three Cities Research, Inc. and its affiliates to TEI and its
affiliates, (v) the purchase of Convertible Notes and Exchangeable Notes by
CVGI and any exchange of Exchangeable Notes for Convertible Notes, (vi) any
issuance of Convertible Notes or Exchangeable Notes as payment of interest on
those Notes, (vii) any distribution of Common Stock, 9% Notes, Convertible
Notes and Exchangeable Notes by CVGI to its members, (viii) any transfer of
some or all of the Common Stock by CVGI to Acquisition and (ix) any conversion
of Convertible Notes.

                  (t) Each officer or employee of the Company who is a party to an agreement
under which he or she may be entitled to receive a payment (whether upon
termination of employment or otherwise) because of the change of control of the
Company resulting from the acquisition by CVGI or Acquisition of control of the
Company has waived the right to receive the payment because of that change of
control.

                  (u) Other than fees owed to the Company’s financial advisor Dresdner
Kleinwort Wasserstein (“DKW”) and reimbursements to be made to TEI and TCF for
fees incurred by each of them or their respective affiliates as of the date of
this Agreement in connection with the transactions contemplated by this
Agreement, the legal fees and expenses that the Company has incurred in
connection with the transactions contemplated by this Agreement will not exceed
$300,000.

13

 

         3.2 CVGI’s Representations and Warranties. CVGI represents and warrants
to the Company as follows:

                  (a) CVGI is a limited liability company duly organized, validly existing
and in good standing under the laws of the State of Delaware.

                  (b) CVGI has all power and authority necessary to enable it to enter into
this Agreement and carry out the transactions contemplated by this Agreement.
All actions necessary to authorize CVGI to enter into this Agreement and carry
out the transactions contemplated by it have been taken. This Agreement has
been duly executed by CVGI and is a valid and binding agreement of CVGI,
enforceable against CVGI in accordance with its terms.

                  (c) Neither the execution and delivery of this Agreement or of any
document to be delivered in accordance with this Agreement nor the consummation
of the transactions contemplated by this Agreement or by any document to be
delivered in accordance with this Agreement will violate, result in a breach
of, or constitute a default (or an event that, with notice or lapse of time or
both, would constitute a default) under, the Certificate of Formation or
Limited Liability Company Agreement of CVGI, any other agreement or instrument
to which CVGI is a party or by which it is bound, any law, or any order, rule
or regulation of any court or governmental agency or other regulatory
organization having jurisdiction over CVGI.

                  (d) No governmental filings, authorizations, approvals or consents are
required to permit CVGI to fulfill all its obligations under this Agreement,
except filings with the SEC contemplated by this Agreement and except that
issuance of the shares of the Company’s Common Stock on conversion of the Notes
may require filing and the expiration of any applicable waiting period under
the HSR Act.

                  (e) CVGI has, or has access through commitments from its members and from
financial institutions, to, all the funds it will require to purchase the
Notes.

14

 

                  (f) Neither any of the Offer Documents nor any information supplied by
CVGI or Acquisition for inclusion in the Schedule 14D-9 will, at the respective
times the Schedule TO and the Schedule 14D-9 are filed with the SEC and first
published, sent or given to the Company’s shareholders, contain a false or
misleading statement with respect to any material fact or omit to state any
material fact required to be stated or included in it or necessary in order to
make the statements made or included in it, in light of the circumstances under
which they are made, not misleading. However, neither CVGI nor Acquisition
makes any representations or warranties with respect to information supplied by
the Company or any of its affiliates or representatives for inclusion in the
Offer Documents, or with respect to the Schedule 14D-9 (except to the extent of
information supplied by CVGI or Acquisition for inclusion in the Schedule
14D-9). The Offer Documents will comply as to form in all material respects
with the requirements of the Exchange Act and the rules under it.

                  (g) Each time CVGI purchases Notes under this Agreement, CVGI will be
acquiring those Notes for investment and not with a view to distributing them.

         3.3
Remedy for Breaches of Representations and Warranties. Except as
provided in Paragraph 5.1, Paragraph 5.2 or the Notes, the indemnifications in
Paragraphs 9.1 and 9.2 will be the only remedies available to CVGI or the
Company for breaches of representations or warranties contained in Paragraph
3.1 or 3.2. Any claim for that indemnification must be made as provided in
Paragraph 9.4.

ARTICLE IV

ACTIONS PRIOR TO THE CLOSING

         4.1
Activities Until Closing Date. From the date of this Agreement until
the Initial Closing Date, the Company will, and will ensure that its
subsidiaries will, except with the written consent of CVGI:

15

 

                  (a) Operate their respective businesses in the ordinary course and in a
manner consistent with the manner in which they are being operated at the date
of this Agreement.

                  (b) Take all reasonable steps available to them to maintain the goodwill
of their businesses and, except as approved by CVGI, the continued employment
of their executives and other employees.

                  (c) At their expense, maintain all their assets in good repair and
condition, except to the extent of reasonable wear and use and damage by fire
or other unavoidable casualty.

                  (d) Not make any borrowings, other than any short-term, interim or bridge
financing provided prior to the Initial Closing Date by CVGI, GVI, TCF, TEI or
any of their affiliates.

                  (e) Not enter into any contractual commitments involving capital
expenditures, loans or advances, and not voluntarily incur any contingent
liabilities, except in each case in the ordinary course of business.

                  (f) Not redeem or purchase any of its stock for more than $0.15 per share,
and not declare or pay any dividends, or make any other distributions, to its
shareholders (other than dividends or distributions by subsidiaries of the
Company to the Company or to other wholly owned subsidiaries of the Company).

                  (g) Not make any loans or advances (other than advances in the ordinary
course for travel and other normal business expenses) to shareholders,
directors, officers or employees.

16

 

                  (h) Maintain their books of account and records in the usual manner, in
accordance with GAAP applied on a consistent basis, subject to normal year-end
adjustments and accruals.

                  (i) Comply in all material respects with all applicable laws and
regulations of governmental agencies.

                  (j) Not sell, dispose of or encumber any property or assets, or engage in
any activities or transactions, except in each case in the ordinary course of
business, and except sale of the stock of Island Resort Tours, Inc. and
International Travel & Resorts, Inc. which were discussed with the Board of
Directors.

                  (k) Not enter into or amend any employment, severance or similar
agreements or arrangements, or increase the salaries of any employees, other
than through normal annual merit increases averaging not more than 5% and
except salary increases to employees who had been downgraded and are restored
to their former positions, in order to return their salaries to their
pre-downgrade levels.

                  (l) Not adopt, become an employer with regard to, or amend any employee
compensation, employee benefit or post-employment benefit plan.

                  (m) Not amend their certificates of incorporation or by-laws.

                  (n) Not (i) issue or sell any of their stock (except upon exercise of
options or warrants, or conversion of convertible securities, which are
outstanding on the date of this Agreement) or any options, warrants or
convertible or exchangeable securities (except under this Agreement) or (ii)
split, combine, or reclassify their outstanding stock.

                  (o) Not authorize or enter into any agreement to take any of the actions
referred to in subparagraphs (a) through (n) above, other than an agreement or
action

17

 

consistent with the Company’s right to pursue alternate financing in
accordance with the terms of Paragraph 8.2.

         4.2 Company’s Efforts to Fulfill Conditions. The Company will use its
best efforts to cause all the conditions set forth in Paragraph 5.1 (other than
the condition in Paragraph 5.1(e)) to be fulfilled prior to or at the Initial
Closing and each Subsequent Closing.

         4.3 CVGI’s Efforts to Fulfill Conditions. CVGI will use its best efforts
to cause all the conditions contained in Paragraph 5.2 to be fulfilled prior to
or at the Initial Closing and each Subsequent Closing.

ARTICLE V

CONDITIONS PRECEDENT TO CLOSING

         5.1 Conditions to CVGI’s Obligations. The obligations of CVGI at the
Initial Closing and at each Subsequent Closing are subject to satisfaction of
the following conditions (any or all of which may be waived by CVGI):

                  (a) The representations and warranties of the Company contained in this
Agreement will, except as contemplated by this Agreement, be true and correct
in all material respects (except that representations and warranties which are
qualified as to materiality or as to absence of Material Adverse Effect upon
the Company will be true and correct in all respects) at the Initial Closing
Date or Subsequent Closing Date, as applicable, with the same effect as though
made on that date (unless a representation and warranty refers to a specific
earlier date, in which case it will have been true and correct in all material
respects at that earlier date), and the Company will have delivered to CVGI a
certificate dated that date and signed by the President or a Vice President of
the Company to that effect.

18

 

                  (b) The Company will have fulfilled in all material respects all its
obligations under this Agreement required to have been fulfilled prior to or at
the Initial Closing or the Subsequent Closing, as applicable.

                  (c) No order will have been entered by any court or governmental authority
and be in force that invalidates this Agreement or restrains CVGI from
completing the transactions that are the subject of this Agreement and no
action will be pending against CVGI or the Company relating to the transactions
which are the subject of this Agreement that presents a reasonable likelihood
of resulting in an award of damages against CVGI or the Company that would be
material to CVGI and its subsidiaries taken as a whole, or to the Company and
its subsidiaries taken as a whole.

                  (d) No order will have been entered by any court or governmental authority
and be in force which restrains CVGI or Acquisition from making the Tender
Offer or purchasing the shares which are tendered in response to the Tender
Offer, or restrains Acquisition from merging with the Company after the Tender
Offer has expired, and no action will be pending against CVGI or Acquisition
relating to the Tender Offer or a proposed merger of Acquisition and the
Company following the Tender Offer that presents a reasonable likelihood of
resulting in an award of damages against CVGI, Acquisition or the company which
survives the merger of Acquisition and the Company that would be material to
any of CVGI, Acquisition or the company which survives the merger of
Acquisition and the Company.

                  (e) The Board of Directors of the Company will not have recommended, or
voted to recommend, that shareholders of the Company not tender their Common
Stock in response to the Tender Offer.

                  (f) There will not have been an event of default with regard to any of the
Notes, any unwaived event of default with regard to the 9% Notes, any event
which upon

19

 

issuance of Notes would be an event of default with regard to them, or any
event which, upon the giving of notice or the passage of time after the giving
of notice, would be an event of default with regard to any of the Notes or an
unwaived event of default with regard to the 9% Notes.

                  (g) There will have been no act of terrorism after the date of this
Agreement or, if the Initial Closing or a Subsequent Closing has taken place,
after the most recent of those closings in the United States of America,
Europe, Latin America or the Pacific Rim which (i) results in a material
disruption in financial markets in any of the United States of America,
England, France, Germany or Japan or which is followed by a decline of 5% or
more in the day, or in the week, after the act of terrorism in any of the Dow
Jones Industrial Average, the Standard & Poor’s 500 Index or the Nasdaq Stock
Market Composite Index, (ii) leads to material restrictions on travel within or
into or out of any of those countries or regions, or (iii) otherwise materially
adversely affects travel within or into or out of any of those countries or
regions.

                  (h) The holders of the 9% Notes will have executed a document
substantially in the form of Exhibit 5.1-H in which they waive certain defaults
under the 9% Notes.

                  (i) Ronald Letterman will be the chief executive officer of the Company.

                  (j) CVGI will have received an opinion from Hogan & Hartson, counsel to
the Company, substantially in the form of Exhibit 5.1-J.

                  (k) The Initial Closing Date will be not later than November 5, 2001.

         5.2 Conditions to Company’s Obligations. The obligations of the Company
at the Initial Closing (and at each Subsequent Closing) are subject to the
following conditions (any or all of which may be waived by the Company):

                  (a) The representations and warranties of CVGI contained in this Agreement
will, except as contemplated by this Agreement, be true and correct in all
material respects at

20

 

the Initial Closing Date, with the same effect as though made on that
date, and CVGI will have delivered to the Company a certificate dated that date
and signed by the President or a Vice President of CVGI to that effect.

                  (b) CVGI will have fulfilled in all material respects all its obligations
under this Agreement required to have been fulfilled prior to or at the Initial
Closing.

                  (c) No order will have been entered by any court or governmental authority
and be in force which invalidates this Agreement or restrains the Company from
completing the transactions that are the subject of this Agreement and no
action will be pending against the Company relating to the transactions that
are the subject of this Agreement that presents a reasonable likelihood of
resulting in an award of damages against the Company that would be material to
the Company and its subsidiaries taken as a whole.

                  (d) The holders of the 9% Notes will have executed a document
substantially in the form of Exhibit 5.1-H in which they waive certain defaults
under the 9% Notes.

                  (e) The Company will have received an opinion from Clifford Chance Rogers
& Wells LLP, counsel to CVGI, substantially in the form of Exhibit 5.2-E.

                  (f) The Initial Closing Date will be not later than November 5, 2001.

ARTICLE VI

TENDER OFFER

         6.1 Obligation to Make Tender Offer. (a) Within five business days after
the Initial Closing Date, CVGI, through a company formed by it (“Acquisition”),
will make a tender offer for all the shares of Common Stock which neither CVGI
nor Acquisition owns (the “Tender Offer”) at a price of not less than $0.15 per
share (the “Tender Offer Price”). The Tender Offer will not expire before
December 31, 2001 and Acquisition will not reduce the Tender Offer Price below
$0.15 per share. In connection with the Tender Offer, Acquisition will file
with the SEC a

21

 

 Tender Offer Statement on a combined Schedule TO and Schedule 13E-3 with
respect to the Tender Offer (together with any amendments or supplements, the
“Schedule TO”), including forms of an offer to purchase, a letter of
transmittal and a summary advertisement (the Schedule TO and the documents
included in it by which the Tender Offer will be made, as they may be
supplemented or amended, being the “Offer Documents”). CVGI will disseminate
the Schedule TO as required by Regulation 14D and Rule 13e-3 under the Exchange
Act. CVGI will correct promptly any information included in the Schedule TO if
and to the extent that information is or becomes incomplete or inaccurate in
any material respect and CVGI will file any corrected Schedule TO with the SEC
and disseminate the corrected Schedule TO to the Company’s shareholders to the
extent required by the Exchange Act or the rules and regulations under it. The
Company will supply promptly in writing to CVGI, for inclusion in the Offer
Documents, all information concerning the Company required under the Exchange
Act, and the rules under it to be included in them. The Company, the Special
Committee and their counsel will be given a reasonable opportunity to review
and comment on the Offer Documents and any amendments to them before they are
filed with the SEC. CVGI will provide the Company, the Special Committee and
their counsel copies of any comments CVGI or its counsel may receive from the
SEC staff with respect to the Offer Documents promptly after CVGI receives
those comments.

                  (b) If at least 50% of the Common Stock which is not owned by CVGI,
Acquisition, TEI or GVI is tendered in response to the Tender Offer, CVGI (i)
will cause Acquisition to purchase all of the shares that are properly tendered
and not withdrawn and (ii) will cause Acquisition and the Company to be merged
in a transaction (the “Merger”) in which holders of Common Stock, other than
CVGI, Acquisition, TEI and GVI, will receive cash equal to the Tender Offer
Price paid for shares which are tendered in response to the Tender Offer.

22

 

                  (c) CVGI agrees that, from the date of this Agreement through the second
anniversary of the Initial Closing Date, neither CVGI nor any of its affiliates
shall, directly or indirectly, (i) enter into any merger, tender or exchange
offer, or business combination involving the Company or any of its affiliates
or acquire, directly or indirectly, a material portion of the assets of the
Company or any of its affiliates unless, pursuant to any such transaction, the
holders of the Company’s Common Stock who are not affiliated with CVGI receive
consideration, or are offered the opportunity to receive consideration, in
exchange for their Common Stock equal to not less than $0.15 per share (subject
to appropriate adjustment in the event of a share reclassification, reverse
stock split or other similar action deemed by the Company’s Board of Directors
reasonably to require adjustment) or (ii) request the Company to modify or
waive the provisions of this Section 6.1(c).

         6.2 Actions by the Company with Regard to Tender Offer. (a) Promptly after
Acquisition files the Schedule TO with the SEC, the Company will file a
Solicitation/Recommendation Statement on Schedule 14D-9 (together with any
amendments or supplements, the “Schedule 14D-9”) relating to the Tender Offer.
The Company has informed CVGI that it is likely that the Schedule 14D-9 will
state that the Company’s Board of Directors is not making a recommendation as
to whether shareholders should or should not tender their shares in response to
the Tender Offer. The Company will disseminate the Schedule 14D-9 as required
by Rule 14D-9 under the Exchange Act. The Company will correct promptly any
information included in the Schedule 14D-9 if and to the extent that
information is or becomes incomplete or inaccurate in any material respect and
the Company will file any corrected Schedule 14D-9 with the SEC and disseminate
the corrected Schedule 14D-9 to the Company’s shareholders to the extent
required by the Exchange Act or the rules under it. CVGI will supply promptly
in writing to the Company, for inclusion in the Schedule 14D-9, any information
concerning CVGI (or Acquisition, TEI or GVI, as appropriate) required under the
Exchange Act

23

 

 and the rules and regulations thereunder to be included in the Schedule
14D-9. CVGI and its counsel will be given a reasonable opportunity to review
and comment on the Schedule 14D-9 and any amendments to it before they are
filed with the SEC. The Company will provide CVGI and its counsel copies of
any comments the Company or its counsel may receive from the SEC staff with
respect to the Schedule 14D-9 promptly after the Company receives them.

                  (b) In connection with the Tender Offer, the Company will promptly furnish
Acquisition with mailing labels, security position listings and any other
available listing or computer files containing the names and addresses of the
record holders or beneficial owners of shares of Common Stock as of a recent
date and the Company will furnish Acquisition with such additional information
and assistance (including, without limitation, updated lists of shareholders,
mailing labels and lists of securities positions) as Acquisition or its
representatives may reasonably request in order to communicate the Tender Offer
to the record holders and beneficial owners of the Common Stock. Subject to
the requirements of applicable law, Acquisition will hold in confidence the
information contained in any such labels, listings or files, and will use that
information only in connection with the Tender Offer and the Merger. If this
Agreement is terminated, Acquisition will return to the Company the originals
and all copies of that information which are in Acquisition’s possession.

         6.3 Notice of Proposals from Others. If prior to the earlier of the last
Subsequent Closing or the last day by which the Company may request that CVGI
purchase additional Notes, the Company receives a proposal or offer from anyone
other than Acquisition with respect to a merger, reorganization, share
exchange, consolidation or similar transaction involving the Company, or any
purchase of or tender offer for, all or any significant portion of the
Company’s equity securities or any significant portion of the assets of the
Company and its subsidiaries on a consolidated basis (each of these being an
“Acquisition Proposal”), or the Company learns that someone other than
Acquisition proposes to solicit tenders of Common

24

 

 Stock or otherwise proposes to acquire the Company or a substantial
portion of its Common Stock or assets (other than in the ordinary course of
business) if the Company’s shareholders do not tender their Common Stock to
Acquisition, the Company will promptly notify CVGI and Acquisition of that fact
and provide CVGI and Acquisition with all information in the Company’s
possession which either of them reasonably requests regarding the Acquisition
Proposal, solicitation of tenders or other proposed transaction, and the
Company will promptly, from time to time, provide CVGI and Acquisition with any
additional information the Company obtains regarding the Acquisition Proposal,
the solicitation of tenders or the other proposed transaction.

ARTICLE VII

SHAREHOLDERS MEETING

         7.1 Proxy Statement and Shareholders Meeting. (a) The Company will cause a
meeting of its shareholders (the “Shareholders Meeting”) to be held no later
than May 31, 2002, at which the Company’s shareholders will be asked to vote
upon a proposal (the “Proposal”) to approve an increase in the number of shares
the Company is authorized to issue to at least 200,000,000 shares in order,
among other things, to permit the issuance of all the shares of Common Stock
the Company may be required to issue upon conversion of Convertible Notes
issued in exchange for Exchangeable Notes. The Company will (i) cause a proxy
statement (the “Proxy Statement”) relating to the Shareholders Meeting to be
filed with the SEC not less than 60 days before the scheduled date of the
Shareholders Meeting, (ii) use its best efforts to cause review of the Proxy
Statement by the SEC staff to be completed as promptly as practicable, (iii)
describe in the Proxy Statement the recommendation of its Board of Directors
that the shareholders approve the increase of authorized Common Stock (unless
the Company’s Board of Directors is advised by independent counsel that it is
likely it would be a breach of the Directors’ fiduciary duties for the Board to
recommend that the shareholders vote in favor of the authorization of those
shares), (iv) as promptly as practicable, and in any event

25

 

 within five days after the Company is informed that the SEC staff has no
further comments about the Proxy Statement, cause the Proxy Statement to be
mailed to its shareholders and (v) cause the Shareholders Meeting to be held
not later than the scheduled date of the Shareholders Meeting or such later day
as is the 20th business day after the day on which the Proxy Statement is
mailed.

                  (b) CVGI will supply to the Company all information in CVGI’s possession
that the Company is required to include in the Proxy Statement and in all other
respects cooperate with the Company in its efforts to file the Proxy Statement
with the SEC and cause review of the Proxy Statement to be completed as
promptly as practicable after it is filed with the SEC.

                  (c) CVGI agrees that it will vote all of the shares of Common Stock that
it owns in favor of the Proposal at the Shareholder Meeting.

ARTICLE VIII

TERMINATION

         8.1 Right to Terminate. This Agreement may be terminated at any time
prior to the Initial Closing:

                  (a) By mutual consent of CVGI and the Company.

                  (b) By either CVGI or the Company if, without fault of the terminating
party, the Initial Closing does not occur on or before November 5, 2001.

                  (c) By CVGI if (i) it is determined that any of the representations or
warranties of the Company contained in this Agreement was not complete and
accurate in all material respects on the date of this Agreement or (ii) any of
the conditions in Paragraph 5.1 is not satisfied or waived by CVGI prior to or
on the Initial Closing Date.

26

 

                  (d) By the Company if (i) it is determined that any of the representations
or warranties of CVGI contained in this Agreement was not complete and accurate
in all material respects on the date of this Agreement or (ii) any of the
conditions in Paragraph 5.2 is not satisfied or waived by the Company prior to
or on the Initial Closing Date.

                  (e) By the Company pursuant to Paragraph 8.2.

         8.2 Termination to Facilitate Alternate Proposal. (a) In addition to being
able to terminate this Agreement in accordance with Paragraph 8.1, the Company
may at any time before Acquisition or CVGI purchases shares which are tendered
in response to the Tender Offer (or, if there is no Tender Offer, at any time
before December 31, 2001) terminate this Agreement in order to carry out an
alternate financing which (i) provides for immediate prepayment of all the
outstanding Notes and (ii) the Company’s Board of Directors determines will be
more favorable to the Company than the transactions contemplated by this
Agreement.

                  (b) The Company may, without terminating this Agreement, enter into a
definitive agreement for an alternate financing which (i) is with a source of
the alternate financing which the Company’s Board of Directors reasonably
determines, after consultation with the financial adviser to the Special
Committee appointed to review the transactions which are the subject of this
Agreement (the “Special Committee”), has the financial ability to carry out the
alternate financing (including providing or arranging the funds needed to pay
the principal and accrued interest on all the outstanding Notes when they
become due and payable as provided in this subparagraph) and (ii) the Company’s
Board of Directors determines will be more favorable to the Company than the
transactions contemplated by this Agreement. However, if the Company enters
into such a definitive agreement for alternate financing without terminating
this Agreement, this Agreement will terminate, and the principal and accrued
interest with regard to all the outstanding Notes will become due and payable,
on the earlier of (A) the day of the closing of the alternate financing (or, if
there is more than one closing relating

27

 

to the alternate financing, the day of the first closing relating to the
alternate financing) or (B) December 31, 2001. Unless and until this Agreement
terminates, CVGI and the Company will continue to be bound by its provisions
(including those in Paragraph 1.2).

                  (c) If, the Company prepays any Notes at any time before March 31, 2002
(or such later day as is six months after the day which is the earlier of (i)
the earliest day on which holders of Convertible Notes can convert them into
Common Stock, or (ii) the day on which all the Exchangeable Notes are
automatically exchanged for Convertible Notes), this Agreement will terminate
on the day on which the Company prepays those Notes.

         8.3 Effect of Termination. If this Agreement is terminated pursuant to
either of Paragraphs 8.1 or 8.2, after this Agreement is terminated, neither
party will have any further rights or obligations under this Agreement
(including any rights or obligations to sell or purchase additional Notes).
Nothing contained in this Paragraph will, however, (i) affect the rights or
obligations of either party with regard to Notes that have already been issued
(except as provided in those Notes), (ii) relieve either party of liability for
any breach of this Agreement that occurs before this Agreement is terminated,
or (iii) relieve CVGI, GVI, TCF, TEI or any of their respective affiliates from
their obligations under the Agreement to Tender described in Paragraph 2.3(b).

ARTICLE IX

INDEMNIFICATION

         9.1 Indemnification Against Loss Due to Inaccuracies in Company’s
Representations and Warranties. The Company indemnifies CVGI against, and
agrees to hold CVGI harmless from, all losses, liabilities and expenses
(including, but not limited to, reasonable fees and expenses of counsel and
expenses of investigation) incurred directly or indirectly because (i) any
matter which is the subject of a representation and warranty contained in
Paragraph 3.1 is not as represented and warranted, or (ii) the Company fails to
fulfill in any respect any of its

28

 

 obligations under this Agreement or under any document delivered in
accordance with this Agreement that is required to be fulfilled after the
Initial Closing.

         9.2 Indemnification Against Loss Due to Inaccuracies in CVGI’s
Representations and Warranties. CVGI indemnifies the Company against, and
agrees to hold the Company harmless on an after-tax basis (taking account of
any deductions resulting from the event that is the subject of the
indemnification and any taxes on the indemnification) from, all losses,
liabilities and expenses (including, but not limited to, reasonable fees and
expenses of counsel and expenses of investigation) incurred directly or
indirectly because (i) any matter which is the subject of a representation and
warranty contained in Paragraph 3.2 is not as represented and warranted, or
(ii) CVGI fails to fulfill in any respect any of its obligations under this
Agreement or under any document delivered in accordance with this Agreement
that is required to be fulfilled after the Initial Closing.

         9.3 Claims Net of Insurance Proceeds and Tax Benefits. Any losses that
are the subject of indemnification claims made under Paragraph 9.1 or 9.2 will,
in each case, be net of any insurance proceeds received, or net tax benefits
accrued, by CVGI or the Company, as the case may be, as a result of the
incident that is the subject of the indemnification claim.

         9.4 Indemnification Sole Remedy. Except as provided in Paragraph 5.1 or
5.2 or in the Notes, the indemnification in Paragraph 9.1 or 9.2, as the case
may be, will be the sole remedy of CVGI or the Company because any matter which
is the subject of a representation or warranty contained in Paragraph 3.1 or
3.2 is not as represented and warranted. Any claim for that indemnification,
other than a claim for indemnification with regard to Paragraph 3.1(c) or
Paragraph 3.1(o), must be made not later than April 30, 2003 in a written
notification to the party from which indemnification is sought which describes
in reasonable detail the claim and the facts on which it is based. A claim for
indemnification with regard to Paragraph 3.1(c) may be made at any time in a
written notification containing the information described in the preceding

29

 

 sentence. A claim for indemnification with regard to Paragraph 3.1(o) may
be made at any time until 60 days after the expiration of the statute of
limitations with respect to the Tax in question and must be made in a written
notification to the party from which indemnification is sought which describes
in reasonable detail the claim and the facts on which it is based. Except as
provided in the Notes, neither the Company nor CVGI will have any liability
because any matter which is the subject of a representation and warranty
contained in Paragraph 3.1 or 3.2 is not as represented or warranted unless it
is described in a notification given as provided in this Paragraph.

ARTICLE X

BROKERS

         10.1 Representations and Warranties Regarding Brokers and Others. CVGI
and the Company each represents and warrants to the other of them that no
person or entity acted as a broker, a finder or in any similar capacity on its
behalf in connection with the transactions that are the subject of this
Agreement, except that DKW acted as financial adviser to the Special Committee
(and may act as financial adviser to the Company’s Board of Directors). The
Company will pay the fees of DKW, which fees will not exceed $925,000, plus
DKW’s expenses, all in accordance with the terms of an engagement letter dated
October 6, 2001, between the Company and DKW. CVGI and the Company each
indemnifies the other of them against, and agrees to hold the other of them
harmless from, all losses, liabilities and expenses (including, but not limited
to, reasonable fees and expenses of counsel and costs of investigation)
incurred because of any claim by anyone for compensation as a broker, a finder
or in any similar capacity by reason of services allegedly rendered to the
indemnifying party in connection with the transactions that are the subject of
this Agreement.

ARTICLE XI

GENERAL

30

 

         11.1 Expenses. The Company will reimburse CVGI for all the reasonable
out-of-pocket expenses that CVGI incurs in connection with the transactions
contemplated by this Agreement, which expenses incurred by CVGI will include
both (i) legal fees and expenses that are incurred by members of CVGI in
connection with the transactions contemplated by this Agreement and (ii)
amounts CVGI is required to pay to reimburse parties to the Capital
Contribution Agreement dated the same date as this Agreement, for out-of-pocket
costs incurred by them. The Company will not reimburse CVGI for out-of-pocket
expenses in connection with the Tender Offer or the Merger, unless this
Agreement is terminated or terminates under Paragraph 8.2(a) or (b). If this
Agreement is terminated or terminates under Paragraph 8.2(a) or (b), the
Company, in addition to reimbursing CVGI for the reasonable out-of-pocket
expenses it incurs in connection with the transactions that are the subject of
this Agreement, will reimburse CVGI for all the reasonable out-of-pocket
expenses which CVGI incurs in connection with the Tender Offer and the Merger,
including legal fees and disbursements. For the purposes of this Paragraph,
out-of-pocket expenses of TCF, GVI or TEI, Three Cities Research, Inc., or
their respective affiliates in connection with the transactions which are the
subject of this Agreement will constitute expenses of CVGI in connection with
those transactions.

         11.2 Access to Properties, Books and Records. From the date of this
Agreement until the earlier of the last Subsequent Closing Date or the last day
on which the Company may request that CVGI purchase additional Notes, the
Company will cause the Company and each of its subsidiaries to give
representatives of CVGI or anyone from whom CVGI is seeking financing full
access during normal business hours to all of their respective properties,
books and records. CVGI will, and will cause its representatives to, hold all
information it receives as a result of its access to the properties, books and
records of the Company or its subsidiaries in confidence, except to the extent
that information (i) is or becomes available to the public (other

31

 

 than through a breach of this Agreement), (ii) becomes available to CVGI
from a third party which, insofar as CVGI is aware, is not under an obligation
to the Company or to a subsidiary to keep the information confidential, (iii)
was known to CVGI before it was made available to CVGI or its representative by
the Company or a subsidiary, (iv) otherwise is independently developed by CVGI
or (v) in the reasonable opinion of CVGI is required to be included or
described in the Offer Documents or in the Proxy Statement. If this Agreement
is terminated prior to the Initial Closing Date, CVGI will, at the Company’s
request, deliver to the Company all documents and other material obtained by
CVGI from the Company or a subsidiary in connection with the transactions which
are the subject of this Agreement or evidence that that material has been
destroyed by CVGI.

         11.3 Press Releases. The Company will consult with Three Cities Research,
Inc. and TEI before issuing any press releases or otherwise making any public
statements with respect to this Agreement, except that nothing in this
Paragraph will prevent either party from making any statement when and as
required by law or by the rules of any securities exchange or securities
quotation system on which securities of that party or an affiliate are listed
or quoted.

         11.4 Entire Agreement. This Agreement and the documents to be delivered
in connection with this Agreement (including the Notes) contain the entire
agreement between CVGI and the Company relating to CVGI’s purchase of Notes or
the other matters which are the subject of this Agreement. All prior
negotiations, understandings and agreements between CVGI and the Company are
superseded by this Agreement, and there are no representations, warranties,
understandings or agreements relating to CVGI’s purchase of Notes or other
matters which are the subject of this Agreement other than those expressly set
forth in this Agreement or those other documents.

         11.5 Captions. The captions of the articles and paragraphs of this
Agreement are for reference only, and do not affect the meaning or
interpretation of this Agreement.

32

 

         11.6 Assignments. Neither this Agreement nor any right of any party under
it may be assigned. This Paragraph will not, however, affect the right of CVGI
to transfer Notes after they are issued.

         11.7 Notices and Other Communications. Any notice or other communication
under this Agreement must be in writing and will be deemed given when it is
delivered in person or sent by facsimile (with proof of receipt at the number
to which it is required to be sent), or on the third business day after the day
on which it is mailed by first class mail (which must be registered mail,
return receipt requested), from within the United States of America, to the
following addresses (or such other address as may be specified after the date
of this Agreement by the party to which the notice or communication is sent):

	 	 	 
	If to the Company:	 	 
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
Classic Vacation Group, Inc.

One North First Street

San Jose, CA 95113

Attention: Chief Financial Officer

Facsimile No.: (408) 993-8547
	
	
	
	

	 	 	 
	
	
	
	

	with a copy to:	 	 
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
J. Hovey Kemp

Hogan & Hartson LLP

555 13th Street, N.W.

Washington, D.C. 20004

Facsimile No.: (202) 637-5910
	
	
	
	

	 	 	 
	
	
	
	

	If to CVGI:	 	 
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
CVG Investment LLC

c/o Three Cities Research, Inc.

650 Madison Avenue

New York, New York 10022

Attention: J. William Uhrig

Facsimile No.: (212) 980-1142
	
	
	
	

	 	 	 
	
	
	
	

	with copies to:	 	 
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
David W. Bernstein

Clifford Chance Rogers & Wells LLP

200 Park Avenue

33

 

	 	 	 
	
	
	
	

	 	 	
New York, New York 10166

Facsimile No.: (212) 878-8375
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
and
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
Thayer Capital Partners

1455 Pennsylvania Avenue

Suite 350

Washington, D.C. 20004

Attention: Daniel Raskas

Facsimile No.: (202) 371-0391
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
and
	
	
	
	

	 	 	 
	
	
	
	

	 	 	
Michael T. Edsall

Kirkland & Ellis

655 Fifteenth Street, N.W.

Suite 1200

Washington, D.C. 20005

Facsimile No.: (202) 879-5200

         11.8 Governing Law. This Agreement will be governed by, and construed
under, the substantive laws of the State of Delaware.

         11.9 Amendments. This Agreement may be amended only by a document in
writing signed by both CVGI and the Company.

         11.10 Counterparts. This Agreement may be executed in two or more
counterparts, some of which may be signed by fewer than all the parties or may
contain facsimile copies of pages signed by some of the parties. Each of those
counterparts will be deemed to be an original copy of this Agreement, but all
of them together will constitute one and the same agreement.

34

 

         IN WITNESS WHEREOF, CVGI and the Company have executed this Agreement,
intending to be legally bound by it, on the day shown on the first page of this
Agreement.

	 	 	 	 	 
	 	 	CVG INVESTMENT LLC
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:
	 	/s/ J. William Uhrig
	 	 	 	 	

	 	 	 	 	Title: President
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	CLASSIC VACATION GROUP, INC.
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
By:
	 	/s/ Ronald M. Letterman
	 	 	 	 	

	 	 	 	 	Title: President & CEO

35

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