Document:

EX-10.130

 

Exhibit 10.130

C. BRIAN STRICKLAND

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”), as amended and restated, is entered into
by and between CNL HOTELS & RESORTS, INC., a Maryland corporation formerly known as CNL Hospitality
Properties, Inc. (hereinafter referred to as the “Company”), and C. BRIAN STRICKLAND
(hereinafter referred to as the “Executive”) and is effective as of the Effective Date
hereinbelow defined at Section 7.20.

     WHEREAS, simultaneously with the execution and delivery of this Agreement, prior to its
amendment and restatement, the Company has entered into an Amended and Restated Agreement and Plan
of Merger among the Company, CNL Hotels & Resorts Acquisition, LLC, a Florida limited liability
company all of the membership interests of which are owned by the Company (“CHPAC”), CNL
Hospitality Properties Acquisition Corp., a Florida corporation and wholly-owned subsidiary of the
Company, CNL Hospitality Corp., a Florida corporation (the “Advisor”), the Stockholders
identified therein (which includes Executive), and CNL Financial Group, Inc., a Florida corporation
(the “Merger Agreement”), pursuant to which the Advisor would be merged with and into CHPAC
pursuant to the terms and conditions of the Merger Agreement (the “Merger”);

     WHEREAS, the execution and delivery of this Agreement by the Executive, prior to its amendment
and restatement, was an inducement to the Company and CHPAC to enter into the Merger Agreement and
to consummate the Merger;

     and

     WHEREAS, the Company wishes to amend and restated the prior Agreement and offer employment to
the Executive, and the Executive wishes to accept such offer, on the terms set forth below.

     Accordingly, the parties hereto agree as follows:

     1. Term. The Company hereby employs the Executive and the Executive hereby accepts
such employment for an initial term commencing as of the Effective Date and ending on December 31,
2009, unless sooner terminated in accordance with the provisions of Section 4 (the period during
which the Executive is employed hereunder being hereinafter referred to as the “Term”).
The Term shall be subject to automatic one- (1-) year renewals unless either party hereto notifies
the other, in accordance with the notice provisions of Section 7.6, of non-renewal at least ninety
(90) days prior to the end of any such Term (a “Non-Renewal”).

     2. Duties. The Executive, in his capacity as Chief Financial Officer of the Company,
shall faithfully perform for the Company the duties of said office and shall perform such other
duties of an executive, managerial or administrative nature as shall be specified and designated
from time to time by the Chief Executive Officer and Board of Directors of the Company (the
“Board”). Such duties may include, without limitation, the performance of services for, and
serving on the board of directors of, any subsidiary of the Company without any additional

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compensation. The Executive shall devote substantially all of the Executive’s business time
and effort to the performance of the Executive’s duties hereunder. Provided that the following
activities do not interfere with the Executive’s duties to the Company and provided that the
following activities do not violate the Executive’s covenant against competition as described at
Section 6 hereof, during the Term, the Executive may perform personal, charitable and other
business activities, including, without limitation, serving as a member of one or more boards of
directors of charitable or other professional organizations, and, serve on the boards of directors
of other business organizations that are not engaged in any aspect of the lodging industry,
provided, however, that service on the boards of directors of other business organizations would
require consent of the Board .

     3. Compensation.

          3.1 Salary. The Company shall pay the Executive during the Term a salary at the rate
of Five Hundred Twenty-Six Thousand and No/00 Dollars ($526,000) per annum (the “Annual
Salary”), in accordance with the customary payroll practices of the Company applicable to
senior executives generally. The Annual Salary may be increased from time to time, by an amount as
may be approved by the Board or the Compensation Committee of the Board (the “Compensation
Committee”), and, upon such increase, the increased amount shall thereafter be deemed to be the
Annual Salary.

          3.2 Bonus. The Executive will be eligible to participate in the Company’s annual
bonus program (the “Bonus Plan”), the terms of which will be established by the
Compensation Committee; provided, however, at a minimum, Executive shall be eligible for such bonus
compensation as is set forth on Attachment “A” attached hereto and made a part hereof by
this reference.

          3.3 Benefits – In General. The Executive shall be permitted during the Term to
participate in any group life, hospitalization or disability insurance plans, health programs,
pension and profit sharing plans and similar benefits that may be available to other senior
executives of the Company generally, on the same terms as may be applicable to such other
executives (except as otherwise provided in this Section 3), in each case to the extent that the
Executive is eligible under the terms of such plans or programs.

          3.4 Paid Time Off. The Executive shall be entitled to no fewer than twenty-five (25)
days of paid time off per year.

          3.5 Disability Benefits and Life Insurance. To the extent the Company’s group life
and disability insurance plans do not provide this level of benefits, the Executive shall be
entitled to additional benefits so that his long-term disability coverage provides benefits (to
continue for such period as is provided in the applicable disability plan or program, as amended
from time to time, and with waiting periods and pre-existing condition exceptions waived to the
extent such coverage is available on commercially reasonable terms) equal seventy-five percent
(75%) of his Annual Salary in the case of a covered disability and life insurance coverage provides
benefits with a face amount equal to one (1) times the Executive’s Annual Salary.

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          3.7 Expenses. The Company shall pay or reimburse the Executive for all ordinary and
reasonable out-of-pocket expenses actually incurred and, in the case of reimbursement, actually
paid by the Executive during the Term in the performance of the Executive’s services under this
Agreement; provided that the Executive shall submit such expenses in accordance with the policies
applicable to senior executives of the Company generally.

     4. Termination of Employment. The Company may terminate the Executive’s employment for
any reason or for no reason and with or without Cause (as defined hereinbelow). The Executive may
terminate the Executive’s employment with the Company for Good Reason (as defined hereinbelow) or
without Good Reason. The Company or the Executive may terminate the Executive’s employment by
Non-Renewal. The Executive shall be subject to the provisions of the Covenant Against Competition
set forth at Section 6.2. For purposes of this Agreement, with respect to “earned and accrued”
Bonus payments to be made to the Executive in connection with the termination of his employment,
Bonus payments shall be deemed to be “earned and accrued” (a) if the Executive is employed with the
Company as of the date of the last day of the fiscal year for which a Bonus payment shall be made;
(b) to the extent that the criteria for determining the amount of such Bonus payment is subject to
objective criteria; and (c) regardless of whether the Bonus payment award was actually calculated
or declared by the Company as of the date of the Executive’s employment.

     4.1 Termination upon the Executive’s Death or Disability.

               a. If the Executive dies during the Term, the obligations of the Company to or with respect to
the Executive shall terminate in their entirety except as otherwise provided in this Section 4.1
and except for the surviving provisions of this Agreement as described at Section 7.15.

               b. If the Executive becomes eligible for disability benefits under the Company’s long-term
disability plans and arrangements (or, if none apply, would have been so eligible under the most
recent plan or arrangement), the Company or the Executive shall have the right, to the extent
permitted by law, to terminate the employment of the Executive upon at least ninety (90) days’
prior written notice to the other party, provided that neither party shall have the right to
terminate the Executive’s employment if, in the opinion of a qualified physician reasonably
acceptable to both parties, it is reasonably certain that the Executive will be able to resume his
duties on a regular full-time basis within one hundred eighty (180) days of the date that the
notice of such termination is delivered.

               c. Upon the Executive’s death or the termination of the Executive’s employment by virtue of
disability, all of the following shall apply:

                    (i) the Executive, or the Executive’s estate or beneficiaries in the case of the death of the
Executive, shall have no right to receive any compensation or benefit hereunder on and after the
effective date of the termination of employment, except that the

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Executive, or the Executive’s estate or beneficiaries the case of the death of the Executive,
shall be entitled to receive the Executive’s Annual Salary, and other benefits that are earned and
accrued under this Agreement prior to the date of termination, the Executive’s earned and accrued
bonuses as provided in the Bonus Plan, vesting providing in clause (ii) below, and reimbursement
under this Agreement for expenses incurred prior to the date of such termination;

                    (ii) all of the Executive’s outstanding and unvested Shares (as defined in Attachment “A”)
shall immediately be vested, any outstanding options to acquire shares of Company stock shall
immediately be vested and shall be exercisable by the Executive or, in the case of the Executive’s
death, by the beneficiaries of Executive’s estate, for one (1) year following the termination (or,
if shorter, the balance of the regular term of the options); and

                    (iii) this Agreement shall otherwise terminate and there shall be no further rights with
respect to the Executive hereunder except for the surviving provisions of this Agreement as
provided in Section 7.15. The payments to be made in this Section 4.1(c) shall be in addition to,
rather than in lieu of, the entitlement of Executive or his estate to any other insurance or
benefit proceeds as a result of his death or disability.

          4.2 Termination by the Company for Cause. The Company may terminate the Executive’s
employment at any time for “Cause” if any of the following have occurred:

               a. the Executive’s conviction for (or pleading nolo contendere to) any felony, or a
misdemeanor involving moral turpitude;

               b. the Executive’s indictment for any felony or misdemeanor involving moral turpitude, if such
indictment is not discharged or otherwise resolved within eighteen (18) months;

               c. the Executive’s commission of an act of fraud, theft or dishonesty related to the
performance of the Executive’s duties hereunder;

               d. the continuing failure or habitual neglect by the Executive to perform the Executive’s
duties hereunder, except that, if such failure or neglect is curable, the Executive shall first
have thirty (30) days from his receipt of notice of such failure or neglect to cure such condition
and, if the Executive does so, such failure or neglect shall not constitute Cause hereunder;

               e. any material violation by the Executive of the covenants contained in Section 6 except
that, if such violation is not willful and is curable, the executive shall first have thirty (30)
days from his receipt of notice of such violation to cure such condition and, if the Executive does
so, such violation shall not constitute Cause hereunder; or

               f. the Executive’s continuing material breach of this Agreement, except that, if such breach
is curable, the Executive shall first have thirty (30) days from his receipt of such notice of such
breach to cure such breach and, if the Executive does so, such breach shall

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not constitute Cause hereunder.

     If the Company terminates the Executive’s employment for Cause, the Executive shall have no right
to receive any compensation or benefit hereunder on and after the effective date of the termination
of employment, except that the Executive shall be entitled to receive the Executive’s Annual
Salary, and other benefits that are earned and accrued under this Agreement prior to the date of
termination, any earned and accrued bonuses as provided in the Bonus Plan, and reimbursement under
this Agreement for expenses incurred prior to the date of termination. This Agreement shall
otherwise terminate upon such termination of employment and the Executive shall have no further
rights or obligations hereunder except for the surviving provisions of this Agreement as described
at Section 7.15.

          4.3 Termination by the Company without Cause. The Company may terminate the
Executive’s employment at any time without Cause upon sixty (60) days prior written notice to the
Executive. If the Company terminates the Executive’s employment without the occurrence of any of
the events constituting “Cause” and the termination is not due to the Executive’s death or
disability or is not a Non-Renewal, then the termination by the Company is without Cause. If the
Company terminates the Executive’s employment without Cause, then the Severance Package provisions
of Section 5 shall apply, and this Agreement shall otherwise terminate and the Executive shall have
no further rights or obligations hereunder except for the surviving provisions of this Agreement as
described at Section 7.15.

          4.4 Termination of Employment by the Executive for Good Reason. The Executive may
terminate the Executive’s employment with the Company at any time for “Good Reason” and
receive the Severance Package provisions of Section 5 if any of the following have occurred without
the Executive’s written consent:

               a. the material reduction of the Executive’s authority, duties and responsibilities (including
his reporting relationship), or the assignment to the Executive of duties materially inconsistent
with the Executive’s position or positions with the Company and its subsidiaries, except that the
Company shall have thirty (30) days from the date on which the Executive gives the notice thereof
to cure such event or condition and, if the Company does so, such event or condition shall not
constitute Good Reason hereunder;

               b. a reduction of the Annual Salary of the Executive, except that a reduction of the
Executive’s Annual Salary shall not constitute Good Reason for termination if (i) the Company fully
cures (including retroactively) such reduction no later than thirty (30) days from the date on
which the Executive gives the Company notice that the reduction constitutes Good Reason for
termination hereunder; or (ii) such reduction is made in connection with a reduction in
compensation of not more than ten percent (10%) of the Executive’s Annual Salary and such reduction
is made generally applicable to all senior management employees of the Company;

               c. the failure by the Company to obtain an agreement in form and substance reasonably
satisfactory to the Executive from any successor to the business of the

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Company to assume and agree to perform this Agreement;

               d. the Company’s material breach of this Agreement, except that the Company shall have thirty
(30) days from the date on which the Executive gives the notice thereof to cure such event or
condition and, if the Company does so, such event or condition shall not constitute Good Reason
hereunder;

               e. a requirement by the Company that Executive’s work location be moved more than fifty (50)
miles from the Company’s principal place of business in Orlando, Florida; or

               f. the occurrence of a change of control, which for purposes of this Agreement shall mean the
sale to an independent third party or group of independent third parties of either (i) more than
thirty percent (30%) of the issued and outstanding equity securities of the Company and the voting
power under normal circumstances to elect a majority of the Company’s Board (whether by merger,
consolidation, sale or transfer of the Company’s equity securities); or (ii) all or substantially
all of the Company’s assets determined on a consolidated basis. For the avoidance of doubt, a
change of control shall not include the Merger or any issuance by the Company of equity securities
in an initial public offering.

This Agreement shall otherwise terminate upon such termination of employment and the Executive
shall have no further rights or obligations hereunder except for the surviving provisions of this
Agreement as described at Section 7.15.

          4.5 Termination of Employment by the Executive without Good Reason. The Executive may
terminate the Executive’s employment with the Company at any time without Good Reason. If the
Executive terminates his employment without the occurrence of any of the events constituting
“Good Reason” and the termination is not due to the Executive’s death or disability, then
the termination by the Executive is without Good Reason. If the Executive terminates the
Executive’s employment with the Company without Good Reason, the Executive shall have no right to
receive any compensation or benefit hereunder on and after the effective date of the termination of
employment, except that the Executive shall be entitled to receive the Executive’s Annual Salary,
and other benefits that are earned and accrued under this Agreement or under applicable Company
benefit plans prior to the date of termination, any earned and accrued bonuses as provided in the
Bonus Plan, and reimbursement under this Agreement for expenses incurred prior to the date of
termination. This Agreement shall otherwise terminate upon such termination of employment and the
Executive shall have no further rights or obligations hereunder except for the surviving provisions
of this Agreement as described at Section 7.15.

          4.6 Termination upon Expiration and Non-Renewal of Agreement. The Company may
terminate the Executive’s employment by providing notice of Non-Renewal of the Term in accordance
with the provisions of Section 1 and Section 7.6 hereof, and the Severance Package provisions of
Section 5 shall apply. If the Executive terminates employment by Non-Renewal, it will be treated
as a termination of employment without Good Reason. This Agreement shall otherwise terminate upon
such termination of employment and the Executive

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shall have no further rights or obligations hereunder except for the surviving provisions of
this Agreement as described at Section 7.15.

          5. Severance Package for Certain Terminations of Employment. The Executive shall be
entitled to certain rights and shall be bound by certain obligations as described in this Section 5
(the “Severance Package”) if the Executive’s employment terminates because of the
Non-Renewal by the Company of this Agreement, or if the Company terminates the Executive’s
employment without Cause, or if the Executive terminates the Executive’s employment for Good
Reason. For purposes of this Agreement, the “Severance Package” shall consist of all of
the following rights and obligations:

               a. other than as set forth in this Section 5 generally, the Executive shall have no right to
receive any compensation or benefit hereunder on and after the effective date of the termination of
employment, except that the Executive shall be entitled to receive the Executive’s Annual Salary,
and other benefits that are earned and accrued under this Agreement and under applicable Company
benefit plans prior to the date of termination, any earned and accrued bonuses as provided in the
Bonus Plan, and reimbursement under this Agreement for expenses incurred prior to the date of
termination;

               b. subject to the execution of a general release of claims in favor of the Company as set
forth in Attachment “B”, the Executive shall receive both:

                    (i) a cash payment equal to two (2) times the sum of (w) the Executive’s Annual Salary (as in
effect on the effective date of such termination excluding any reduction not permitted by this
Agreement) plus (x) the average of the Executive’s Annual Bonus actually earned for the two
of the last three full fiscal years that would result in the highest average (“Average Annual
Bonus”), payable in equal installments over the period that corresponds to the period during
which the covenants provided in Section 6.2 hereof are to be applicable in accordance with the
Company’s usual and customary salary payroll practices, commencing on the first payday following
Executive’s termination. (If, at the time of a termination to which this sub-subparagraph b(i)
applies, at least three full fiscal years have not occurred, then to the extent necessary to
calculate the Average Annual Bonus for the last three years as set forth above, the annual bonus or
bonuses payable to Executive by Executive’s former employer shall be used); provided,
however, that in the event the termination of employment is in connection with a
Non-Renewal by the Company, such payments shall equal the sum of (y) the Executive’s Annual Salary
(as in effect on the effective date of such termination excluding any reduction not permitted by
this Agreement) plus (z) the Executive’s Average Annual Bonus, which together shall be
payable in equal installments over a twelve (12) month period in accordance with the Company’s
usual and customary salary payroll practices (and made payable to the Executive’s estate in the
event that the Executive dies prior to the expiration of such period), commencing on the first
payday following Executive’s termination; and provided, further, that if the
covenants provided in Section 6.2 are not applicable, in a single lump sum within five (5) days of
termination of employment; provided, further, that if the Executive is a “key
employee” within the meaning of Internal Revenue Code of 1986, as amended, Section 409A (“Section
409A”) payments shall not commence (or be made in the case of a lump sum payment) until six months
following the

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Executive’s separation from service to the extent necessary to avoid the imposition of the
additional 20% tax under Section 409A (and in the case of installment payments, the first payment
shall include all installment payments required by this subsection that otherwise would have been
made during such six month period); and

                    (ii) for a period of twelve (12) months after termination of employment such continuing health
benefits (including any medical, vision or dental benefits), under the Company’s health plans and
programs applicable to senior executives of the Company generally as the Executive would have
received under this Agreement (and at such costs to the Executive) as would have applied in the
absence of such termination or expiration (but not taking into account any post-termination
increases in Annual Salary that may otherwise have occurred without regard to such termination and
that may have favorably affected such benefits) it being expressly understood and agreed that
nothing in this clause (b)(ii) shall restrict the ability of the Company to generally amend or
terminate such plans and programs from time to time in its sole discretion; provided,
however, that the Company shall in no event be required to provide such coverage after such
time as the Executive becomes entitled to receive health benefits from another employer or
recipient of the Executive’s services (and provided, further, that such entitlement shall be
determined without regard to any individual waivers or other arrangements);

               c. subject to the execution of a general release of claims in favor of the Company as set
forth in Attachment “B”, the Executive’s outstanding and unvested Shares (as defined in
Attachment “A”) that would have vested in the calendar year employment terminates (treating the
performance criteria for the year of termination as fully satisfied) shall be vested, any
outstanding options to acquire shares of Company stock shall immediately be vested and shall be
exercisable by the Executive or, in the case of the Executive’s death, by the beneficiaries of
Executive’s estate, for one (1) year following the termination (or, if shorter, the balance of the
regular term of the options); provided, however, that if such termination of
employment occurs in connection with or on or after a change of control, all of the Executive’s
outstanding awards of Shares shall immediately be vested (treating the performance criteria for the
applicable year(s) as fully satisfied).

This Agreement shall otherwise terminate upon such termination of employment and the Executive
shall have no further rights hereunder except for surviving provisions of this Agreement as
provided in Section 7.15.

     6. Covenants of the Executive.

          6.1 General Covenants of the Executive. The Executive acknowledges that (a) the
principal business of the Company is the acquisition, development and ownership of interests in
hotel and resort properties including full service hotels and resorts, limited service hotels,
extended stay hotels and upper upscale and luxury resorts (such business, and any and all other
businesses that after the date hereof, and from time to time during the Term, become material with
respect to the Company’s then-overall business, herein being collectively referred to as the
“Business”); (b) the Company knows of a limited number of persons who have developed the
Company’s Business; (c) the Company’s Business is, in part, national in scope; (d) the Executive’s

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work for the Company and its subsidiaries (and the predecessors of either) has given and will
continue to give the Executive access to the confidential affairs and proprietary information of
the Company and to “trade secrets,” as defined in Section 688.002(4) of the Florida Statutes, of
the Company and its subsidiaries; (e) the covenants and agreements of the Executive contained in
this Section 6 are essential to the business and goodwill of the Company; and (f) the Company would
not have entered into this Agreement but for the covenants and agreements set forth in this Section
6.

          6.2 Covenant Against Competition. The covenant against competition herein described
shall apply as follows:

               a. during the Term;

               b. for a period of one (1) year following a termination of the Executive’s employment by the
Company for Cause, by the Company without Cause, by the Executive without Good Reason or by either
party after Non-Renewal;

               c. for a period of two (2) years following a termination of the Executive’s employment by the
Executive for Good Reason; or

               d. as to Section 6.2(bb) and (dd), at any time during and after the Executive’s employment
with the Company and its subsidiaries (and the predecessors of either).

               During the time periods for described hereinabove, the Executive covenants as follows:

               aa. The Executive shall not, directly or indirectly, own, manage, control or participate in
the ownership, management, or control of, or be employed or engaged by or otherwise affiliated or
associated as an employee, employer, consultant, agent, principal, partner, stockholder, corporate
officer, director or in any other individual or representative capacity, engage or participate in
any business that owns and operates hotel and resort properties, or is a real estate investment
trust which owns hotel and resort properties, or in the business of providing hotel management or
consulting services, and that has assets, or provides services to entities that have assets, in
excess of Seven Hundred Fifty Million and No/00 Dollars ($750,000,000), and such business is in
competition in any manner whatsoever with the Business of the Company in any state or country or
other jurisdiction in which the Company conducts its Business; provided, however,
that, notwithstanding the foregoing, (i) the Executive may own or participate in the ownership of
any entity which he owned or managed or participated in the ownership or management of prior to the
Effective Date which ownership, management or participation has been disclosed to the Company; and
(ii) the Executive may invest in securities of any entity, solely for investment purposes and
without participating in the business thereof, if (A) such securities are traded on any national
securities exchange or the National Association of Securities Dealers, Inc. Automated Quotation
System or equivalent non-U.S. securities exchange, (B) the Executive is not a controlling person
of, or a member of a group which controls, such entity and (C) the Executive does not, directly or
indirectly, own one percent (1%) or more of any class of securities of such entity.

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               bb. Except in connection with the business and affairs of the Company and its affiliates: the
Executive shall keep secret and retain in strictest confidence, and shall not use for his benefit
or the benefit of others, all confidential matters relating to the Business and the business of any
of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore
or hereafter directly or indirectly from the Company or any of its subsidiaries (or any predecessor
of either) (the “Confidential Company Information”), including, without limitation,
information with respect to the Business and any aspect thereof, profit or loss figures, and the
Company’s or its affiliates’ (or any of their predecessors) properties, and shall not disclose such
Confidential Company information to anyone outside of the Company except with the Company’s express
written consent and except for Confidential Company Information which (i) at the time of receipt or
thereafter becomes publicly known through no wrongful act of the Executive; (ii) is clearly
obtainable in the public domain; (iii) was not acquired by the Executive in connection with the
Executive’s employment or affiliation with the Company; (iv) was not acquired by the Executive from
the Company or its representatives or from a third-party who has an agreement with the Company not
to disclose such information; or (v) is required to be disclosed by rule of law or by order of a
court or governmental body or agency. For purposes of this Agreement, “affiliate” means, with
respect to the Company, any person, partnership, corporation or other entity that controls, is
controlled by or is under common control with the Company within the meaning of Rule 405 of
Regulation C under the Securities Act of 1933, as now in effect or as hereafter amended.

               cc. The Executive shall not, without the Company’s prior written consent, directly or
indirectly, (i) knowingly solicit or knowingly encourage to leave the employment or other service
of the Company or any of its affiliates, any employee thereof or knowingly hire (on behalf of the
Executive or any other person or entity) any employee who has left the employment or other service
of the Company or any of its affiliates (or any predecessor of either) within one (1) year of the
termination of such employee’s or independent contractor’s employment or other service with the
Company and its affiliates; or (ii) whether for the Executive’s own account or for the account of
any other person, firm, corporation or other business organization, intentionally interfere with
the Company’s or any of its affiliates, relationship with, or endeavor to entice away from the
Company or any of its affiliates, any person who during the Executive’s employment with the Company
and its affiliates (or the predecessors of either) is or was a customer or client of the Company or
any of its affiliates (or any predecessor of either).

               dd. All memoranda, notes, lists, records, property and any other tangible product and
documents (and all copies thereof) made, produced or compiled by the Executive or made available to
the Executive concerning the Business of the Company and its affiliates shall be the Company’s
property and shall be delivered to the Company at any time on request.

          6.3 Rights and Remedies upon Breach. The Executive acknowledges and agrees that any
breach by him of any of the provisions of Sections 6.1 or 6.2 (the “Restrictive Covenants”)
would result in irreparable injury and damage for which money damages would not provide an adequate
remedy. Therefore, if the Executive breaches, or threatens to commit a breach

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of, any of the Restrictive Covenants, the Company and its affiliates shall have the right and
remedy to have the Restrictive Covenants specifically enforced (without posting bond and without
the need to prove damages) by any court having equity jurisdiction, including, without limitation,
the right to an entry against the Executive of restraining orders and injunctions (preliminary,
mandatory, temporary and permanent) against violations, threatened or actual, and whether or not
then continuing, of such covenants. This right and remedy shall be in addition to, and not in lieu
of, any other rights and remedies available to the Company and its affiliates under law or in
equity (including, without limitation, the recovery of damages). The existence of any claim or
cause of action by the Executive, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement of the Restrictive Covenants. The Company has the right to
cease making the payments provided as part of the Severance Package in the event of a material
breach of any of the Restrictive Covenants that, if capable of cure and not willful, is not cured
within thirty (30) days after receipt of notice thereof from the Company.

     7. Other Provisions.

          7.1 Severability. The Executive acknowledges and agrees that the Executive has had an
opportunity to seek advice of counsel in connection with this Agreement; and that the Restrictive
Covenants are reasonable in geographical and temporal scope and in all other respects. If it is
determined that any of the provisions of this Agreement, including, without limitation, any of the
Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the
provisions of this Agreement shall not thereby be affected and shall be given full affect, without
regard to the invalid portions.

          7.2 Duration and Scope of Covenants. If any court or other decision maker of
competent jurisdiction determines that any of the Executive’s covenants contained in this
Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof,
are unenforceable because of the duration or geographical scope of such provision, then, after such
determination has become final and unappealable, the duration or scope of such provision, as the
case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form,
such provision shall then be enforceable and shall be enforced.

          7.3 Enforceability of Restrictive Covenants; Jurisdictions. The Company and the
Executive intend to and hereby consent to jurisdiction to enforce the Restrictive Covenants upon
the courts of any jurisdiction within the geographical scope of the Restrictive Covenants. If the
courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable
by reason of breadth of scope or otherwise it is the intention of the Company and the Executive
that such determination not bar or in any way affect the Company’s right, or the right of any of
its affiliates, to the relief provided above in the courts of any other jurisdiction within the
geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in
such other respective jurisdictions, such Restrictive Covenants as they relate to each
jurisdiction’s being, for this purpose, severable, diverse and independent covenants, subject,
where appropriate, to the doctrine of res judicata.

          7.4 Arbitration. Except with regard to Section 6, all disputes between the

11

 

parties or any claims concerning the performance, breach, construction or interpretation of
this Agreement, or in any manner arising out of this Agreement, shall be submitted to binding
arbitration in accordance with the Commercial Arbitration Rules, as amended from time to time, of
the American Arbitration Association (the “AAA”), which arbitration shall be carried out in
the manner set forth below:

               a. Within fifteen (15) days after written notice by one party to the other party of its demand
for arbitration, which demand shall set forth the name and address of its designated arbitrator,
the other party shall appoint its designated arbitrator and so notify the demanding party. Within
fifteen (15) days thereafter, the two arbitrators so appointed shall appoint the third arbitrator.
If the two appointed arbitrators cannot agree on the third arbitrator, then the AAA shall appoint
an independent arbitrator as the third arbitrator. The dispute shall be heard by the arbitrators
within ninety (90) days after appointment of the third arbitrator. The decision of any two (2) or
all three (3) of the arbitrators shall be binding upon the parties without any right of appeal.
The decision of the arbitrators shall be final and binding upon the Company, its successors and
assigns, and upon Executive, his heirs, personal representatives, and
legal representatives.

               b. The arbitration proceedings shall take place in Orlando, Florida, and the judgment and
determination of such proceedings shall be binding on all parties. Judgment upon any award
rendered by the arbitrators may be entered into any court having competent jurisdiction without any
right of appeal.

               c. Each party shall pay its or his own expenses of arbitration, and the expenses of the
arbitrators and the arbitration proceeding shall be shared equally. However, if in the opinion of
a majority of the arbitrators, any claim or defense was unreasonable, the arbitrators may assess,
as part of their award, all or any part of the arbitration expenses of the other party (other than
attorneys’ fees, which are addressed in Section 7.5 below) and of the arbitrators and the
arbitration proceeding.

          7.5 Attorneys’ Fees. In the event of any legal proceeding (including an arbitration
proceeding) relating to this Agreement or any term or provision thereof, the losing party shall be
responsible to pay or reimburse the prevailing party for all reasonable attorneys’ fees and
expenses incurred by the prevailing party in connection with such proceeding.

          7.6 Notices. Any notice, consent or other communication required or permitted
hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by
facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such
notice, consent or other communication shall be deemed given when so delivered personally,
delivered by overnight courier, telexed or sent by facsimile transmission or, if mailed, five days
after the date of deposit in the United States mails as follows:

               a. If to the Company, to:

CNL Hotels & Resorts, Inc.

CNL Center at City Commons

12

 

450 South Orange Avenue

Orlando, Florida 32801

Attention: Chairman (James M. Seneff, Jr.)

Facsimile: (407) 650-1011

                    with a copy in either case to:

Greenberg Traurig, LLP

The MetLife Building

200 Park Avenue

New York, NY 10166

Attention: Judith D. Fryer, Esq.

Facsimile: (212) 805-9330

               b. If to the Executive, to:

C. Brian Strickland

802 Lullwater Drive

Oviedo, Florida 32765

Facsimile: (407) 650-1085

                    with a copy in either case to:

Baker & Hostetler LLP

SunTrust Center

200 South Orange Avenue, Suite 2300

Orlando, Florida 32801

Attention: G. Thomas Ball, Esq.

Facsimile: (407) 841-0168

Any such person may by notice given in accordance with this Section to the other parties hereto
designate another address or person for receipt by such person of notices hereunder.

          7.7 Entire Agreement. This Agreement contains the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior agreements, written or
oral, with the Company or its subsidiaries (or any predecessor of either).

          7.8 Waivers and Amendments. This Agreement may be amended, superseded, canceled,
renewed or extended, and the terms hereof may be waived, only by a written instrument signed by the
parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any
party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any such right, power or privilege nor any single or
partial exercise of any such right, power or privilege, preclude any other or further exercise
thereof or the exercise of any other such right, power or privilege. If the Executive is
terminated without Cause or is terminated due to a Non-Renewal of this Agreement by the

13

 

Company, the Company hereby waives, as to the Executive only, the no-hire provision in the
Merger Agreement.

          7.9 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

          7.10 Assignment. This Agreement, and the Executive’s rights and obligations
hereunder, may not be assigned by the Executive; any purported assignment by the Executive in
violation hereof shall be null and void. In the event of any sale, transfer or other disposition
of all or substantially all of the Company’s assets or business, whether by merger, consolidation
or otherwise, the Company may assign this Agreement and its rights hereunder.

          7.11 Withholding. The Company shall be entitled to withhold from any payments or
deemed payments any amount of withholding required by law. In the event that the Company
determines that any federal, state, local or foreign tax or withholding payment is required
relating to the vesting in or delivery of Shares, the Company shall have the right to require such
payments from the Executive or withhold such amounts from other payments due to the Executive from
the Company or any affiliate, or to withhold Shares that would otherwise have been issued to the
Executive. The Executive shall have the right to elect, in his discretion, the manner in which
such payments shall be made or withheld. No other taxes, fees, impositions, duties or other
charges or offsets of any kind shall be deducted or withheld from amounts payable hereunder, unless
otherwise required by law.

          7.12 No Duty to Mitigate. The Executive shall not be required to mitigate damages or
the amount of any payment provided for under this Agreement by seeking other employment or
otherwise, nor will any payments hereunder be subject to offset in the event the Executive does
mitigate.

          7.13 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties and their respective successors, permitted assigns, heirs, executors and legal
representatives.

          7.14 Counterparts. This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original but all such
counterparts together shall constitute one and the same instrument. Each counterpart may consist
of two copies hereof each signed by one of the parties hereto.

          7.15 Survival. Anything contained in this Agreement to the contrary notwithstanding,
the provisions of Sections 3.7, 4, 5, 6, 7.3, 7.4, 7.5, 7.11, 7.12, 7.18, 7.19 and 7.21 and the
other provisions of this Section 7 (to the extent necessary to effectuate the survival of Sections
4, 5, 6, 7.3, 7.4, 7.11, and 7.12) shall survive the termination of this Agreement and any
termination of the Executive’s employment hereunder.

          7.16 Existing Agreements. Executive represents to the Company that the

14

 

Executive is not subject or a party to any employment or consulting agreement, non-competition
covenant or other agreement, covenant or understanding which might prohibit the Executive from
executing this Agreement or limit the Executive’s ability to fulfill the Executive’s
responsibilities hereunder.

          7.17 Headings. The headings in this Agreement are for reference only and shall not
affect the interpretation of this Agreement.

          7.18 Parachute Provisions. If any amount payable to or other benefit receivable by
the Executive pursuant to this Agreement is deemed to constitute a Parachute Payment (as defined
below), alone or when added to any other amount payable or paid to or other benefit receivable or
received by the Executive which is deemed to constitute a Parachute Payment (whether or not under
an existing plan, arrangement or other agreement), and would result in the imposition on the
Executive of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended,
then, in addition to any other benefits to which the Executive is entitled under this Agreement,
the Executive shall be paid by the Company an amount in cash equal to the sum of the excise taxes
payable by the Executive by reason of receiving Parachute Payments plus the amount necessary to put
the Executive in the same after-tax position (taking into account any and all applicable federal,
state and local excise, income or other taxes at the highest applicable rates on such Parachute
Payments and on any payments under this Section 7.18) as if no excise taxes had been imposed with
respect to Parachute Payments. The amount of any payment under this Section 7.18 shall be computed
by a certified public accounting firm mutually and reasonably acceptable to the Executive and the
Company, the computation expenses of which shall be paid by the Company. “Parachute Payment” shall
mean any payment deemed to constitute a “parachute payment” as defined in Section 280G of the
Internal Revenue Code of 1986, as amended.

          7.19 Company’s Repurchase of Certain Shares. At the Excutive’s option, exercisable at
any time within twelve (12) months after the date Shares (as defined in Attachment “A”) (including
any additional shares of the Company’s Common Stock then owned by the Executive and attributable to
such Shares as a result of a stock dividend, stock-split, or recapitalization of the Company) are
includible in Executive’s taxable income, the Company shall purchase from the Executive an amount
of shares of the Company’s Stock then owned by the Executive sufficient to pay the difference
between the income tax attributable to the inclusion of the value of such Shares in Executive’s
taxable income and the amount previously withheld (“Put Right”); provided, however, that such Put
Right shall not be exercisable with regard to any shares of the Company’s Stock the repurchase of
which would result in an accounting charge to the Company. The Executive’s Put Right shall be
exercisable at the fair market value of the shares as of the date such Put Right is exercised (the
“Purchase Price”) as determined in good faith by the Company. Unless the Company and the Executive
shall mutually agree upon other terms, the Purchase Price shall be paid in cash or other readily
available funds, to be paid to the Executive thirty (30) days from the date that the Executive
elects to exercise his Put Right. If the shares Company Common Stock are listed on an established
national or regional stock exchange or are admitted to quotation on The Nasdaq Stock Market, Inc.,
or are publicly traded in an established securities market, the foregoing Put Right shall
terminate as of the first date that the shares of

15

 

Common Stock are so listed, quoted or publicly traded.

          7.20 Effective Date. The Effective Date shall be the Effective Time (as such term is
defined in the Merger Agreement).

          7.21 Indemnification. Subject to the Company’s Articles of Incorporation and Bylaws,
the Company shall indemnify the Executive with respect to his performance of services hereunder on
the Company’s and its affiliates’ behalf, to the fullest extent allowed under the laws of the State
of Florida, and if such is held not to be applicable, then to the fullest extent allowed under the
laws of the state of the Company’s incorporation.

16

 

     IN WITNESS WHEREOF, the parties hereto have signed their names to this Employment Agreement as
of the day and year set forth below.

	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 	 	CNL HOTELS & RESORTS, INC.,
	 	 	a Maryland corporation:
	 
	 	 	 	 
	 

	 	By:	 	/s/ Dianna Morgan
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:	 	Dianna Morgan
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	Chair, Compensation Committee
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	5/14/06
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	EXECUTIVE:
	 
	 	 	 	 
	 
	 	/s/ C. Brian Strickland
	 	 	 
	 	 	C. Brian Strickland
	 
	 	 	 	 
	 

	 	Date:	 	5-23-06
	 

	 	 	 	 

17

 

C. BRIAN STRICKLAND

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

ATTACHMENT “A”

A. BONUS COMPENSATION

     1. Annual Bonus Compensation. Executive shall be eligible to participate in the Bonus
Plan during the term of this Agreement. Executive’s bonus will be subject to Executive’s
achievement of performance criteria established annually by the Compensation Committee: 

          1.1. For Threshold level, Executive shall receive 50% of his Annual Salary as bonus
compensation;

          1.2. For Target level, Executive shall receive 125% of his Annual Salary as bonus
compensation; and

          1.3. For Maximum level, Executive shall receive 175% of his Annual Salary as bonus
compensation.

For purpose of the Annual Bonus, Annual Salary means the Annual Salary paid the Executive during
the calendar or portion of the calendar year covered by the bonus. Any bonus compensation in
excess of 125% of Executive’s Annual Salary may be paid, in whole or in part, at the option of the
Executive, in shares of the Company’s common stock. Executive’s performance criteria shall be
established annually by the Compensation Committee. For each fiscal year, Executive’s bonus, if
any, will be paid to Executive in a lump sum on or before seventy five (75) days after the end of
such fiscal year.

     2. Withholding. All amounts payable to Executive hereunder shall be subject to all
required federal, state or local income tax or other withholding by the Company.

B. OTHER BENEFITS AND PAYMENTS

     3. Shares. Subject to the Company’s 2004 Omnibus Long-Term Incentive Plan, as an
incentive bonus, shares of the Company’s common stock (“Shares”) shall be granted to the Executive
in accordance with the following provisions:

          3.1. A total of Eighty Three Thousand Seven Hundred (83,700) Shares shall be granted in the
form of stock units which shall vest in four equal installments on each of December 31, 2006,
December 31, 2007, December 31, 2008 and December 31, 2009, if Executive then remains in service to
the Company. The shares related to the vested stock units shall be delivered to the Executive when
vested.

          3.2 A total of Three Hundred Eighty One Thousand Three Hundred (381,300) Shares shall be
granted in the form of stock units which shall be subject to vesting based on the

 

 

achievement of performance criteria over partial year, annual and cumulative performance
periods starting December 31, 2006 and ending on the last day of each calendar year through
December 31, 2009, as determined by the Compensation Committee and the shares related to the vested
stock units shall be delivered to the Executive when vested or, to the extent vested, on an earlier
termination of employment.

          3.3 Delivery of shares of Company common stock subject to the stock units shall be delayed six
months if such delivery is made in connection with the Executive’s separation from service and such
delay is necessary to avoid the 20% additional tax imposed by Section 409A. In the event share
delivery is delayed, at the same time the Shares are delivered, the Executive shall receive an
amount equal to the dividend(s) that would be payable on the number of Shares subject to the
delayed delivery if the record date of such dividend(s) is after the date of the Executive’s
separation from service and prior to the delivery of the shares to the Executive.

2

 

EXHIBIT B

C. BRIAN STRICKLAND

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

ATTACHMENT “B”

General Release of Claims If Executive Is 40 Years-Old or Older on the Date of Execution

          Consistent with Section 5 of the Amended and Restated Employment Agreement dated                      ___,
2006 between me and CNL Hotels & Resorts Inc. (the “Employment Agreement”) and in consideration for
and contingent upon my receipt of the Severance Package set forth in Sections 5(b) and 5(c) of the
Employment Agreement, I, for myself, my attorneys, heirs, executors, administrators, successors,
and assigns, do hereby fully and forever release and discharge CNL Hotels & Resorts Inc. and its
affiliated entities (as defined in the Employment Agreement), as well as their predecessors,
successors, assigns, and their current or former directors, officers, partners, agents, employees,
attorneys, and administrators from all suits, causes of action, and/or claims, demands or
entitlements of any nature whatsoever, whether known, unknown, or unforeseen, which I have or may
have against any of them arising out of or in connection with my employment by CNL Hotels & Resorts
Inc., the Employment Agreement, the termination of my employment with CNL Hotels & Resorts Inc., or
any event, transaction, or matter occurring or existing on or before the date of my signing of this
General Release, except that I am not releasing any (a) right to indemnification that I may
otherwise have, (b) right to Annual Salary and benefits under applicable benefit plans that are
earned and accrued but unpaid as of the date of my signing this General Release, (c) right to
reimbursement for business expenses incurred and not reimbursed as of the date of my signing this
General Release, (d) right to any bonus payment(s) under the Bonus Plan that are earned and accrued
for the most recent completed calendar year for which a bonus payment has not then been paid as of
the date of my signing this General Release, or (e) claims arising after the date of my signing
this General Release. I agree not to file or otherwise institute any claim, demand or lawsuit
seeking damages or other relief and not to otherwise assert any claims, demands or entitlements
that are lawfully released herein. I further hereby irrevocably and unconditionally waive any and
all rights to recover any relief or damages concerning the claims, demands or entitlements that are
lawfully released herein. I represent and warrant that I have not previously filed or joined in
any such claims, demands or entitlements against CNL Hotels & Resorts Inc. or the other persons
released herein and that I will indemnify and hold them harmless from all liabilities, claims,
demands, costs, expenses and/or attorneys’ fees incurred as a result of any such claims, demands or
lawsuits.

          Except as otherwise expressly provided above, this General Release specifically includes, but
is not limited to, all claims of breach of contract, employment discrimination (including any
claims coming within the scope of Title VII of the Civil Rights Act, the Age Discrimination in
Employment Act, the Older Workers Benefit Protection Act, the Equal Pay Act, the Americans with
Disabilities Act, the Family and Medical Leave Act, and any comparable Florida law, all as amended,
or any other applicable federal, state, or local law), claims under the

 

 

Employee Retirement Income Security Act, as amended, claims under the Fair Labor Standards
Act, as amended (or any other applicable federal, state or local statute relating to payment of
wages), claims concerning recruitment, hiring, termination, salary rate, severance pay, stock
options, wages or benefits due, sick leave, holiday pay, vacation pay, life insurance, group
medical insurance, any other fringe benefits, worker’s compensation, termination, employment
status, libel, slander, defamation, intentional or negligent misrepresentation and/or infliction of
emotional distress, together with any and all tort, contract, or other claims which might have been
asserted by me or on my behalf in any suit, charge of discrimination, or claim against CNL Hotels &
Resorts or the persons released herein.

     I acknowledge that I have been given an opportunity of twenty-one (21) days to consider this
General Release and that I have been encouraged by CNL Hotels & Resorts Inc. to discuss fully the
terms of this General Release with legal counsel of my own choosing. Moreover, for a period of
seven (7) days following my execution of this General Release, I shall have the right to revoke the
waiver of claims arising under the Age Discrimination in Employment Act, a federal statute that
prohibits employers from discriminating against employees who are age 40 or over. If I elect to
revoke this General Release within this seven-day period, I must inform CNL Hotels & Resorts Inc.
by delivering a written notice of revocation to CNL Hotels & Resorts Inc.’s Director of Human
Resources,                                         , no later than 11:59 p.m. on the seventh calendar day after I
sign this General Release. I understand that, if I elect to exercise this revocation right, this
General Release shall be voided in its entirety and CNL Hotels & Resorts Inc. shall be relieved of
all obligations to make the portion of the Severance Package described in Section 5(b) and (c) of
the Employment Agreement. I may, if I wish, elect to sign this General Release prior to the
expiration of the 21-day consideration period, and I agree that if I elect to do so, my election is
made freely and voluntarily and after having an opportunity to consult counsel.

	 	 	 	 	 
	 

	 	AGREED:	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 

	 	C. Brian Strickland
	 	DateEX-10.131

 

Exhibit 10.131

BARRY A.N. BLOOM

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”), as amended and restated, is entered into
by and between CNL HOTELS & RESORTS, INC., a Maryland corporation formerly known as CNL Hospitality
Properties, Inc. (hereinafter referred to as the “Company”), and Barry A.N. Bloom
(hereinafter referred to as the “Executive”) and is effective as of the Effective Date
hereinbelow defined at Section 7.19.

     WHEREAS, simultaneously with the execution and delivery of this Agreement, prior to its
amendment and restatement,, the Company has entered into an Amended and Restated Agreement and Plan
of Merger among the Company, CNL Hotels & Resorts Acquisition, LLC, a Florida limited liability
company all of the membership interests of which are owned by the Company (“CHPAC”), CNL
Hospitality Properties Acquisition Corp., a Florida corporation and wholly-owned subsidiary of the
Company, CNL Hospitality Corp., a Florida corporation (the “Advisor”), the Stockholders
identified therein (which includes Executive), and CNL Financial Group, Inc., a Florida corporation
(the “Merger Agreement”), pursuant to which the Advisor would be merged with and into CHPAC
pursuant to the terms and conditions of the Merger Agreement (the “Merger”);

     WHEREAS, the execution and delivery of this Agreement by the Executive, prior to its amendment
and restatement, was an inducement to the Company and CHPAC to enter into the Merger Agreement and
to consummate the Merger;

     and

     WHEREAS, the Company wishes to amend and restate the prior Agreement and offer employment to
the Executive, and the Executive wishes to accept such offer, on the terms set forth below.

     Accordingly, the parties hereto agree as follows:

     1. Term. The Company hereby employs the Executive and the Executive hereby accepts
such employment for an initial term commencing as of the Effective Date and ending on December 31,
2009, unless sooner terminated in accordance with the provisions of Section 4 (the period during
which the Executive is employed hereunder being hereinafter referred to as the “Term”).
The Term shall be subject to automatic one- (1-) year renewals unless either party hereto notifies
the other, in accordance with the notice provisions of Section 7.6, of non-renewal at least ninety
(90) days prior to the end of any such Term (a “Non-Renewal”).

     2. Duties. The Executive, in his capacity as Executive Vice President of the Company,
shall faithfully perform for the Company the duties of said office and shall perform such other
duties of an executive, managerial or administrative nature as shall be specified and designated
from time to time by the Chief Executive Officer and the Board of Directors of the

 

 

Company (the “Board”). Such duties may include, without limitation, the performance of
services for, and serving on the board of directors of, any subsidiary of the Company without any
additional compensation. The Executive shall devote substantially all of the Executive’s business
time and effort to the performance of the Executive’s duties hereunder. Provided that the
following activities do not interfere with the Executive’s duties to the Company and provided that
the following activities do not violate the Executive’s covenant against competition as described
at Section 6 hereof, during the Term, the Executive may perform personal, charitable and other
business activities, including, without limitation, serving as a member of one or more boards of
directors of charitable or other professional organizations, and, serve on the boards of directors
of other business organizations that are not engaged in any aspect of the lodging industry,
provided, however, that service on the boards of directors of other business organizations would
require consent of the Board .

     3. Compensation.

          3.1 Salary. The Company shall pay the Executive during the Term a salary at the rate
of Three Hundred Eighty Five Thousand and No/00 Dollars ($385,000) per annum (the “Annual
Salary”), in accordance with the customary payroll practices of the Company applicable to
senior executives generally. The Annual Salary may be increased from time to time, by an amount as
may be approved by the Board or the Compensation Committee of the Board (the “Compensation
Committee”), and, upon such increase, the increased amount shall thereafter be deemed to be the
Annual Salary.

          3.2 Bonus. The Executive will be eligible to participate in the Company’s annual
bonus program (the “Bonus Plan”), the terms of which will be established by the
Compensation Committee; provided, however, at a minimum, Executive shall be eligible for such bonus
compensation as is set forth on Attachment “A” attached hereto and made a part hereof by
this reference.

          3.3 Benefits – In General. The Executive shall be permitted during the Term to
participate in any group life, hospitalization or disability insurance plans, health programs,
pension and profit sharing plans and similar benefits that may be available to other senior
executives of the Company generally, on the same terms as may be applicable to such other
executives (except as otherwise provided in this Section 3), in each case to the extent that the
Executive is eligible under the terms of such plans or programs.

          3.4 Paid Time Off. The Executive shall be entitled to no fewer than twenty-five (25)
days of paid time off per year.

          3.5 Disability Benefits and Life Insurance. To the extent the Company’s group life
and disability insurance plans do not provide this level of benefits, the Executive shall be
entitled to additional benefits so that his long-term disability coverage provides benefits (to
continue for such period as is provided in the applicable disability plan or program, as amended

2

 

from time to time, and with waiting periods and pre-existing condition exceptions waived to the
extent such coverage is available on commercially reasonable terms) equal seventy-five percent
(75%) of his Annual Salary in the case of a covered disability and life insurance coverage provides
benefits with a face amount equal to one (1) times the Executive’s Annual Salary.

          3.7 Expenses. The Company shall pay or reimburse the Executive for all ordinary and
reasonable out-of-pocket expenses actually incurred and, in the case of reimbursement, actually
paid by the Executive during the Term in the performance of the Executive’s services under this
Agreement; provided that the Executive shall submit such expenses in accordance with the policies
applicable to senior executives of the Company generally.

     4. Termination of Employment. The Company may terminate the Executive’s employment for
any reason or for no reason and with or without Cause (as defined hereinbelow). The Executive may
terminate the Executive’s employment with the Company for Good Reason (as defined hereinbelow) or
without Good Reason. The Company or the Executive may terminate the Executive’s employment by
Non-Renewal. The Executive shall be subject to the provisions of the Covenant Against Competition
set forth at Section 6.2. For purposes of this Agreement, with respect to “earned and accrued”
Bonus payments to be made to the Executive in connection with the termination of his employment,
Bonus payments shall be deemed to be “earned and accrued” (a) if the Executive is employed with the
Company as of the date of the last day of the fiscal year for which a Bonus payment shall be made;
(b) to the extent that the criteria for determining the amount of such Bonus payment is subject to
objective criteria; and (c) regardless of whether the Bonus payment award was actually calculated
or declared by the Company as of the date of the Executive’s employment.

          4.1 Termination upon the Executive’s Death or Disability.

               a. If the Executive dies during the Term, the obligations of the Company to or with respect to
the Executive shall terminate in their entirety except as otherwise provided in this Section 4.1
and except for the surviving provisions of this Agreement as described at Section 7.15.

               b. If the Executive becomes eligible for disability benefits under the Company’s long-term
disability plans and arrangements (or, if none apply, would have been so eligible under the most
recent plan or arrangement), the Company or the Executive shall have the right, to the extent
permitted by law, to terminate the employment of the Executive upon at least ninety (90) days’
prior written notice to the other party, provided that neither party shall have the right to
terminate the Executive’s employment if, in the opinion of a qualified physician reasonably
acceptable to both parties, it is reasonably certain that the Executive will be able to resume his
duties on a regular full-time basis within one hundred eighty (180) days of the date that the
notice of such termination is delivered.

3

 

               c. Upon the Executive’s death or the termination of the Executive’s employment by virtue of
disability, all of the following shall apply:

                    (i) the Executive, or the Executive’s estate or beneficiaries in the case of the death of the
Executive, shall have no right to receive any compensation or benefit hereunder on and after the
effective date of the termination of employment, except that the Executive, or the Executive’s
estate or beneficiaries the case of the death of the Executive, shall be entitled to receive the
Executive’s Annual Salary, and other benefits that are earned and accrued under this Agreement
prior to the date of termination, the Executive’s earned and accrued bonuses as provided in the
Bonus Plan, vesting providing in clause (ii) below, and reimbursement under this Agreement for
expenses incurred prior to the date of such termination;

                    (ii) all of the Executive’s outstanding and unvested Shares (as defined in Attachment “A”)
shall immediately be vested, any outstanding options to acquire shares of Company stock shall
immediately be vested and shall be exercisable by the Executive or, in the case of the Executive’s
death, by the beneficiaries of Executive’s estate, for one (1) year following the termination (or,
if shorter, the balance of the regular term of the options); and

                    (iii) this Agreement shall otherwise terminate and there shall be no further rights with
respect to the Executive hereunder except for the surviving provisions of this Agreement as
provided in Section 7.15. The payments to be made in this Section 4.1(c) shall be in addition to,
rather than in lieu of, the entitlement of Executive or his estate to any other insurance or
benefit proceeds as a result of his death or disability.

          4.2 Termination by the Company for Cause. The Company may terminate the Executive’s
employment at any time for “Cause” if any of the following have occurred:

               a. the Executive’s conviction for (or pleading nolo contendere to) any felony, or a
misdemeanor involving moral turpitude;

               b. the Executive’s indictment for any felony or misdemeanor involving moral turpitude, if such
indictment is not discharged or otherwise resolved within eighteen (18) months;

               c. the Executive’s commission of an act of fraud, theft or dishonesty related to the
performance of the Executive’s duties hereunder;

               d. the continuing failure or habitual neglect by the Executive to perform the Executive’s
duties hereunder, except that, if such failure or neglect is curable, the Executive shall first
have thirty (30) days from his receipt of notice of such failure or neglect to cure such condition
and, if the Executive does so, such failure or neglect shall not constitute Cause hereunder;

4

 

               e. any material violation by the Executive of the covenants contained in Section 6 except
that, if such violation is not willful and is curable, the executive shall first have thirty (30)
days from his receipt of notice of such violation to cure such condition and, if the Executive does
so, such violation shall not constitute Cause hereunder; or

               f. the Executive’s continuing material breach of this Agreement, except that, if such breach
is curable, the Executive shall first have thirty (30) days from his receipt of such notice of such
breach to cure such breach and, if the Executive does so, such breach shall not constitute Cause
hereunder.

If the Company terminates the Executive’s employment for Cause, the Executive shall have no right
to receive any compensation or benefit hereunder on and after the effective date of the termination
of employment, except that the Executive shall be entitled to receive the Executive’s Annual
Salary, and other benefits that are earned and accrued under this Agreement prior to the date of
termination, any earned and accrued bonuses as provided in the Bonus Plan, and reimbursement under
this Agreement for expenses incurred prior to the date of termination. This Agreement shall
otherwise terminate upon such termination of employment and the Executive shall have no further
rights or obligations hereunder except for the surviving provisions of this Agreement as described
at Section 7.15.

          4.3 Termination by the Company without Cause. The Company may terminate the
Executive’s employment at any time without Cause upon sixty (60) days prior written notice to the
Executive. If the Company terminates the Executive’s employment without the occurrence of any of
the events constituting “Cause” and the termination is not due to the Executive’s death or
disability or is not a Non-Renewal, then the termination by the Company is without Cause. If the
Company terminates the Executive’s employment without Cause, then the Severance Package provisions
of Section 5 shall apply, and this Agreement shall otherwise terminate and the Executive shall have
no further rights or obligations hereunder except for the surviving provisions of this Agreement as
described at Section 7.15.

          4.4 Termination of Employment by the Executive for Good Reason. The Executive may
terminate the Executive’s employment with the Company at any time for “Good Reason” and
receive the Severance Package provisions of Section 5 if any of the following have occurred without
the Executive’s written consent:

               a. the material reduction of the Executive’s authority, duties and responsibilities, or the
assignment to the Executive of duties materially inconsistent with the Executive’s position or
positions with the Company and its subsidiaries, except that the Company shall have thirty (30)
days from the date on which the Executive gives the notice thereof to cure such event or condition
and, if the Company does so, such event or condition shall not constitute Good Reason hereunder;

               b. a reduction of the Annual Salary of the Executive, except that a

5

 

reduction of the Executive’s Annual Salary shall not constitute Good Reason for termination if
(i) the Company fully cures (including retroactively) such reduction no later than thirty (30) days
from the date on which the Executive gives the Company notice that the reduction constitutes Good
Reason for termination hereunder; or (ii) such reduction is made in connection with a reduction in
compensation of not more than ten percent (10%) of the Executive’s Annual Salary and such reduction
is made generally applicable to all senior management employees of the Company;

               c. the failure by the Company to obtain an agreement in form and substance reasonably
satisfactory to the Executive from any successor to the business of the Company to assume and agree
to perform this Agreement;

               d. the Company’s material breach of this Agreement, except that the Company shall have thirty
(30) days from the date on which the Executive gives the notice thereof to cure such event or
condition and, if the Company does so, such event or condition shall not constitute Good Reason
hereunder;

               e. a requirement by the Company that Executive’s work location be moved more than fifty (50)
miles from the Company’s principal place of business in Orlando, Florida; or

               f. the occurrence of a change of control, which for purposes of this Agreement shall mean the
sale to an independent third party or group of independent third parties of either (i) more than
thirty percent (30%) of the issued and outstanding equity securities of the Company and the voting
power under normal circumstances to elect a majority of the Company’s Board (whether by merger,
consolidation, sale or transfer of the Company’s equity securities); or (ii) all or substantially
all of the Company’s assets determined on a consolidated basis. For the avoidance of doubt, a
change of control shall not include the Merger or any issuance by the Company of equity securities
in an initial public offering.

This Agreement shall otherwise terminate upon such termination of employment and the Executive
shall have no further rights or obligations hereunder except for the surviving provisions of this
Agreement as described at Section 7.15.

          4.5 Termination of Employment by the Executive without Good Reason. The Executive may
terminate the Executive’s employment with the Company at any time without Good Reason. If the
Executive terminates his employment without the occurrence of any of the events constituting
“Good Reason” and the termination is not due to the Executive’s death or disability, then
the termination by the Executive is without Good Reason. If the Executive terminates the
Executive’s employment with the Company without Good Reason, the Executive shall have no right to
receive any compensation or benefit hereunder on and after the effective date of the termination of
employment, except that the Executive shall be entitled to receive the Executive’s Annual Salary,
and other benefits that are earned and accrued under this Agreement or

6

 

under applicable Company benefit plans prior to the date of termination, any earned and
accrued bonuses as provided in the Bonus Plan, and reimbursement under this Agreement for expenses
incurred prior to the date of termination. This Agreement shall otherwise terminate upon such
termination of employment and the Executive shall have no further rights or obligations hereunder
except for the surviving provisions of this Agreement as described at Section 7.15.

          4.6 Termination upon Expiration and Non-Renewal of Agreement. The Company may
terminate the Executive’s employment by Non-Renewal of the Term in accordance with the provisions
of Section 1 and Section 7.6 hereof, and the Severance Package provisions of Section 5 shall apply.
If the Executive terminates employment by Non-Renewal, it will be treated as a termination of
employment without Good Reason. This Agreement shall otherwise terminate upon such termination of
employment and the Executive shall have no further rights or obligations hereunder except for the
surviving provisions of this Agreement as described at Section 7.15.

     5. Severance Package for Certain Terminations of Employment. The Executive shall be
entitled to certain rights and shall be bound by certain obligations as described in this Section 5
(the “Severance Package”) if the Executive’s employment terminates because of the
Non-Renewal by the Company of this Agreement, or if the Company terminates the Executive’s
employment without Cause, or if the Executive terminates the Executive’s employment for Good
Reason. For purposes of this Agreement, the “Severance Package” shall consist of all of
the following rights and obligations:

               a. other than as set forth in this Section 5 generally, the Executive shall have no right to
receive any compensation or benefit hereunder on and after the effective date of the termination of
employment, except that the Executive shall be entitled to receive the Executive’s Annual Salary,
and other benefits that are earned and accrued under this Agreement and under applicable Company
benefit plans prior to the date of termination, any earned and accrued bonuses as provided in the
Bonus Plan, and reimbursement under this Agreement for expenses incurred prior to the date of
termination;

               b. subject to the execution of a general release of claims in favor of the Company as set
forth in Attachment “B”, the Executive shall receive both:

                    (i) a cash payment equal to two (2) times the sum of (w) the Executive’s Annual Salary (as in
effect on the effective date of such termination excluding any reduction not permitted by this
Agreement) plus (x) the average of the Executive’s Annual Bonus actually earned for the two
of the last three full fiscal years that would result in the highest average (“Average Annual
Bonus”), payable in equal installments over the period that corresponds to the period during
which the covenants provided in Section 6.2 hereof are to be applicable in accordance with the
Company’s usual and customary salary payroll practices, commencing on the first payday following
Executive’s termination. (If, at the time of a termination to which this sub-subparagraph b(i)
applies, at least three full fiscal years have not occurred, then to the extent necessary to
calculate the Average Annual Bonus for the last three years as set forth above, the

7

 

annual bonus or bonuses payable to Executive by Executive’s former employer shall be used);
provided, however, that in the event the termination of employment is in connection
with a Non-Renewal by the Company, such payments shall equal the sum of (y) the Executive’s Annual
Salary (as in effect on the effective date of such termination excluding any reduction not
permitted by this Agreement) plus (z) the Executive’s Average Annual Bonus, which together
shall be payable in equal installments over a twelve (12) month period in accordance with the
Company’s usual and customary salary payroll practices (and made payable to the Executive’s estate
in the event that the Executive dies prior to the expiration of such period), commencing on the
first payday following Executive’s termination; and provided, further, that if the
covenants provided in Section 6.2 are not applicable, in a single lump sum within five (5) days of
termination of employment; provided, further, that if the Executive is a “key
employee” within the meaning of Internal Revenue Code of 1986, as amended, Section 409A (“Section
409A”) payments shall not commence (or be made in the case of a lump sum payment) until six months
following the Executive’s separation from service to the extent necessary to avoid the imposition
of the additional 20% tax under Section 409A (and in the case of installment payments, the first
payment shall include all installment payments required by this subsection that otherwise would
have been made during such six month period); and

                    (ii) for a period of twelve (12) months after termination of employment such continuing health
benefits (including any medical, vision or dental benefits), under the Company’s health plans and
programs applicable to senior executives of the Company generally as the Executive would have
received under this Agreement (and at such costs to the Executive) as would have applied in the
absence of such termination or expiration (but not taking into account any post-termination
increases in Annual Salary that may otherwise have occurred without regard to such termination and
that may have favorably affected such benefits) it being expressly understood and agreed that
nothing in this clause (b)(ii) shall restrict the ability of the Company to generally amend or
terminate such plans and programs from time to time in its sole discretion; provided,
however, that the Company shall in no event be required to provide such coverage after such
time as the Executive becomes entitled to receive health benefits from another employer or
recipient of the Executive’s services (and provided, further, that such entitlement shall be
determined without regard to any individual waivers or other arrangements);

               c. subject to the execution of a general release of claims in favor of the Company as set
forth in Attachment “B”, the Executive’s outstanding and unvested Shares (as defined in
Attachment “A”) that would have vested in the calendar year employment terminates (treating the
performance criteria for the year of termination as fully satisfied) shall be vested, any
outstanding options to acquire shares of Company stock shall immediately be vested and shall be
exercisable by the Executive or, in the case of the Executive’s death, by the beneficiaries of
Executive’s estate, for one (1) year following the termination (or, if shorter, the balance of the
regular term of the options); provided, however, that if such termination of employment
occurs in connection with or on or after a change of control, all of the Executive’s outstanding
awards of Shares shall immediately be vested (treating the performance criteria for the applicable
year(s) as

8

 

fully satisfied).

This Agreement shall otherwise terminate upon such termination of employment and the Executive
shall have no further rights hereunder except for surviving provisions of this Agreement as
provided in Section 7.15.

     6. Covenants of the Executive.

          6.1 General Covenants of the Executive. The Executive acknowledges that (a) the
principal business of the Company is the acquisition, development and ownership of interests in
hotel and resort properties including full service hotels and resorts, limited service hotels,
extended stay hotels and upper upscale and luxury resorts (such business, and any and all other
businesses that after the date hereof, and from time to time during the Term, become material with
respect to the Company’s then-overall business, herein being collectively referred to as the
“Business”); (b) the Company knows of a limited number of persons who have developed the
Company’s Business; (c) the Company’s Business is, in part, national in scope; (d) the Executive’s
work for the Company and its subsidiaries (and the predecessors of either) has given and will
continue to give the Executive access to the confidential affairs and proprietary information of
the Company and to “trade secrets,” as defined in Section 688.002(4) of the Florida Statutes, of
the Company and its subsidiaries; (e) the covenants and agreements of the Executive contained in
this Section 6 are essential to the business and goodwill of the Company; and (f) the Company would
not have entered into this Agreement but for the covenants and agreements set forth in this Section
6.

          6.2 Covenant Against Competition. The covenant against competition herein described
shall apply as follows:

               a. during the Term;

               b. for a period of one (1) year following a termination of the Executive’s employment by the
Company for Cause, by the Company without Cause, by the Executive without Good Reason or by either
party after Non-Renewal;

               c. for a period of two (2) years following a termination of the Executive’s employment by the
Executive for Good Reason; or

               d. as to Section 6.2(bb) and (dd), at any time during and after the Executive’s employment
with the Company and its subsidiaries (and the predecessors of either).

               During the time periods for described hereinabove, the Executive covenants as follows:

               aa. The Executive shall not, directly or indirectly, own, manage, control or participate in
the ownership, management, or control of, or be employed or engaged by or otherwise affiliated or
associated as an employee, employer, consultant, agent, principal, partner,

9

 

stockholder, corporate officer, director or in any other individual or representative
capacity, engage or participate in any business that owns and operates hotel and resort properties,
or is a real estate investment trust which owns hotel and resort properties, or in the business of
providing hotel management or consulting services, and that has assets, or provides services to
entities that have assets, in excess of Seven Hundred Fifty Million and No/00 Dollars
($750,000,000), and such business is in competition in any manner whatsoever with the Business of
the Company in any state or country or other jurisdiction in which the Company conducts its
Business; provided, however, that, notwithstanding the foregoing, (i) the Executive
may own or participate in the ownership of any entity which he owned or managed or participated in
the ownership or management of prior to the Effective Date which ownership, management or
participation has been disclosed to the Company; and (ii) the Executive may invest in securities of
any entity, solely for investment purposes and without participating in the business thereof, if
(A) such securities are traded on any national securities exchange or the National Association of
Securities Dealers, Inc. Automated Quotation System or equivalent non-U.S. securities exchange,
(B) the Executive is not a controlling person of, or a member of a group which controls, such
entity and (C) the Executive does not, directly or indirectly, own one percent (1%) or more of any
class of securities of such entity.

               bb. Except in connection with the business and affairs of the Company and its affiliates: the
Executive shall keep secret and retain in strictest confidence, and shall not use for his benefit
or the benefit of others, all confidential matters relating to the Business and the business of any
of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore
or hereafter directly or indirectly from the Company or any of its subsidiaries (or any predecessor
of either) (the “Confidential Company Information”), including, without limitation,
information with respect to the Business and any aspect thereof, profit or loss figures, and the
Company’s or its affiliates’ (or any of their predecessors) properties, and shall not disclose such
Confidential Company information to anyone outside of the Company except with the Company’s express
written consent and except for Confidential Company Information which (i) at the time of receipt or
thereafter becomes publicly known through no wrongful act of the Executive; (ii) is clearly
obtainable in the public domain; (iii) was not acquired by the Executive in connection with the
Executive’s employment or affiliation with the Company; (iv) was not acquired by the Executive from
the Company or its representatives or from a third-party who has an agreement with the Company not
to disclose such information; or (v) is required to be disclosed by rule of law or by order of a
court or governmental body or agency. For purposes of this Agreement, “affiliate” means, with
respect to the Company, any person, partnership, corporation or other entity that controls, is
controlled by or is under common control with the Company within the meaning of Rule 405 of
Regulation C under the Securities Act of 1933, as now in effect or as hereafter amended.

               cc. The Executive shall not, without the Company’s prior written consent, directly or
indirectly, (i) knowingly solicit or knowingly encourage to leave the employment or other service
of the Company or any of its affiliates, any employee thereof or

10

 

knowingly hire (on behalf of the Executive or any other person or entity) any employee who has
left the employment or other service of the Company or any of its affiliates (or any predecessor of
either) within one (1) year of the termination of such employee’s or independent contractor’s
employment or other service with the Company and its affiliates; or (ii) whether for the
Executive’s own account or for the account of any other person, firm, corporation or other business
organization, intentionally interfere with the Company’s or any of its affiliates, relationship
with, or endeavor to entice away from the Company or any of its affiliates, any person who during
the Executive’s employment with the Company and its affiliates (or the predecessors of either) is
or was a customer or client of the Company or any of its affiliates (or any predecessor of either).

               dd. All memoranda, notes, lists, records, property and any other tangible product and
documents (and all copies thereof) made, produced or compiled by the Executive or made available to
the Executive concerning the Business of the Company and its affiliates shall be the Company’s
property and shall be delivered to the Company at any time on request.

          6.3 Rights and Remedies upon Breach. The Executive acknowledges and agrees that any
breach by him of any of the provisions of Sections 6.1 or 6.2 (the “Restrictive Covenants”)
would result in irreparable injury and damage for which money damages would not provide an adequate
remedy. Therefore, if the Executive breaches, or threatens to commit a breach of, any of the
Restrictive Covenants, the Company and its affiliates shall have the right and remedy to have the
Restrictive Covenants specifically enforced (without posting bond and without the need to prove
damages) by any court having equity jurisdiction, including, without limitation, the right to an
entry against the Executive of restraining orders and injunctions (preliminary, mandatory,
temporary and permanent) against violations, threatened or actual, and whether or not then
continuing, of such covenants. This right and remedy shall be in addition to, and not in lieu of,
any other rights and remedies available to the Company and its affiliates under law or in equity
(including, without limitation, the recovery of damages). The existence of any claim or cause of
action by the Executive, whether predicated on this Agreement or otherwise, shall not constitute a
defense to the enforcement of the Restrictive Covenants. The Company has the right to cease making
the payments provided as part of the Severance Package in the event of a material breach of any of
the Restrictive Covenants that, if capable of cure and not willful, is not cured within thirty (30)
days after receipt of notice thereof from the Company.

     7. Other Provisions.

          7.1 Severability. The Executive acknowledges and agrees that the Executive has had an
opportunity to seek advice of counsel in connection with this Agreement; and that the Restrictive
Covenants are reasonable in geographical and temporal scope and in all other respects. If it is
determined that any of the provisions of this Agreement, including, without limitation, any of the
Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the
provisions of this Agreement shall not thereby be affected and shall be given full affect, without
regard to the invalid portions.

11

 

          7.2 Duration and Scope of Covenants. If any court or other decision maker of
competent jurisdiction determines that any of the Executive’s covenants contained in this
Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof,
are unenforceable because of the duration or geographical scope of such provision, then, after such
determination has become final and unappealable, the duration or scope of such provision, as the
case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form,
such provision shall then be enforceable and shall be enforced.

          7.3 Enforceability of Restrictive Covenants; Jurisdictions. The Company and the
Executive intend to and hereby consent to jurisdiction to enforce the Restrictive Covenants upon
the courts of any jurisdiction within the geographical scope of the Restrictive Covenants. If the
courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable
by reason of breadth of scope or otherwise it is the intention of the Company and the Executive
that such determination not bar or in any way affect the Company’s right, or the right of any of
its affiliates, to the relief provided above in the courts of any other jurisdiction within the
geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in
such other respective jurisdictions, such Restrictive Covenants as they relate to each
jurisdiction’s being, for this purpose, severable, diverse and independent covenants, subject,
where appropriate, to the doctrine of res judicata.

          7.4 Arbitration. Except with regard to Section 6, all disputes between the parties or
any claims concerning the performance, breach, construction or interpretation of this Agreement, or
in any manner arising out of this Agreement, shall be submitted to binding arbitration in
accordance with the Commercial Arbitration Rules, as amended from time to time, of the American
Arbitration Association (the “AAA”), which arbitration shall be carried out in the manner
set forth below:

               a. Within fifteen (15) days after written notice by one party to the other party of its demand
for arbitration, which demand shall set forth the name and address of its designated arbitrator,
the other party shall appoint its designated arbitrator and so notify the demanding party. Within
fifteen (15) days thereafter, the two arbitrators so appointed shall appoint the third arbitrator.
If the two appointed arbitrators cannot agree on the third arbitrator, then the AAA shall appoint
an independent arbitrator as the third arbitrator. The dispute shall be heard by the arbitrators
within ninety (90) days after appointment of the third arbitrator. The decision of any two (2) or
all three (3) of the arbitrators shall be binding upon the parties without any right of appeal.
The decision of the arbitrators shall be final and binding upon the Company, its successors and
assigns, and upon Executive, his heirs, personal representatives, and
legal representatives.

               b. The arbitration proceedings shall take place in Orlando, Florida, and the judgment and
determination of such proceedings shall be binding on all parties. Judgment upon any award
rendered by the arbitrators may be entered into any court having competent jurisdiction without any
right of appeal.

12

 

               c. Each party shall pay its or his own expenses of arbitration, and the expenses of the
arbitrators and the arbitration proceeding shall be shared equally. However, if in the opinion of
a majority of the arbitrators, any claim or defense was unreasonable, the arbitrators may assess,
as part of their award, all or any part of the arbitration expenses of the other party (other than
attorneys’ fees, which are addressed in Section 7.5 below) and of the arbitrators and the
arbitration proceeding.

          7.5 Attorneys’ Fees. In the event of any legal proceeding (including an arbitration
proceeding) relating to this Agreement or any term or provision thereof, the losing party shall be
responsible to pay or reimburse the prevailing party for all reasonable attorneys’ fees and
expenses incurred by the prevailing party in connection with such proceeding.

          7.6 Notices. Any notice, consent or other communication required or permitted
hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by
facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such
notice, consent or other communication shall be deemed given when so delivered personally,
delivered by overnight courier, telexed or sent by facsimile transmission or, if mailed, five days
after the date of deposit in the United States mails as follows:

               a. If to the Company, to:

CNL Hotels & Resorts, Inc.

CNL Center at City Commons

450 South Orange Avenue

Orlando, Florida 32801

Attention: Chairman (James M. Seneff, Jr.)

Facsimile: (407) 650-1011

                    with a copy in either case to:

Greenberg Traurig, LLP

The MetLife Building

200 Park Avenue

New York, NY 10166

Attention: Judith D. Fryer, Esq.

Facsimile: (212) 805-9330

               b. If to the Executive, to:

Barry A.N. Bloom

6168 Harbour Town Court

Orlando, Florida 32819

Fascimile: (407) 650-1085

13

 

                    with a copy in either case to:

Baker & Hostetler LLP

SunTrust Center

200 South Orange Avenue, Suite 2300

Orlando, Florida 32801

Attention: G. Thomas Ball, Esq.

Facsimile: (407) 841-0168

Any such person may by notice given in accordance with this Section to the other parties hereto
designate another address or person for receipt by such person of notices hereunder.

          7.7 Entire Agreement. This Agreement contains the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior agreements, written or
oral, with the Company or its subsidiaries (or any predecessor of either).

          7.8 Waivers and Amendments. This Agreement may be amended, superseded, canceled,
renewed or extended, and the terms hereof may be waived, only by a written instrument signed by the
parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any
party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any such right, power or privilege nor any single or
partial exercise of any such right, power or privilege, preclude any other or further exercise
thereof or the exercise of any other such right, power or privilege. If the Executive is
terminated without Cause or is terminated due to a Non-Renewal of this Agreement by the Company,
the Company hereby waives, as to the Executive only, the no-hire provision in the Merger Agreement.

          7.9 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

          7.10 Assignment. This Agreement, and the Executive’s rights and obligations
hereunder, may not be assigned by the Executive; any purported assignment by the Executive in
violation hereof shall be null and void. In the event of any sale, transfer or other disposition
of all or substantially all of the Company’s assets or business, whether by merger, consolidation
or otherwise, the Company may assign this Agreement and its rights hereunder.

          7.11 Withholding. The Company shall be entitled to withhold from any payments or
deemed payments any amount of withholding required by law. In the event that the Company
determines that any federal, state, local or foreign tax or withholding payment is required
relating to the vesting in or delivery of Shares, the Company shall have the right to require such
payments from the Executive or withhold such amounts from other payments due to the Executive from
the Company or any affiliate, or to withhold Shares that would otherwise have

14

 

been issued to the Executive. The Executive shall have the right to elect, in his discretion,
the manner in which such payments shall be made or withheld. No other taxes, fees, impositions,
duties or other charges or offsets of any kind shall be deducted or withheld from amounts payable
hereunder, unless otherwise required by law.

          7.12 No Duty to Mitigate. The Executive shall not be required to mitigate damages or
the amount of any payment provided for under this Agreement by seeking other employment or
otherwise, nor will any payments hereunder be subject to offset in the event the Executive does
mitigate.

          7.13 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties and their respective successors, permitted assigns, heirs, executors and legal
representatives.

          7.14 Counterparts. This Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original but all such
counterparts together shall constitute one and the same instrument. Each counterpart may consist
of two copies hereof each signed by one of the parties hereto.

          7.15 Survival. Anything contained in this Agreement to the contrary notwithstanding,
the provisions of Sections 3.7, 4, 5, 6, 7.3, 7.4, 7.5, 7.11, 7.12, 7.18, 7.19 and 7.21 and the
other provisions of this Section 7 (to the extent necessary to effectuate the survival of Sections
4, 5, 6, 7.3, 7.4, 7.11, and 7.12) shall survive the termination of this Agreement and any
termination of the Executive’s employment hereunder.

          7.16 Existing Agreements. Executive represents to the Company that the Executive is
not subject or a party to any employment or consulting agreement, non-competition covenant or other
agreement, covenant or understanding which might prohibit the Executive from executing this
Agreement or limit the Executive’s ability to fulfill the Executive’s responsibilities hereunder.

          7.17 Headings. The headings in this Agreement are for reference only and shall not
affect the interpretation of this Agreement.

          7.18 Parachute Provisions. If any amount payable to or other benefit receivable by
the Executive pursuant to this Agreement is deemed to constitute a Parachute Payment (as defined
below), alone or when added to any other amount payable or paid to or other benefit receivable or
received by the Executive which is deemed to constitute a Parachute Payment (whether or not under
an existing plan, arrangement or other agreement), and would result in the imposition on the
Executive of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended,
then, in addition to any other benefits to which the Executive is entitled under this Agreement,
the Executive shall be paid by the Company an amount in cash equal to the sum of the excise taxes
payable by the Executive by reason of receiving Parachute Payments plus the

15

 

amount necessary to put the Executive in the same after-tax position (taking into account any
and all applicable federal, state and local excise, income or other taxes at the highest applicable
rates on such Parachute Payments and on any payments under this Section 7.18) as if no excise taxes
had been imposed with respect to Parachute Payments. The amount of any payment under this Section
7.18 shall be computed by a certified public accounting firm mutually and reasonably acceptable to
the Executive and the Company, the computation expenses of which shall be paid by the Company.
“Parachute Payment” shall mean any payment deemed to constitute a “parachute payment” as defined in
Section 280G of the Internal Revenue Code of 1986, as amended.

          7.19 Company’s Repurchase of Certain Shares. At the Excutive’s option, exercisable at
any time within twelve (12) months after the date Shares (as defined in Attachment “A”) (including
any additional shares of the Company’s Common Stock then owned by the Executive and attributable to
such Shares as a result of a stock dividend, stock-split, or recapitalization of the Company) are
includible in Executive’s taxable income, the Company shall purchase from the Executive an amount
of shares of the Company’s Stock then owned by the Executive sufficient to pay the difference
between the income tax attributable to the inclusion of the value of such Shares in Executive’s
taxable income and the amount previously withheld (“Put Right”); provided, however, that such Put
Right shall not be exercisable with regard to any shares of the Company’s Stock the repurchase of
which would result in an accounting charge to the Company. The Executive’s Put Right shall be
exercisable at the fair market value of the shares as of the date such Put Right is exercised (the
“Purchase Price”) as determined in good faith by the Company. Unless the Company and the Executive
shall mutually agree upon other terms, the Purchase Price shall be paid in cash or other readily
available funds, to be paid to the Executive thirty (30) days from the date that the Executive
elects to exercise his Put Right. If the shares Company Common Stock are listed on an established
national or regional stock exchange or are admitted to quotation on The Nasdaq Stock Market, Inc.,
or are publicly traded in an established securities market, the foregoing Put Right shall
terminate as of the first date that the shares of Common Stock are so listed, quoted or publicly
traded.

          7.20 Effective Date. The Effective Date shall be the Effective Time (as such term is
defined in the Merger Agreement).

          7.21 Indemnification. Subject to the Company’s Articles of Incorporation and Bylaws,
the Company shall indemnify the Executive with respect to his performance of services hereunder on
the Company’s and its affiliates’ behalf, to the fullest extent allowed under the laws of the State
of Florida, and if such is held not to be applicable, then to the fullest extent allowed under the
laws of the state of the Company’s incorporation.

16

 

     IN WITNESS WHEREOF, the parties hereto have signed their names to this Employment Agreement as
of the day and year set forth below.

	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 	 	CNL HOTELS & RESORTS, INC.,
	 	 	a Maryland corporation:
	 
	 	 	 	 
	 

	 	By:	 	/s/ Dianna Morgan
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:	 	Dianna Morgan
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	Chair, Compensation Committee
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	5/14/06
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	EXECUTIVE:
	 
	 	 	 	 
	 
	 	/s/ Barry A.N. Bloom
	 	 	 
	 	 	Barry A.N. Bloom
	 
	 	 	 	 
	 

	 	Date:	 	May 23, 2006
	 

	 	 	 	 

17

 

BARRY A.N. BLOOM

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

ATTACHMENT “A”

A. BONUS COMPENSATION

     1. Annual Bonus Compensation. Executive shall be eligible to participate in the Bonus
Plan during the term of this Agreement. Executive’s bonus will be subject to Executive’s
achievement of performance criteria established annually by the Compensation Committee: 

          1.1. For Threshold level, Executive shall receive 50% of his Annual Salary as bonus
compensation;

          1.2. For Target level, Executive shall receive 100% of his Annual Salary as bonus
compensation; and

          1.3. For Maximum level, Executive shall receive 125% of his Annual Salary as bonus
compensation.

For purpose of the Annual Bonus, Annual Salary means the Annual Salary paid the Executive during
the calendar or portion of the calendar year covered by the bonus. Any bonus compensation in
excess of 125% of Executive’s Annual Salary may be paid, in whole or in part, at the option of the
Executive, in shares of the Company’s common stock. Executive’s performance criteria shall be
established annually by the Compensation Committee. For each fiscal year, Executive’s bonus, if
any, will be paid to Executive in a lump sum on or before seventy five (75) days after the end of
such fiscal year.

     2. Withholding. All amounts payable to Executive hereunder shall be subject to all
required federal, state or local income tax or other withholding by the Company.

B. OTHER BENEFITS AND PAYMENTS

     3. Shares. Subject to the Company’s 2004 Omnibus Long-Term Incentive Plan, as an
incentive bonus, shares of the Company’s common stock (“Shares”) shall be granted to the Executive
in accordance with the following provisions:

          3.1. A total of Thirty One Thousand Five Hundred (31,500) Shares shall be granted in the form
of stock units which shall vest in four equal installments on each of December 31, 2006, December
31, 2007, December 31, 2008 and December 31, 2009, if Executive then remains in service to the
Company. The shares related to the vested stock units shall be delivered to the Executive when
vested.

 

 

          3.2 A total of One Hundred Forty Three Thousand Five Hundred (143,500) Shares shall be granted
in the form of stock units which shall be subject to vesting based on the achievement of
performance criteria over partial year, annual and cumulative performance periods starting December
31, 2006 and ending on the last day of each calendar year through December 31, 2009, as determined
by the Compensation Committee and the shares related to the vested stock units shall be delivered
to the Executive when vested or, to the extent vested, on an earlier termination of employment.

          3.3 Delivery of shares of Company common stock subject to the stock units shall be delayed six
months if such delivery is made in connection with the Executive’s separation from service and such
delay is necessary to avoid the 20% additional tax imposed by Section 409A. In the event share
delivery is delayed, at the same time the Shares are delivered, the Executive shall receive an
amount equal to the dividend(s) that would be payable on the number of Shares subject to the
delayed delivery if the record date of such dividend(s) is after the date of the Executive’s
separation from service and prior to the delivery of the shares to the Executive.

2

 

EXHIBIT B

BARRY A.N. BLOOM

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

ATTACHMENT “B”

General Release of Claims If Executive Is 40 Years-Old or Older on the Date of Execution

          Consistent with Section 5 of the Amended and Restated Employment Agreement dated                      ___,
2006 between me and CNL Hotels & Resorts Inc. (the “Employment Agreement”) and in consideration for
and contingent upon my receipt of the Severance Package set forth in Sections 5(b) and 5(c) of the
Employment Agreement, I, for myself, my attorneys, heirs, executors, administrators, successors,
and assigns, do hereby fully and forever release and discharge CNL Hotels & Resorts Inc. and its
affiliated entities (as defined in the Employment Agreement), as well as their predecessors,
successors, assigns, and their current or former directors, officers, partners, agents, employees,
attorneys, and administrators from all suits, causes of action, and/or claims, demands or
entitlements of any nature whatsoever, whether known, unknown, or unforeseen, which I have or may
have against any of them arising out of or in connection with my employment by CNL Hotels & Resorts
Inc., the Employment Agreement, the termination of my employment with CNL Hotels & Resorts Inc., or
any event, transaction, or matter occurring or existing on or before the date of my signing of this
General Release, except that I am not releasing any (a) right to indemnification that I may
otherwise have, (b) right to Annual Salary and benefits under applicable benefit plans that are
earned and accrued but unpaid as of the date of my signing this General Release, (c) right to
reimbursement for business expenses incurred and not reimbursed as of the date of my signing this
General Release, (d) right to any bonus payment(s) under the Bonus Plan that are earned and accrued
for the most recent completed calendar year for which a bonus payment has not then been paid as of
the date of my signing this General Release, or (e) claims arising after the date of my signing
this General Release. I agree not to file or otherwise institute any claim, demand or lawsuit
seeking damages or other relief and not to otherwise assert any claims, demands or entitlements
that are lawfully released herein. I further hereby irrevocably and unconditionally waive any and
all rights to recover any relief or damages concerning the claims, demands or entitlements that are
lawfully released herein. I represent and warrant that I have not previously filed or joined in
any such claims, demands or entitlements against CNL Hotels & Resorts Inc. or the other persons
released herein and that I will indemnify and hold them harmless from all liabilities, claims,
demands, costs, expenses and/or attorneys’ fees incurred as a result of any such claims, demands or
lawsuits.

          Except as otherwise expressly provided above, this General Release specifically includes, but
is not limited to, all claims of breach of contract, employment discrimination (including any
claims coming within the scope of Title VII of the Civil Rights Act, the Age Discrimination in
Employment Act, the Older Workers Benefit Protection Act, the Equal Pay Act,

 

 

the Americans with Disabilities Act, the Family and Medical Leave Act, and any comparable
Florida law, all as amended, or any other applicable federal, state, or local law), claims under
the Employee Retirement Income Security Act, as amended, claims under the Fair Labor Standards Act,
as amended (or any other applicable federal, state or local statute relating to payment of wages),
claims concerning recruitment, hiring, termination, salary rate, severance pay, stock options,
wages or benefits due, sick leave, holiday pay, vacation pay, life insurance, group medical
insurance, any other fringe benefits, worker’s compensation, termination, employment status, libel,
slander, defamation, intentional or negligent misrepresentation and/or infliction of emotional
distress, together with any and all tort, contract, or other claims which might have been asserted
by me or on my behalf in any suit, charge of discrimination, or claim against CNL Hotels & Resorts
or the persons released herein.

     I acknowledge that I have been given an opportunity of twenty-one (21) days to consider this
General Release and that I have been encouraged by CNL Hotels & Resorts Inc. to discuss fully the
terms of this General Release with legal counsel of my own choosing. Moreover, for a period of
seven (7) days following my execution of this General Release, I shall have the right to revoke the
waiver of claims arising under the Age Discrimination in Employment Act, a federal statute that
prohibits employers from discriminating against employees who are age 40 or over. If I elect to
revoke this General Release within this seven-day period, I must inform CNL Hotels & Resorts Inc.
by delivering a written notice of revocation to CNL Hotels & Resorts Inc.’s Director of Human
Resources,                                         , no later than 11:59 p.m. on the seventh calendar day after I
sign this General Release. I understand that, if I elect to exercise this revocation right, this
General Release shall be voided in its entirety and CNL Hotels & Resorts Inc. shall be relieved of
all obligations to make the portion of the Severance Package described in Section 5(b) and (c) of
the Employment Agreement. I may, if I wish, elect to sign this General Release prior to the
expiration of the 21-day consideration period, and I agree that if I elect to do so, my election is
made freely and voluntarily and after having an opportunity to consult counsel.

	 	 	 	 	 
	 

	 	AGREED:	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 

	 	Barry A.N. Bloom
	 	Date

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