Document:

EX-10.3

 Exhibit 10.3 

 
  

JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 
 INDEPENDENT DIRECTORS COMPENSATION PLAN 
  

 
  

 JONES LANG LASALLE INCOME PROPERTY TRUST, INC. 

INDEPENDENT DIRECTORS COMPENSATION PLAN 
 ARTICLE 1 
 PURPOSE 

1.1. PURPOSE. The purpose of the Plan is to attract, retain and compensate highly-qualified individuals who are not
employees of Jones Lang LaSalle Income Property Trust, Inc. or any of its subsidiaries or affiliates for service as members of the Board by providing them with competitive compensation. The Plan is a sub-plan of the Jones Lang LaSalle Income
Property Trust, Inc. 2012 Incentive Plan (the “Incentive Plan”). 
 1.2. ELIGIBILITY. Independent
Directors of the Company who are Eligible Participants, as defined below, shall automatically be participants in the Plan. 

ARTICLE 2 

DEFINITIONS 
 2.1. DEFINITIONS. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Incentive Plan. Unless the context clearly indicates otherwise, the
following terms shall have the following meanings: 
 “Base Annual Retainer” means the annual retainer
(excluding Supplemental Annual Retainers and expenses) payable by the Company to an Independent Director pursuant to Section 5.1 hereof for service as a director of the Company, as such amount may be changed from time to time. 

“Board” means the Board of Directors of the Company. 

“Charter” means the articles of incorporation of the Company, as such articles of incorporation may be amended from time
to time. 
 “Company” means Jones Lang LaSalle Income Property Trust, Inc. 

“Effective Date” of the Plan has the meaning set forth in Section 8.4 of the Plan. 

“Eligible Participant” means any person who is an Independent Director on the Effective Date or becomes an Independent
Director while this Plan is in effect; except that during any period a director is prohibited from participating in the Plan by his or her employer or otherwise waives participation in the Plan, such director shall not be an Eligible Participant.

 “Incentive Plan” means the Jones Lang LaSalle Income Property Trust, Inc. 2012 Incentive Plan, as amended
from time to time. 
 “Independent Director” means a director of the Company who is not a common law employee
of the Company and who meets the additional requirements set forth for an “independent director” in the Charter. 

“Plan” means this Jones Lang LaSalle Income Property Trust, Inc. Independent Directors Compensation Plan, as amended
from time to time. 
 “Plan Year(s)” means the approximate twelve-month periods between annual meetings of the
stockholders of the Company, which, for purposes of the Plan, are the periods for which annual retainers are earned. 

  
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 “SEC Effective Date” has the meaning set forth in Section 6.1 of the
Plan. 
 “Stock” means the $0.01 par value Class M common stock of the Company and such other securities of the
Company as may be substituted for such class of Stock pursuant to Article 13 of the Incentive Plan. 

“Supplemental Annual Retainer” means the annual retainer (excluding the Base Annual Retainer and expenses) payable by
the Company to an Independent Director pursuant to Section 5.2 hereof for service as the chair or a member of the Audit Committee of the Board or as lead Independent Director, as such amount may be changed from time to time. 

ARTICLE 3 

ADMINISTRATION 
 3.1. ADMINISTRATION. The Plan shall be administered by the Board. Subject to the provisions of the Plan, the Board shall be authorized to interpret the Plan, to establish, amend and rescind
any rules and regulations relating to the Plan, and to make all other determinations necessary or advisable for the administration of the Plan. The Board’s interpretation of the Plan, and all actions taken and determinations made by the Board
pursuant to the powers vested in it hereunder, shall be conclusive and binding upon all parties concerned, including the Company, its stockholders and persons granted awards under the Plan. The Board may appoint a plan administrator to carry out the
ministerial functions of the Plan, but the administrator shall have no other authority or powers of the Board. 
 3.2.
RELIANCE. In administering the Plan, the Board may rely upon any information furnished by the Company, its public accountants and other experts. No individual will have personal liability by reason of anything done or omitted to be done by
the Company or the Board in connection with the Plan. This limitation of liability shall not be exclusive of any other limitation of liability to which any such person may be entitled under the Company’s certificate of incorporation or
otherwise. 
 ARTICLE 4 
 SOURCE OF SHARES 
 4.1 SOURCE OF SHARES. The shares of Stock or
other equity that may be issued pursuant to the Plan shall be issued under the Incentive Plan, subject to all of the terms and conditions of the Incentive Plan. The terms contained in the Incentive Plan are incorporated into and made a part of this
Plan with respect to shares of Stock or other equity granted pursuant hereto and any such grant shall be governed by and construed in accordance with the Incentive Plan. In the event of any actual or alleged conflict between the provisions of the
Incentive Plan and the provisions of this Plan, the provisions of the Incentive Plan shall be controlling and determinative. This Plan does not constitute a separate source of Shares for the grant of awards of Stock described herein. 

ARTICLE 5 

RETAINERS AND EXPENSES 
 5.1. BASE ANNUAL RETAINER. Each Eligible Participant shall be paid a Base Annual Retainer for service as a director during each Plan Year. The amount of the Base Annual Retainer shall be
established from time to time by the Board. Until changed by the Board, the Base Annual Retainer for a full Plan Year shall be $60,000.00 (which Base Annual Retainer includes fees for attendance at

  
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meetings of the Board or its committees). The Base Annual Retainer shall be payable in approximately equal quarterly installments in advance, beginning on the date of the annual stockholders
meeting; provided, however, that for the first Plan Year, the first installment shall begin on the Effective Date and be prorated based on the number of full months in such quarter after the Effective Date. A pro rata Base Annual Retainer will be
paid to any person who becomes an Eligible Participant on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as an Independent Director during the Plan Year. Payment of such prorated Base Annual
Retainer shall begin on the date that the person first becomes an Eligible Participant, and shall resume on a quarterly basis thereafter. 
 5.2. SUPPLEMENTAL ANNUAL RETAINERS.  
 (a) The chairperson of the
Audit Committee of the Board shall be paid a Supplemental Annual Retainer for his or her service as such chairperson during a Plan Year, payable quarterly at the same times as installments of the Base Annual Retainer. The amount of the Supplemental
Annual Retainer for the chairperson of the Audit Committee shall be established from time to time by the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the chairperson of the Audit Committee shall be
$10,000.00. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes the chairperson of the Audit Committee of the Board on a date other than the beginning of a Plan Year, based on the number of full months he or
she serves as a chairperson of the Audit Committee of the Board during the Plan Year. Payment of such pro-rated Supplemental Annual Retainer shall begin on the date that the person first becomes chairperson of the Audit Committee, and shall resume
on a quarterly basis thereafter. 
 (b) Each member of the Audit Committee of the Board, other than the chairperson of the Audit
Committee whose supplemental retainer is set forth above, shall be paid a Supplemental Annual Retainer for his or her service as a member of the Audit Committee during a Plan Year, payable quarterly at the same times as installments of the Base
Annual Retainer. The amount of the Supplemental Annual Retainer for a member of the Audit Committee shall be established from time to time by the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for a member
of the Audit Committee, other than the chairperson of the Audit Committee, shall be $5,000.00. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes a member of the Audit Committee of the Board on a date other
than the beginning of a Plan Year, based on the number of full months he or she serves as a member of the Audit Committee of the Board during the Plan Year. Payment of such pro-rated Supplemental Annual Retainer shall begin on the date that the
person first becomes a member of the Audit Committee, and shall resume on a quarterly basis thereafter. 
 (c) The director
appointed as the lead Independent Director shall be paid a Supplemental Annual Retainer for his or her service as such lead Independent Director during a Plan Year, payable quarterly at the same times as installments of the Base Annual Retainer. The
amount of the Supplemental Annual Retainer for the lead Independent Director shall be established from time to time by the Board. Until changed by the Board, the Supplemental Annual Retainer for a full Plan Year for the lead Independent Director
shall be $5,000.00. A pro rata Supplemental Annual Retainer will be paid to any Eligible Participant who becomes the lead Independent Director on a date other than the beginning of a Plan Year, based on the number of full months he or she serves as
lead Independent Director during the Plan Year. Payment of such pro-rated Supplemental Annual Retainer shall begin on the date that the person first becomes the lead Independent Director, and shall resume on a quarterly basis thereafter. 

5.3. TRAVEL EXPENSE REIMBURSEMENT. All Eligible Participants shall be reimbursed for reasonable travel expenses in
connection with attendance at meetings of the Board and its committees, or other Company functions at which the Chief Executive Officer or Chair of the Board requests the Independent Director to participate. Notwithstanding the foregoing, the
Company’s reimbursement 

  
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obligations pursuant to this Section 5.3 shall be limited to expenses incurred during such director’s service as an Independent Director. Such payments will be made within 30 days after
delivery of the Independent Director’s written requests for payment, accompanied by such evidence of expenses incurred as the Company may reasonably require, but in no event later than the last day of the Independent Director’s tax year
following the tax year in which the expense was incurred. The amount reimbursable in any one tax year shall not affect the amount reimbursable in any other tax year. Independent Directors’ right to reimbursement pursuant to this
Section 5.3 shall not be subject to liquidation or exchange for another benefit. 
 ARTICLE 6 

EQUITY COMPENSATION 
 6.1. INITIAL STOCK GRANT. Subject to share availability under the Incentive Plan and the terms of this Section 6.1, beginning in 2013, on the first date an Independent Director is initially
elected or appointed to the Board, he or she shall receive an award of 1,000 fully-vested shares of Stock (which shares of Stock shall be subject to the one-year holding period applicable to all Class M shares). Notwithstanding the foregoing, each
Independent Director elected or appointed to the Board prior to the date that the Company’s Registration Statement on Form S-11 relating to its offering of up to $3,000,000,000 in any combination of Class A and Class M shares is declared
effective by the Securities and Exchange Commission (the “SEC Effective Date”) and who remains an Independent Director as of the SEC Effective Date shall receive such initial Stock grant on the SEC Effective Date. Such shares of
Stock shall be subject to the terms and conditions described herein and in the Incentive Plan and shall be in addition to any otherwise applicable annual grant of Stock granted to such Independent Director under Section 6.2. 

6.2 SUBSEQUENT STOCK GRANT. Subject to share availability under the Incentive Plan, each Independent Director will receive an
additional grant of 1,000 fully-vested shares of Stock (which shares of Stock shall be subject to the one-year holding period applicable to all Class M shares) on the day following each annual stockholders meeting, subject to the Independent
Director’s continued service as an Independent Director on such date. 
 ARTICLE 7 

AMENDMENT, MODIFICATION AND TERMINATION 
 7.1. AMENDMENT, MODIFICATION AND TERMINATION. The Board may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an
amendment to the Plan would, in the reasonable opinion of the Board, require stockholder approval under applicable laws, policies or regulations or the applicable listing or other requirements of a securities exchange on which the Stock is listed or
traded, then such amendment shall be subject to stockholder approval; and provided further, that the Board may condition any other amendment or modification on the approval of stockholders of the Company for any reason. 

ARTICLE 8 

GENERAL PROVISIONS 
 8.1. ADJUSTMENTS. The adjustment provisions of the Incentive Plan shall apply with respect to equity awards granted pursuant to this Plan. 

8.2 DURATION OF THE PLAN. The Plan shall remain in effect until terminated by the Board. 

  
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 8.3. EXPENSES OF THE PLAN. The expenses of administering the Plan shall be
borne by the Company. 
 8.4. EFFECTIVE DATE. The Plan was originally adopted by the Board on September 27, 2012,
and will become effective as of the SEC Effective Date (the “Effective Date”). 
 ***** 

The foregoing is hereby acknowledged as being the Jones Lang LaSalle Income Property Trust, Inc. Independent Directors Compensation Plan
as adopted by the Board on September 27, 2012. 
  

			
	JONES LANG LASALLE INCOME PROPERTY TRUST, INC.
		
	By:	 	 /S/ C. ALLAN SWARINGEN

		 	 C. Allan Swaringen

		 	Chief Executive Officer

  
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 Exhibit 10.1 
 CONFIDENTIAL SEPARATION AGREEMENT 
 AND GENERAL RELEASE 

THIS SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) is made and entered into on this 25th day of September, 2012 by and between David C. Kloeppel (the
“Executive”) and Gaylord Entertainment Company (the “Company”) with respect to the end of Executive’s employment with the Company, and all issues, disputes, controversies, and other matters related thereto: 

WITNESSETH: 

WHEREAS, Company employs Executive and is eliminating his role and terminating Executive as a result of corporate restructuring;

 WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated as of February 25, 2008 (the
“Employment Agreement”) as amended by Amendment No. 1 thereto dated as of February 4, 2010 and Amendment No. 2 thereto dated as of September 3, 2010; 

WHEREAS, Executive and the Company desire to resolve fully and finally all issues between them that might arise out of Executive’s
employment with Company, and/or Executive’s termination from Employment with the Company, and all issues, disputes, controversies and other matters related thereto: 
 THEREFORE, in consideration of the premises and mutual promises herein contained, it is agreed as follows: 
 1.      Executive and the Company agree that they shall cease and end the existing employment relationship by Executive’s termination on and as of November 1, 2012
(the “Termination Date”). From and after the Termination Date, Executive shall have no right to return to that employment, and shall have no further duties in respect thereto except as set out herein. On the Company’s next regular
payroll date following the Termination Date, the Company will pay Executive his earned but unpaid salary and direct compensation accrued through such date, and, within ten (10) business days of the Termination Date, the Company will pay
Executive $53,846 for his full annual vacation allotment (in each case, less any tax or other deductions required under applicable law). 
 2.      The Company and Executive agree that, from and after the Effective Date (as defined in Section 9(c) of this Agreement): 

(a)      The Company shall pay to Executive the amount of $1,630,137 which represents twenty-eight months of
base salary, less applicable withholdings, taxes and deductions, with said amount to be paid within ten (10) business days of the Effective Date of this Agreement. 

 (b)      The Company shall pay to Executive the amount of
$1,474,823 which is equal to two times the bonus paid to Executive in 2012 for the 2011 fiscal year, less applicable withholdings, taxes and deductions, with said amount to be paid within ten (10) business days of the Effective Date of this
Agreement. 
 (c)      The Company shall pay to Executive the amount of $630,000 which is his
Incentive Compensation Plan bonus at Target for the Company’s 2012 performance, less applicable withholdings, taxes and deductions, with said amount to be paid within ten (10) business days of the Effective Date of this Agreement.

 (d)      The Company shall pay to Executive the amount of $24,000 which represents two years of
car allowance, less applicable withholdings, taxes and deductions, with said amount to be paid within ten (10) business days of the Effective Date of this Agreement. 
 (e)      The Company shall pay Executive within ten (10) business days of the Effective Date of this Agreement $63,969, which is a lump sum payment to supplement
Executive’s COBRA premium costs which is equal to the amount the Company would have paid for Executive’s health benefits if he were continuing as an active employee through thirty-six (36) months from the Termination Date. 

3.       Executive understands and acknowledges that, in consideration for signing this Agreement,
Executive is receiving benefits including some described in Section 2 of this Agreement which Executive is not otherwise entitled to receive. 
 4.      As of the date of this Agreement, Executive has vested Company stock options pursuant to the Company’s stock option and incentive plans. An additional 81,000
Company stock options are scheduled to vest between the date of this Agreement and March 1, 2015. Such additional options are hereby immediately vested as of the Termination Date. The parties hereto agree that all stock options vested and not
yet exercised on the Termination Date will expire on November 9, 2014 if not exercised prior to that time. Additionally, Executive has 54,625 Company Restricted Stock Units which are scheduled to vest between the date of this Agreement and
March 1, 2015. Such Restricted Stock Units are hereby immediately vested as of the Termination Date. In addition, Executive shall be entitled to up to 14,000 shares of his Restricted Stock Unit Grant under the 2011 Long Term Incentive Plan in
the event the performance targets for such awards are eventually satisfied in February 2014, or the awards are otherwise vested via a change of control or otherwise. Executive also shall be entitled up to 22,500 shares of his Restricted Stock Unit
Grant under the 2012 Long Term Incentive Plan in the event the performance targets for such awards are eventually satisfied in February 2015, or the awards are otherwise vested via a change of control or otherwise. Executive and the Company agree
that all other stock options, restricted stock, or other stock awards granted to Executive by the Company and not previously vested or exercised are hereby terminated. 
 5.      Except as specifically set out in this Agreement, after the Termination Date, Executive shall not participate in the Company’s 401(k), retirement and/or
thrift plan, or in any other benefit, incentive compensation or stock plan sponsored by the Company; provided that 

  
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Executive shall unconditionally be entitled to any funds accrued in the plans prior to the Termination Date (less any outstanding principal loan balance, where applicable) to the extent and in
accordance with the terms of the plans (excluding any conditions thereof governing post-employment activities of Executive which are inconsistent with or supplemental to those provided for in this Agreement). 

6.      Executive represents that he has not filed any complaints against the Company with any local, state
or federal agency or court related to Executive’s employment with or separation from the Company and, so long as the Company makes the payments and provides Executive the benefits provided for in this Agreement, Executive will not do so at any
time hereafter; and if any such agency or court assumes jurisdiction of any such complaint or charge against the Company on behalf of Executive, Executive will use commercially reasonable efforts to withdraw from the matter. 

7.      (a)      As a material inducement to the Company to enter into this
Separation Agreement and General Release, Executive hereby irrevocably and unconditionally releases the Company and each of the Company’s subsidiaries and affiliates, and their past and present officers, directors, employees, agents,
administrators, successors and assigns (collectively “Releasees”), or any of them, from any and all claims, liabilities, causes of action and expenses (including attorney’s fees and costs actually incurred), of any nature whatsoever
pertaining to his employment with or separation from the Company, known or unknown (hereafter referred to as “Claim” or “Claims”), which Executive now has, owns or holds, or claims to have, own or hold, or which Executive at any
time hereafter may have, own or hold, or claim to have, own or hold, against each or any of the Releasees; provided that nothing herein shall (i) prevent or limit Executive’s right to enforce the terms of this Agreement nor to claim
damages for its breach, (ii) waive any rights to indemnification, advancement or legal fees or directors and officers liability insurance coverage under the Company’s insurance policies, charter or by-laws (as they may be amended from time
to time), Section 11 of his Employment Agreement or other agreements or plans, (iii) waive any rights under the Company’s stock option and incentive plans for Executive’s vested stock options and Restricted Stock Units which had
vested prior to the date of this Agreement or as provided pursuant to Section 4 of this Agreement, or (iv) any rights to any vested benefits. 
 (b)      This waiver also includes a release of any rights or claims Executive may have under the Age Discrimination in Employment Act, which prohibits age discrimination in
employment; Title VII of the Civil Rights Act of 1964, which prohibits discrimination in employment based on race, color, national origin, religion or sex; the Equal Pay Act, which prohibits paying men and women unequal pay for equal work; the
Americans With Disabilities Act, which prohibits discrimination on the basis of disability; 42 U.S.C. §§ 1981 and 1985; the Employee Retirement Income Security Act of 1974; or any other federal, state or local laws or regulations
prohibiting employment discrimination. This also includes a release by Executive of any claims for wrongful discharge or any claims by the Company for wrongfully resigning employment. Because of this release, Executive understands that, subject to
the exception in the last sentence of this Section and subject to the right of either party to initiate proceedings to enforce or recover damages for breach of this Agreement, Executive is giving up any right he may have to sue the Company for
matters related to Executive’s employment with or separation of employment from the Company. This waiver and release does not include, however, the release of any rights or claims that Executive may have under the Age Discrimination in
Employment Act which arise after the date Executive signs this Agreement. 

  
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 (c)      Executive acknowledges that the Company’s
agreements set forth in this Agreement are in exchange for the promises of the Executive set forth in Sections 6 and 7 of this Agreement. If Executive breaks these promises, he will reimburse the Company and any related business or related
individual for the payments or benefits received under Section 2 of this Agreement and for any other costs or expenses they may incur because Executive did not honor such promises, and forfeit any and all rights to any remaining payments.
Executive understands that the Company will take whatever legal action it chooses to enforce such promises. 

8.      This Separation Agreement and General Release shall be binding upon the parties, their heirs,
administrators, representatives, executors, successors and assigns, and shall inure to the benefit of the parties, and to their heirs and assigns. 
 9.      Executive acknowledges and understands that: 

(a)      He has been advised by the Company to consult with legal counsel of his choice prior to executing
this Agreement and the general release provided for, and has had an opportunity to consult with and be advised by legal counsel of his choice, fully understands the terms of this Agreement, and enters into this Agreement freely and voluntarily and
intending to be bound; 
 (b)      He has been given until October 16, 2012, a period of
twenty-one (21) days, to review and consider the terms of this Agreement prior to executing it and that he may use as much of that period as he desires, and that any changes to this Agreement, whether material or not, made after it was
originally presented to him will not restart the running of the consideration period; and 

(c)      Upon execution, Executive will have seven (7) days to revoke this Agreement by sending written
notice to Carter Todd, Executive Vice President and General Counsel, Gaylord Entertainment Company, One Gaylord Drive, Nashville, TN 37214. For this revocation to be effective, written notice must be received no later than the close of business on
the seventh day after Executive signs this Agreement. This Agreement shall become effective and enforceable against the Company on the later of the Termination Date and the eighth day following the expiration of this seven (7) day revocation
period, provided that the Executive does not revoke it (the “Effective Date”). If Executive revokes this Separation Agreement and General Release, it shall not be effective or enforceable and neither the Company nor the Executive will
receive the benefits described herein nor be obligated hereby. 
 10.      Both parties represent
and agree that until such time as the Company files this Agreement with the Securities and Exchange Commission, they will keep the terms (but not the existence) of this Separation Agreement and General Release completely confidential, and that
neither party will hereafter, disclose any information concerning the terms of this Separation Agreement and General Release to anyone, including, but by no means limited to, the public, press and media representatives, investors, and any past,
present or prospective employee or applicant for employment of the Company; provided that: 

  
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 (a)      Executive may disclose information regarding this
Separation Agreement and General Release to his immediate family, financial and tax advisors, and legal counsel, but Executive shall be responsible for any disclosure made by such persons in violation hereof, and, further, Executive may disclose the
requirements set forth in Section 13 hereof to any prospective employer or other person with whom Executive proposes to conduct business; 
 (b)      Company may disclose information as is necessary for the administration of the Agreement; and 

(c)      Either party may take any action authorized hereby or by law to enforce this Agreement or to
recover damages for its breach, and no disclosure incidental thereto or made as a result of legal process (such as, for example, responses to interrogatories, subpoenas or other legal process)or to governmental agencies (such as the SEC or the IRS)
shall be deemed a violation hereof. 
 11.      As soon as practicable following the Termination
Date, Executive agrees to return to the Company all files, memoranda, documents, records, copies of the foregoing, and any other property of the Company or its affiliates in Executive’s possession, except Executive may (a) retain
(i) records pertaining to any stock options or other compensation retained by him, (ii) insurance records, (iii) records reasonably required for federal income tax purposes, and (iv) personal information (contacts and calendared
events) stored in his computer; and (b) remove from his former office any items of personal property (but the Company will have a right to have a representative designated by it present during such times). 

12.      In addition, effective as of the Termination Date, Executive hereby irrevocably resigns from all
offices, trusteeships, committee memberships and fiduciary capacities held with, or on behalf of the Company or any benefit plans of the Company. 
 13.      The Company and Executive acknowledge that the Employment Agreement is terminated, but both parties acknowledge that paragraphs 10, 11, 13 and 14 of the Employment
Agreement, and only such paragraphs, shall survive the termination of the Employment Agreement. 

14.      Executive understands and agrees that the relationship between the Company and each of its
employees constitutes a valuable asset of the Company and may not be converted to Executive’s own use or converted by Executive for the use of any other Person. Accordingly, Executive hereby agrees that for a period of one (1) year
following the Termination Date Executive shall not directly or indirectly on Executive’s own behalf or on behalf of any Person solicit any employee of the Company or its successor or affiliated entities to terminate his or her employment with
the Company. 

  
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 15.      For three (3) years following the Termination
Date, Executive will refrain from making to others any disparaging or other negative comments or statements with respect to the Company or persons employed by or associated with it; and the Company will refrain, and cause executive personnel
employed by it to refrain, from making to others any disparaging or other negative comments or statements with respect to the Executive, provided, however, that the foregoing shall not apply to compliance with legal process, rebuttal of statements
made by the other or normal competitive type statements. 
 16.      This Separation Agreement and
General Release shall, in all respects, be interpreted, enforced and governed under the laws of the State of Tennessee. The language of all parts of this Separation Agreement and General Release shall, in all cases, be construed as a whole,
according to its fair meaning, and not strictly for or against any of the parties. If the parties are involved in a dispute concerning this Agreement, that dispute will be resolved by applying the laws of the State of Tennessee. 

17.      Should any provision of this Separation Agreement and General Release be declared or be determined
by any Court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Separation Agreement and
General Release. 
 18.      This Separation Agreement and General Release sets forth the entire
agreement between the parties hereto, and fully supersedes any and all prior agreements or understandings between the parties hereto pertaining to the subject matter hereof. 
 19.      This Separation Agreement and General Release shall not in any way be construed as an admission by either party of any wrongful conduct whatsoever against any person
or party, and both parties specifically disclaim any liability to or wrongful conduct against any other person or party. Executive and the Company each understand and agree that this Agreement does not mean that the Executive or the Company, or any
related business or related individual, has violated any federal or state law or regulation, or violated any other obligation they may have to each other. 
 PLEASE READ CAREFULLY. THIS SEPARATION AGREEMENT AND GENERAL RELEASE INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS. 
 Executed this 25 day of September, 2012. 
  

			
	/s/ David C. Kloeppel
	David C. Kloeppel
	
	GAYLORD ENTERTAINMENT COMPANY
		
	By:	 	/s/ Carter R. Todd
	Title:	 	EVP & General Counsel

  
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