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Exhibit 10.51    
    

 
 

FIFTH AMENDMENT TO
  THE SABRE INC. LEGACY PENSION PLAN    
    

        FIFTH AMENDMENT TO THE SABRE INC. LEGACY PENSION PLAN (the "Plan") by SABRE INC. (the "Company"). 

        WHEREAS, the Company maintains The Sabre Inc. Legacy Pension Plan and the trust
established thereunder (the "Plan"); and 

        WHEREAS, Section 12.1 of the Plan permits the Company to amend the Plan from to time to time; and 

        WHEREAS, the Company has delegated to the Benefits Administration Committee the authority to administer and to amend the Plan, as needed;
and 

        WHEREAS, it is desired that the Plan be amended to (i) effective March 28, 2005, institute a direct IRA rollover for
involuntary distributions from $1,000 to $5,000 where a Plan member does not make an election regarding the same, (ii) effective March 28, 2005, include procedures for unclaimed Plan
member accounts, and (iii) freeze all future benefit accruals under the Plan effective as of December 31, 2005; and 

        NOW, THEREFORE, the Plan is hereby amended to read as follows: 

        1.     Effective
as of December 31, 2005, the Preamble is amended by adding the following to the end thereof: 

        "Notwithstanding
any other provision of the Plan, effective as of December 31, 2005, benefit accruals under the Plan shall be frozen and no Credited Service or any increase in
Basic Compensation after such date shall be included in calculating a Member's Retirement Benefit. A Member shall continue to earn Credited Service after December 31, 2005 for purposes of
determining eligibility for Early Retirement in accordance with Section 5.2. In the event that a Member has not fully vested in his Accrued Benefit as of December 31, 2005, such Member
shall continue to earn Vesting Service for purposes of Section 5.5 in accordance with the terms of the Plan." 

        2.     Effective
as of December 31, 2005, the definition of "Accrued Benefit" in Article II, Section 2.1(a) of the Plan shall be amended by adding the
following sentence to the end thereof: 

        "Notwithstanding
anything in the Plan to the contrary, no further benefits shall accrue after December 31, 2005 and any Retirement Benefit calculated pursuant to Article VI
shall not exceed the benefits accrued as of such date. Furthermore, any reference in the Plan to a Member's "Accrued Benefit" shall mean the Member's Accrued Benefit as of December 31, 2005." 

        3.     Effective
as of December 31, 2005, the definition of "Credited Service" in Article II, Section 2.1(r) of the Plan shall be amended by adding a new
Section 2.1(r)(xi) to the Plan as follows: 

        "(xi) Notwithstanding
any other provision in the Plan to the contrary, in calculating a Member's Retirement Benefit under the Plan, any Credited Service credited to a Member after
December 31, 2005 shall be disregarded." 

        4.     Effective
as of December 31, 2005, the definition of "Final Average Compensation" in Article II, SEction 2.1(ah) of the Plan shall be amended by
adding the a new Section 2.1(ah)(vi) to the Plan as follows: 

        "(vi) Notwithstanding
any other provision in the Plan to the contrary, in calculating a Member's Retirement Benefit under the Plan, any Basic Compensation earned by a Member after
December 31, 2005 shall be disregarded." 

        5.     Effective
as of December 31, 2005, the definition of "Social Security Benefit" in Article II, Section 2.1(bt) of the Plan shall be amended by adding
the following sentence to the end thereof: 

        "Notwithstanding
the foregoing, a Member in the Plan on December 31, 2005 who is credited with at least one Hour of Service on or after January 1, 2006, shall have his
Social Security Benefit determined in accordance with this Section 2.1(bt) as though he retired or terminated employment as of December 31, 2005." 

        6.     Effective
as of December 31, 2005, Section 6.1 of the Plan shall be amended by adding the following sentence to the end thereof: 

        "Notwithstanding
the foregoing, effective December 31, 2005, benefit accruals under the Plan shall be frozen and no Credited Service or any increase in Basic Compensation after
such date shall be included in calculating a Member's Normal Retirement Benefit." 

        7.     Effective
as of December 31, 2005, Section 6.3 of the Plan shall be amended by adding the following sentence to the end thereof: 

        "Notwithstanding
the foregoing, effective December 31, 2005, benefit accruals under the Plan shall be frozen and no Credited Service or any increase in Basic Compensation after
such date shall be included in calculating a Member's Late Retirement Benefit." 

        8.     Effective
as of March 28, 2005, Section 7.6 of the Plan shall be deleted in its entirety and replaced with the following: 

        "7.6 Distributions on Termination of Employment for Reasons Other than Retirement. If a Member terminates employment for reasons
other than Retirement, and the value of his Vested Retirement Benefit does not exceed Five Thousand Dollars ($5,000), then distribution of such benefit shall be made in accordance with this
Section 7.6. 

        (a)   Distribution When Vested Retirement Benefit not in Excess of $5,000. Effective on or after March 28, 2005, if a
Member terminates employment for any reason and the value of the Vested Retirement Benefit payable to him is not in excess of Five Thousand Dollars ($5,000), then if the Member so elects, the
Administrator shall direct the Trustee to distribute the present value of the Member's Retirement Benefit, as a single sum as soon as practicable following the Member's termination of employment.
Alternatively, if the present value of the Member's Vested Retirement Benefit is not in excess of $5,000, the Member may elect to transfer all or a portion of his Retirement Benefit to an Eligible
Retirement Plan, provided that such payment is an eligible rollover distribution and otherwise qualifies for direct rollover pursuant to Section 401(a)(31) of the Code. If a Member elects a
direct rollover under this Section 7.6(a), the Administrator will direct the Trustee to rollover all or a portion of the Member's Retirement Benefit to the Eligible Retirement Plan specified by
the Member. If a Member elects to transfer only a portion of his Retirement Benefit under this Section 7.6(a), the
remainder of his Retirement Benefit shall be distributed in a single sum. The Administrator shall prescribe the procedures a Member must follow to request a direct rollover of his Retirement Benefit
pursuant to this Section 7.6(a). 

If
the present value of the Member's Vested Retirement Benefit is greater than One Thousand Dollars ($1,000), but does not exceed Five Thousand Dollars ($5,000) and the Member does not elect to either
have his Retirement Benefit paid in a direct rollover to a specified Eligible Retirement Plan as described in Code Section 402(c)(8)(B) or to receive the single sum payment in cash, then the
Administrator will pay the value of the Member's Retirement Benefit in a direct rollover to an individual retirement plan designated by the Administrator. However, notwithstanding the above, to the
extent required by Code Section 401(a)(31), effective for distributions occurring on or after March 28, 2005, amounts attributable to a Member's rollover account, if any, will be
included in determining whether a Member's Retirement Benefit is greater than One Thousand Dollars ($1,000) for purposes of the automatic rollover rules of this Section 7.6. If the value of the
Member's Retirement Benefit is not greater than One Thousand Dollars ($1,000), then it shall be automatically distributed to the Member in a single lump sum payment (unless the Member elects a direct
rollover as specified above). 

Pursuant
to Code Section 401(a)(31)(B), the above paragraph concerning automatic IRA rollovers shall not apply to distributions to beneficiaries or alternate payees. 

A
Member's Credited Service under the Plan shall be disregarded following the single sum payment of the Member's Retirement Benefit under this Section 7.6(a) if the Member subsequently returns
to employment with the Employer. Because a Member who receives a single sum payment of his Retirement Benefit under this Section 7.6(a) shall receive the full present value thereof, such Member
shall not be entitled to repay such distribution upon his subsequent re-employment by the Employer as provided under Treas. Reg. § 1.411(a)-7(d)(4). 

        (b)   Deemed Distribution to Nonvested Member. If a Member terminates employment at a time when such Member's Vested Retirement
Benefit equals Zero Dollars ($0), the Member shall be deemed to receive a distribution of his entire Retirement Benefit vested as of the day he terminates employment." 

        9.     Effective
as of March 28, 2005, Section 16.2 of the Plan shall be deleted in its entirety and replaced with the following: 

        "16.2 Unclaimed Benefit Procedure. Except to the extent required by ERISA, neither the Trustee nor the Committee shall be obliged
to search for, or ascertain the whereabouts of, any Member or Beneficiary. The Administrator, by certified or registered mail addressed to his last known address of record with
the Administrator or the Employer, shall notify any Member or Beneficiary that he is entitled to a distribution under this Plan, and the notice shall quote the provisions of this Section (to the
extent possible, the Administrator will also check any other plan of the Employer to ensure it has the most up-to-date information with respect to the Member's address). If the Member or Beneficiary
fails to claim his benefits or make his whereabouts known in writing to the Administrator, and the Administrator is otherwise unable to locate the Member or Beneficiary after reasonable due diligence,
the Administrator shall notify the Social Security Administration, IRS (or other appropriate agency) of the Member's (or Beneficiary's) failure to claim the distribution to which he is entitled. The
Administrator shall request the Social Security Administration, IRS (or other appropriate agency) to notify the Member (or Beneficiary) in accordance with the procedures it has established for such
purpose. If the Social Security Administration, IRS (or other appropriate agency) cannot locate the Member (or Beneficiary), (i) except as provided below, the benefit shall be treated as a
Forfeiture hereunder, provided that the benefit shall be reinstated in the event that the Member or Beneficiary ever makes a claim therefor, and (ii) if the Member's Vested Retirement Benefit
is greater than One Thousand Dollars ($1,000), but does not exceed Five Thousand Dollars ($5,000), then that amount will be rolled-over to an Administrator-designated individual retirement account
pursuant to Section 7.6 as if an employee election had not been made. Any payment made pursuant to the power herein conferred upon the Administrator shall operate as a complete discharge of all
obligations of the Employer, Trustee, and the Administrator, to the extent of the distributions so made." 

        IN WITNESS WHEREOF, the Company has caused this Fifth Amendment to The Sabre Inc. Legacy Pension Plan to be executed on date listed
below, but to be effective as stated above. 

	 	 	SABRE INC.
	

 	
 	

By:	
 	

/s/  LYNN SWAIM      

	

 	
 	

Name:	
 	

Lynn Swaim
	

 	
 	

Title:	
 	
VICE PRESIDENT, BENEFITS
	

 	
 	

Date:	
 	

12/28/05

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Exhibit 10.51

FIFTH AMENDMENT TO THE SABRE INC. LEGACY PENSION PLANQuickLinks
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Exhibit 10.12  

 
 

FIRST AMENDMENT
  TO EMPLOYMENT AGREEMENT    
    

        FIRST AMENDMENT, dated as of November 1, 2004 (this "First Amendment") to the Employment Agreement (the
"Employment Agreement") between David C. Bloom (the "Executive") and Chelsea Property
Group, Inc., a Maryland corporation (the "Company") dated as of June 20, 2004. This First Amendment to the Employment Agreement becomes
effective immediately and will govern the terms of the Executive's employment as of the Effective Date of the Merger Agreement. 

 
 

W I T N E S S E T H:    
    

        WHEREAS, Section 13 of the Employment Agreement provides that any alteration, amendment or modification of any of the terms of the Employment Agreement
shall be valid only if made in writing and signed by the parties thereto; provided, however, that any such alteration, amendment or modification is consented to on the Company's behalf by the Board of
Directors; and 

        WHEREAS,
the parties hereto desire to amend certain provisions of the Employment Agreement as more fully set forth herein, and the parties hereto shall seek the consent of the Board of
Directors in connection with such amendment. 

        NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the agreements herein, the parties hereto agree
as follows: 

        1.    Defined Terms.    Unless otherwise stated herein, all capitalized terms have the meanings ascribed to them in
the Employment Agreement. 

        2.    Amendments.    

        (a)   Section 3(d)
of the Employment Agreement is hereby deleted and replaced in its entirety with the following: 

        "(d)    Annuity Purchase.    Immediately prior to the REIT Effective Time, the Company shall purchase an annuity (the
"Annuity") for a price of $15 million, to be owned by the Company, with the Company as the primary beneficiary, and amounts payable under the Annuity shall be paid to the Company. The Annuity
shall provide for the payment of benefits ratably, in installments (no less frequently than annually), over a period of ten years. The Executive shall become entitled to receive payments from the
Company in amounts equal to the amounts paid to the Company under the Annuity (the "Annuity Payments"), as provided in Section 6(f) herein." 

        (b)   The
first paragraph of Section 6(f) of the Employment Agreement is hereby deleted and replaced in its entirety with the following: 

        "(f)    Payments.    In the event that the Executive's employment terminates for any reason (including expiration of
the Term), the Company shall pay to the Executive (or, in the event of the Executive's death, to his estate) all amounts accrued but unpaid hereunder through the date of termination in respect of
Salary, Bonus, unused vacation or unreimbursed expenses, as soon as practicable following the Executive's termination of employment. Upon the earliest to occur of: (i) the Executive's
termination of employment by the Company without Cause during the Term, (ii) the Executive's termination of employment for Good Reason during the Term, or (iii) the expiration of the
Term, in addition to the amounts specified in the foregoing and immediately following sentences, the Executive shall be entitled to (A) receive the Annuity Payments beginning in 2007, with each
such Annuity Payment being payable to the Executive as soon as reasonably practicable following the Company's receipt of the corresponding payment under the Annuity, and (B) the continuation of
health benefits described in Section 3(e) hereof (subject to the same contribution rates as in effect immediately prior to the Executive's termination of employment); 

 

 provided that such continuation coverage shall cease two years from the date of such termination, or if earlier, as of the date the Executive first becomes eligible to
participate in the group health plan of a new employer. In addition, in the event such termination of employment is by the Company without Cause or by the Executive for Good Reason, the Executive
shall be entitled to (x) continuation of Salary for the remainder of the unexpired Term, and (y) 3 times the Executive's Average Bonus, reduced by an amount equal to any Bonus actually
paid to the Executive with respect to calendar years 2004, 2005 and 2006. In the event the Executive's employment is terminated for Cause, the Executive terminates his employment hereunder without
Good Reason, or due to the Executive's death or disability (as defined in Section 6(b)), in each case, prior to December 31, 2006, the Executive shall forfeit his rights to receive the
Annuity Payments; provided, that in the case of termination for disability, if the Executive is able to return to work at a later date, the Company may
elect to resume paying the Annuity Payments to the Executive and enforce the provisions of Section 7(a). If, after the commencement of payment of the Annuity Payments, the Executive violates
the provisions of Section 7(a), the Company shall have the right, but not the obligation, to cease paying the Executive any further Annuity Payments." 

        (c)   The
following new subsection (i) is hereby added to Section 6 of the Employment Agreement: 

        "(i)
The Company may, in its sole discretion, cause CPG Partners, L.P. to discharge any or all of the Company's obligations to the Executive to make cash payments and provide benefits as
set forth in this Agreement, and any such discharge of an obligation of the Company by CPG Partners, L.P. shall be deemed to be in full satisfaction of such obligation of the Company hereunder and
shall not be deemed to modify this Agreement." 

        (d)   Clause (D)
of the second sentence of Section 7(a) of the Employment Agreement is hereby deleted and replaced in its entirety with the following: 

        "(D)
only if the Company elects to pay the Executive the Annuity Payments, the termination of the Executive's employment by reason of disability" 

        3.    Governing Law.    THIS FIRST AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW JERSEY APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 

        4.    Counterparts.    This First Amendment may be executed in one or more counterparts (including by facsimile), each
of which shall be deemed an original and all of which together shall be considered one and the same instrument. 

        5.    Full force and effect of Employment Agreement.    Except as specifically amended herein, all other provisions of
the Employment Agreement shall remain in full force and effect in accordance with its terms. All references in the Employment Agreement to "this Agreement" shall be deemed to refer to the Employment
Agreement as amended by this First Amendment. 

        [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

2

 

        IN
WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the date first above written. 

	 	 	Chelsea Property Group, Inc.
	

 	
 	

By:	
 	

/s/  LESLIE T. CHAO      

	 	 	 	 	Name:	Leslie T. Chao
	 	 	 	 	Title:	President
	

 	
 	

By:	
 	

/s/  DAVID C. BLOOM      
 David C. Bloom

3

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FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

W I T N E S S E T H

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