Document:

Exhibit
10.5

November 8, 2006

Brian Stewart

4354 Mariota Ave.

Toluca Lake, CA  91602

Re: Amendment to
Employment Agreement

Dear Mr. Stewart:

This will confirm our
agreement to amend your employment agreement with Crown Media Holdings, Inc.,
dated July 24, 2006 (the “Agreement”), as follows:

1.  Your title and job responsibilities,
described in Paragraph 1(a) of the Agreement, are changed to that of Executive
Vice President, Finance, and Chief Financial Officer of Crown Media Holdings,
Inc.

2.  Paragraph 3(a) of the Agreement is amended to
provide for payment to you of an annual salary of $350,000 during the remainder
of the Term, subject to adjustment, in the sole discretion of Crown Media
Holdings, Inc. on November 8, 2007.

Except as amended herein,
all other terms of the Agreement will remain in full force and effect.

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
  Crown Media Holdings, Inc.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Charles L. Stanford

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Executive Vice President, General Counsel

  
	
   

  	
   

  	
   

  	
  Title

  
	
  Accepted and Agreed to

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Brian Stewart

  	
   

  	
   

  	
   

  
	
  Brian StewartExhibit
10.6

AMENDMENT 2 TO

WAIVER AND STANDBY PURCHASE
AGREEMENT

This
AMENDMENT 2, dated as of November 6, 2006, amends that certain Waiver and
Standby Purchase Agreement (the “Waiver
Agreement”) dated as
of March 21, 2006 and subsequently amended as of August 8, 2006, by and among
Hallmark Cards, Incorporated, a Missouri corporation (“Hallmark”), HC Crown Corp., a Delaware corporation, Hallmark Entertainment
Holdings, Inc., a Delaware corporation (“collectively, together with Hallmark
the “Hallmark Lenders”) and Crown Media Holdings, Inc., a Delaware
corporation, Crown Media United States, LLC, a Delaware limited liability
company, and the subsidiaries of Crown Holdings listed as Guarantors on the
Credit Facility (collectively, the “Borrowers”).

WHEREAS,
the Borrowers have requested that the Hallmark Lenders extend the automatic
Waiver Termination Date; and 

WHEREAS,
the Hallmark Lenders are willing to extend the automatic Waiver Termination
Date on the terms and subject to the conditions set forth in this Amendment 2; 

NOW,
THEREFORE, in consideration for the foregoing premises and the mutual covenants
and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, agree as follows: 

1.             Section
2(c). Section 2(c) — Waiver
Termination Date shall be
amended by replacing the first sentence with the following: 

This Waiver shall terminate
automatically on November 15, 2007, unless terminated earlier as set forth
herein and such date of actual termination shall be the “Waiver Termination Date.” 

2.             Representations
and Warranties. Each Borrower hereby jointly and
severally represents and warrants to each Hallmark Lender that after giving
effect to this Amendment 2 that all the representations and warranties
contained in the Waiver Agreement are true and correct as of the date hereof in
all material respects as if such representations and warranties had been made
on and as of the date hereof (except to the extent that any such representation
or warranty specifically relates to an earlier date.) 

3.             Release
of Claims and Waiver. Each Borrower hereby releases,
remits, acquits and forever discharges each Hallmark Lender and each Hallmark
Lender’s employees, agents, representatives, consultants, attorneys,
fiduciaries, servants, officers, directors, partners, predecessors, successors
and assigns, subsidiary corporations, parent corporations, and related
corporate divisions (all of the foregoing hereinafter called the “Released Parties”), from any and all actions and causes of
action, judgments, executions, suits, debts, claims, demands, liabilities,
obligations, damages and expenses of any and every character, known or unknown,
direct and/or indirect, at law or in equity, of whatsoever kind or nature,
whether heretofore or hereafter arising, for or because of any manner or things
done, which were omitted or suffered to be done by any of the Released Parties
prior to and including the date of execution hereof, and which also 

 

 

in any way directly or
indirectly arise out of or were in any way connected to the Released Parties’
capacity as the beneficiary of an obligation of one or more of the Borrowers
under this Agreement, the Subject Obligations and/or any other Loan Document
heretofore executed, including claims relating to ‘lender liability’ (all of
the foregoing hereinafter called the “Released
Matters”). The
Borrowers acknowledge that the Hallmark Lenders’ agreement to waive contained
in Section 2 of the Waiver Agreement, the Hallmark Lenders’ agreement to extend
the automatic Waiver Termination Date pursuant to Amendment 1 and this
Amendment 2, and Hallmark’s agreement to purchase the outstanding Indebtedness
and the Bank Lenders’ other interests under the Credit Facility contained in
Section 3 of the Waiver Agreement are intended to be in full satisfaction of
all or any alleged injuries or damages arising in connection with the Released
Matters. Each Borrower represents and warrants to each Hallmark Lender that it
has not purported to transfer, assign or otherwise convey any right, title or
interest of such Borrower in any Released Matter to any other Person and that
the foregoing constitutes a full and complete release of all Released Matters. 

4.             Full Force and Effect. Except to the extent amended herein, the Waiver Agreement shall
continue in full force and effect. 

5.             Governing Law. This
Amendment 2 shall be governed by and construed in accordance with the internal
substantive laws of the State of New York, without regard to the choice of law
principles of such State. 

6.             Counterparts:
Faxed Signatures. This Amendment 2 may be executed in any number
of counterparts and by different parties to this Agreement on separate
counterparts, each of which, when so executed, shall be deemed an original, but
all such counterparts shall constitute one and the same agreement. Any
signature delivered by a party by facsimile transmission shall be deemed to be
an original signature hereto. 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment 2 as of the
day and year first above written. 

	
  

  	
  BORROWERS:

  
	
   

  	
   

  
	
   

  	
  CROWN MEDIA
  HOLDiNGS, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  Stanford

  
	
   

  	
   

  	
  Name:

  	
  Charles Stanford

  
	
   

  	
   

  	
  Title:

  	
  Exec. Vice
  President

  

 

 2
 

 

 

	
  

  	
  CROWN MEDIA UNITED STATES,
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  Stanford

  
	
   

  	
   

  	
  Name: Charles
  Stanford

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
  GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  CM INTERMEDIARY,
  LLC

  
	
   

  	
  CITI TEEVEE, LLC

  
	
   

  	
  DOONE CITY
  PICTURES, LLC

  
	
   

  	
  WAYZGOOSE
  CONCERT SERVICES, B.V.

  
	
   

  	
  CROWN MEDIA
  DISTRIBUTION, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles
  Stanford

  
	
   

  	
   

  	
  Name: Charles
  Stanford

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HALLMARK
  LENDERS:

  
	
   

  	
   

  
	
   

  	
  HALLMARK CARDS,
  INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Brian E. Gardner

  
	
   

  	
   

  	
  Name: Brian E.
  Gardner

  
	
   

  	
   

  	
  Title: Executive
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HC CROWN CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian E.
  Gardner

  
	
   

  	
   

  	
  Name: Brian E.
  Gardner

  
	
   

  	
   

  	
  Title: Vice
  President

  
				

 

 

 3
 

 

 

	
  

  	
   

  	
   

  
	
   

  	
  HALLMARK ENTERTAINMENT HOLDINGS, INC. 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian E.
  Gardner

  
	
   

  	
   

  	
  Name: Brian E.
  Gardner

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  

 

 4EXHIBIT
10.1

Republic
Bancorp, Inc. Amended By Laws

BY-LAWS OF

REPUBLIC BANCORP, INC.

ARTICLE I. OFFICES

SECTION 1.
PRINCIPAL OFFICE. The principal office of the Company shall be in the City of
LOUISVILLE, County of JEFFERSON, State of Kentucky, and its location therein
may from time to time be changed by the Board of Directors.

SECTION 2. OTHER
OFFICES. The Company may have offices at such places, within and without the
State of Kentucky as the Board of Directors may from time to time designate.

ARTICLE II.
CAPITAL STOCK

SECTION 1.
CERTIFICATES OF STOCK. The stock of the Company shall be represented by
certificates prepared or approved by the Board of Directors, signed by the
President and Secretary, sealed with the seal of the Company, consecutively
numbered, and shall bear the date of their issue.

SECTION 2.
CONSIDERATION FOR ISSUE. No shares shall be issued except for an equivalent in
money paid or labor done, or property actually received and applied to the
purposes for which the Company was formed, and neither labor nor property shall
be received in payment for shares at a greater value than the market price at
the time such labor was done or property delivered.

SECTION 3. STOCK
CERTIFICATE BOOK AND TRANSFERS. The certificates shall be issued from stock certificate
books which shall contain in the margin or stub of each certificate the name
and address of the stockholder, the number of shares, the date of issue or
transfer, whether said shares are originally issued, or transferred from some
other stockholder, and a receipt signed by the stockholder or his authorized
agent. Stock may be transferred on the books of the Company only by the
stockholder or his duly authorized attorney, and no new certificates shall be
issued until the former certificates for the same number of shares shall have
been surrendered and canceled, except as hereinafter provided. Canceled
certificates shall bear the date of cancellation and shall be fixed in the
stock certificate book opposite the memoranda of issue.

SECTION 4. LOST CERTIFICATES.
The Board of Directors may make such rules and regulations, consistent with
these By-Laws, as they shall deem proper, concerning the issue, transfer and
registration of stock.

SECTION 5. STOCK
BOOK. The Company shall keep at its principal office a book to be known as the
stock book, containing the names, alphabetically arranged, of all the
stockholders, showing their places of residence, the number of shares of stock
held by them respectively, and the time when they respectively became the owners
thereof.

SECTION 6.
RESERVES AND WORKING CAPITAL. The Board of Directors, in their judgment and
discretion, at any time and from time to time, may fix, increase, diminish and
vary the amount to be set aside or reserved, over and above the capital paid in,
to provide for reserves, contingencies and working capital of the Company.

ARTICLE III.
STOCKHOLDERS

SECTION 1.
DEFINITIONS. The stockholders referred to in this article are the persons
appearing as stockholders on the books of the Company who are entitled to vote
at meetings of stockholders.

SECTION 2.
MEETINGS: MAILING OF NOTICES. The books of the Company shall contain the last
known post office address of each stockholder of record, and all notices
required to be mailed to the stockholder of record, or to any stockholder,
shall be directed to the stockholder at such address.

 1
 

 

SECTION 3. ANNUAL
MEETING: TIME, PLACE AND PURPOSE. The annual meeting of the stockholders shall
be held at the principal office of the Company not later than 90 days following
the close of the fiscal year, or at such other time and place as the Board of
Directors may designate, for the purpose of electing directors, and for the
transaction of such other business as may properly come before the meeting.

SECTION 4. ANNUAL
MEETING: NOTICE. Notice of the time, place and purposes of the annual meeting
shall be delivered personally or mailed to each stockholder, not less than ten
days before the meeting.

SECTION 5. ANNUAL
MEETING: VOTING FOR DIRECTORS. At each election of directors the votes shall be
cast by ballot, and the directors shall be chosen by a plurality of the votes
at such election.

SECTION 6. ANNUAL
MEETING: ORDER OF BUSINESS. The proper order of business at the annual meeting
shall be subject to the Chairman’s direction.

SECTION 7. SPECIAL
MEETINGS: CALL. Special Meetings of the stockholders may be called at any time
by the Board of Directors or upon the written request of any director, or of
any stockholder or stockholders holding in the aggregate one-fifth of the
voting power of all stockholders.

SECTION 8. SPECIAL
MEETINGS: NOTICE. Except when otherwise regulated by statute, notice of the
time, place and purposes of each special meeting of the stockholders shall be
delivered personally or mailed to each stockholder at least ten days before the
meeting.

SECTION 9.
MEETINGS: VOTING AND PROXIES. At all meetings of stockholders every stockholder
shall be entitled to vote in person, or by proxy (appointed by instrument in
writing subscribed by him or his duly authorized attorney) and shall be
entitled to one vote for each share of stock standing in his name on the books
of the Company, except in all elections for directors of the Company, each
stockholder shall have the right to cast as many votes in the aggregate as he
shall be entitled to vote under the Articles of Incorporation, multiplied by
the number of directors to be elected at such election; and each stockholder
may cast the whole number of votes for one candidate, or distribute such votes
among two or more candidates. Upon demand of any stockholder the votes upon any
question before the meeting shall be by ballot.

SECTION 10.
MEETINGS: QUORUM. At all meetings of the stockholders, for all purposes other
than the election of directors, and except as otherwise provided by law, a
majority of the voting stock of the Company must be represented at the meeting,
in order to constitute a quorum.

SECTION 11.
ADJOURNMENT OF MEETINGS. In the absence of a quorum at the time and place fixed
for any meeting of the stockholders, the meeting may be adjourned from time to
time by a majority in interest of the stockholders present, without notice
other than by announcement at the meeting.

SECTION 12. WAIVER
OF NOTICES AND OF MEETINGS. Any notice required to be given under this article
may be waived by the person entitled thereto. Whenever it is provided in these
By-Laws that corporate action may be adopted at a meeting of the stockholders
called for that purpose, such corporate action may be adopted without a
meeting, unless otherwise provided by law, if all the stockholders who would be
entitled to vote upon the action, if such meeting were held, shall consent in
writing to such corporate action being taken.

ARTICLE IV.
DIRECTORS

SECTION 1. GENERAL
POWERS. The property and affairs of the Company shall be managed and controlled
by the Board of Directors.

SECTION 2. NUMBER, AGE
AND TERM OF OFFICE. The number of directors shall be fixed at no less than five
nor more than fifteen, with a mandatory retirement age of 70, excepting
directors of record as of January 1990. Any director, who reaches age 70 during
the director’s term shall serve until the expiration of the director’s term and
until such director’s successor is duly elected and qualified.  Directors shall be elected at the regular
annual meeting of the stockholders for a term of one year and shall serve until
their successors are elected and qualified.

 2
 

 

SECTION 3.
VACANCIES. Vacancies occurring in the Board shall be filled for the unexpired
term by majority vote of the remaining directors; and if there shall be no
director remaining, then by plurality vote of the stockholders present at a
meeting called for that purpose by any stockholder, upon like notice and in
like manner as provided for in an annual election.

SECTION 4. PLACE
OF MEETING. The Board of Directors may hold their meetings, except the annual
meeting, within or without the Commonwealth of Kentucky, at such place or
places as they may from time to time determine.

SECTION 5. ANNUAL
MEETING. Immediately after the annual meeting of the stockholders, the Board of
Directors shall hold an annual meeting at the place at which the stockholder’s
meeting occurred for the election of officers and the transaction of any other
business.

SECTION 6. REGULAR
MEETINGS. The Board of Directors may fix the times and places for the holding
of its regular meetings.

SECTION 7. SPECIAL
MEETINGS: CALL AND NOTICE. Special meetings of the Board of Directors shall be
held whenever called by direction of the Chief Executive Officer or of any
director upon at least three days’ notice in writing, given personally or by
mail or telegraph, which notice shall state the time, place and purpose of the
meeting.

SECTION 8.
MEETINGS HELD BY CONSENT: WAIVER OF NOTICE. A meeting of the Board of Directors
may be held at any time and place and without notice by unanimous written
consent of the directors or with the presence and participation of all the
directors. Any notice required to be given under this article may be waived by
the person entitled hereto.

SECTION 9. QUORUM:
ADJOURNMENT OF MEETINGS. At any meeting of the Board of Directors, except when
otherwise provided by law or these By-laws, a majority of all the directors
shall constitute a quorum, and the Board of Directors shall act by a majority
of those present at a meeting at which a quorum is present; but in the absence
of a quorum the meeting may be adjourned from time to time by a majority of
those present, without notice other than by announcement at the meeting.

SECTION 10.
MEETINGS: CHAIRMAN AND SECRETARY. At all meetings of the Board of Directors,
the CEO of the Company shall act as Chairman, and the Secretary of the Company
as Secretary except that the CEO may appoint such other person to act as
Chairman or Secretary, or both. In the event of the absence of the CEO, the
Board shall appoint the acting Chairman and Secretary.

SECTION 11.
DIRECTORS’ ACTION WITHOUT MEETING. The directors shall be authorized to act
without a formal meeting on any matter permitted by the Kentucky Revised
Statutes upon compliance with the relevant requirements thereof.

SECTION 12.
DIRECTORS’ INDEMNIFICATION. The Company shall indemnify and may advance
expenses to all directors, officers, employees or agents of the Company who
were or are threatened to be made a defendant or respondent to any threatened,
pending or completed action, suit or proceeding (whether civil, criminal,
administrative or investigative) by reason of the fact that he/she is or was a
director, officer, employee or agent of the Company, to the fullest extent that
is expressly permitted or required by the statutes of the Commonwealth of
Kentucky and all other applicable law.

ARTICLE V.
OFFICERS

SECTION 1.
EXECUTIVE OFFICERS. The executive officers of the Company shall be a Chairman
and CEO, President, Secretary, and one or more Vice Chairmen, all of whom shall
be elected by the Board of Directors.

SECTION 2. OTHER
OFFICERS. The CEO may appoint one or more vice presidents, a treasurer,
assistant treasurers and assistant secretaries and such other officers as the
CEO deems necessary.

 3
 

 

SECTION 3.
COMBINING OFFICES. One person may hold more than one office, except that the
offices of CEO and Secretary shall not be held by the same person.

SECTION 4. TERMS
OF OFFICE: REMOVAL. All officers shall be elected or appointed for a term expiring
at the next annual election, but they shall be subject to removal at the
pleasure of the Board of Directors by affirmative vote of a majority of the
whole Board, and vacancies may be filled by the Board.

SECTION 5. CHIEF
EXECUTIVE OFFICER. The Board of Directors shall appoint one of its members to
be Chief Executive Officer (CEO) of the Company. The CEO shall have general
executive powers, and shall have and may exercise any and all other powers and
duties pertaining by law, regulation, or practice, to the office of CEO, or
imposed by these By-Laws. The CEO shall supervise the carrying out of all
policies adopted or approved by the Company. The CEO shall also have and may
exercise such further powers and duties as from time to time may be conferred upon
or assigned to him by the Board of Directors.

Unless otherwise
ordered by the Board of Directors, the CEO shall have full power and authority
on behalf of the Company to attend, act and vote at any meetings of
stockholders of any company in which the Company may hold stock, and at any
such meetings shall possess and exercise any and all rights incident to the
ownership of such stock, which the Company as owner might have possessed and
exercised if present. The Board of Directors, from time to time, may confer
like powers upon any other person or persons.

SECTION 6.
CHAIRMAN OF THE BOARD. The Chairman of the Board shall be elected annually by
the Board of Directors at the first meeting of the Board of Directors held
after each annual meeting of the stockholders. In general, he shall perform or
cause to be performed all duties incident to the office of the Chairman of the
Board and such other duties as from time to time may be assigned by the Board
of Directors. The Chairman shall also from time to time make such reports of
the affairs of the Company as the Board of Directors may require. The Chairman,
his designee, or other person appointed by the Board shall preside at all
meetings of the Board.

SECTION 7. VICE
CHAIRMAN OF THE BOARD. The Board of Directors may appoint one or more Vice
Chairmen. Each Vice Chairman shall have such powers and duties as may be
assigned by the Chairman, CEO, or the Board of Directors.

SECTION 8.
PRESIDENT. The Board of Directors shall appoint one President and the President
shall have such powers and duties as may be assigned by the Board of Directors.
In the event of death, disability or other absence of the Chairman of the Board
and/or CEO, the President, if any, shall otherwise act as Chairman and CEO.

SECTION 9.
SECRETARY. The Board of Directors shall appoint a Secretary of the Board who
shall keep accurate minutes of all meetings. The Secretary shall attend to the
giving of all notices required by these By-laws to be given and shall be
custodian of the corporate seal, records, documents and papers of the Company.
The Secretary shall provide for the keeping of proper records of all
transactions of the Bank and shall have and maY, exercise any and all other
powers and duties pertaining by law, regulation or practice, to the Secretary’s
office, or imposed by these By-Laws. The Secretary shall also perform such
other duties as may be assigned, from time to time, by the Board of Directors.

SECTION 10. OTHER
OFFICERS. The CEO may appoint one or more Vice Presidents, Assistant Vice Presidents,
one or more Managers and Assistant Managers and such other officers and
attorneys-in-fact as from time to time may appear to be required or desirable
to transact the business of the Company. Such officers shall respectively
exercise such powers and perform such duties as pertain to their several
offices, or as may be conferred upon, or assigned to, them by the Board of
Directors or the CEO.

ARTICLE VI.
FINANCE

SECTION 1.
BANKING. All funds and money of the Company shall be banked, handled and disbursed,
and all bills, notes, checks and like obligations, and endorsements for deposit
or collection, shall be signed by such officers and other persons as the Board
of Directors shall from time to time designate, who shall account therefor to
the treasurer as and when he may require. All money, funds, bills, notes,
checks and other negotiable instruments coming to the Company shall be
collected and promptly deposited in the name of the Company in such
depositories as the Board shall select.

 4
 

 

SECTION 2. DIVIDENDS.
The Board of Directors may declare and fix the amounts and times of payment of
dividends from the surplus profits arising from the business of the Company.

SECTION 3. FISCAL
YEAR. The fiscal year of the Company shall begin on the first day of JANUARY,
unless otherwise provided by the Board of Directors.

ARTICLE VII. SUNDRY PROVISIONS

SECTION 1. SEAL.
The corporate seal of the Company shall consist of two concentric circles
between which shall be the name of the Company.

SECTION 2.
AMENDMENTS. The authority to make, amend and repeal By-Laws of the Company is
specifically vested in the Board of Directors, subject to the power of the
stockholders to change or repeal such By-Laws.

SECTION 3.
INSPECTION. A copy of the By-Laws, with all amendments thereto, shall at all
times be kept in a convenient place at the main office of the Company, and
shall be open for inspection to all stockholders, during banking hours.

Effective July 19, 2006

	
  /s/ Michael A. Ringswald

  	
   

  	
   

  
	
  Michael A.
  Ringswald, Secretary

  

 

 

 5

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