Document:

Voluntary Reduction of Compensation letter---Bruce W. Taylor

 EXHIBIT 10.1 
 March 27, 2009 
 Via Electronic Mail 
 Compensation Committee of 
 The Board of Directors 
 Taylor Capital Group, Inc. 
 9550 West Higgins Road 
 Rosemont, Illinois 60018 
 Re: Voluntary Reduction in Compensation 
 Dear Fellow Board Members, 
 As you know, our management team has made
significant progress in positioning Cole Taylor Bank to execute successfully on our growth strategy, even in these most challenging market conditions. A large part of our focus in this regard has involved minimizing or eliminating our operational
expenditures to ensure that as much of our capital as possible is deployed for lending activities. With respect to compensation expense in particular, I believe we have made prudent decisions and managed our costs effectively. And with your
oversight and support, we have recently identified several areas in which our organization will benefit from further reductions in compensation expense. 
 I
have given considerable thought to ways in which I can personally help our efforts, including reviewing my own compensation. As a result of this review, I believe that it would be appropriate for me, as a leader of our organization, to sacrifice a
portion of my salary until market conditions and our performance improve. To that end, I hereby offer and agree to a 20% reduction in my base salary (from $525,200 to $420,000) and to forego my auto allowance and reimbursements for country club
expenditures (with the exception of expenses directly associated with customer events). I would ask that the Compensation Committee reevaluate my compensation at September 30, 2009 and on a quarterly basis thereafter and, if appropriate,
restore my compensation to its current level. 
 Thank you for your continued leadership and please let me know if you have any questions or would like to
discuss this matter further. 
  

	
	Very truly yours,
	
	 /s/ Bruce W. Taylor

	Bruce W. Taylor
	Chairman and Chief Executive Officer

  

 1Voluntary Reduction of Compensation letter----Mark A. Hoppe

 Exhibit 10.2 
 March 27, 2009 
 Via Electronic Mail 
 Compensation Committee of 
 The Board of Directors 
 Taylor Capital Group, Inc. 
 9550 West Higgins Road 
 Rosemont, Illinois 60018 
 Re: Voluntary Reduction in Compensation 
 Dear Fellow Board Members, 
 As you know, we have engaged in aggressive
cost-cutting efforts at all levels of our organization in response to the continuing challenging economic conditions. These initiatives have led to significant savings and thereby enhanced our ability to preserve capital and execute on our growth
strategy. 
 With your oversight, management has specifically focused on ways in which to reduce our overall compensation expense. As part of our efforts in
this area, I have evaluated my own compensation and believe that it would be appropriate for me to forego certain elements of my compensation until market conditions and our performance improves. To that end, I hereby offer and agree to forego my
auto allowance and reimbursements for country club expenditures (with the exception of expenses directly associated with customer events). I have also agreed to a 22% reduction in my guaranteed bonus for 2008 (from $300,000 to $233,000). 

I would ask that you re-evaluate my compensation at September 30, 2009 and on a quarterly basis thereafter and, if appropriate, restore my auto allowance and
country club expense reimbursements in accordance with corporate policy. 
 Thank you for your continued leadership and please let me know if you have any
questions or would like to discuss this matter further. 
  

	
	Very truly yours,
	
	 /s/ Mark A. Hoppe

	Mark A. Hoppe
	President

  

 1Severance Agreement

 Exhibit 10.1 
 

 
 SEPARATION AGREEMENT 
 This Separation Agreement (“Agreement”) is entered into by and between Christopher Lal (“Employee”) and Sunstone Hotel Investors, Inc. (“Company”). The term “Parties” or
“Party” used herein shall refer to Employee, Company, or both, as may be appropriate. 
 WHEREAS, Employee’s employment
with Company will terminate effective May 15, 2009 due to a reduction in force; and 
 WHEREAS, the Parties desire to set forth
certain terms and conditions related to the termination of Employee’s employment. 
 NOW, THEREFORE, it is agreed as follows:

 1. Termination. The parties agree that Employee’s employment with the Company will terminate on May 15, 2009 (the
“Termination Date”). On or before the Termination Date, the Company paid to Employee all accrued wages and accrued vacation through the Termination Date, less applicable withholdings and authorized deductions. Employee acknowledges that
such payment constitutes full payment of wages earned during employment, and the Company has satisfied all obligations to Employee arising out of or related to Employee’s employment. Employee agrees to return all Company property in
Employee’s possession to the Company on or before the Termination Date, including but not limited to, if applicable, Company-provided computer, printer, wireless internet equipment, building access keys, digital camera, Wells Fargo purchasing
card, original or copies of hard-copy documents and electronic documents, but not including the Blackberry cell phone, which will be transferred to Employee along with the associated cell phone number. 
 2. Consideration. Within ten (10) days following Employee’s execution of this Agreement, Company shall i) pay to Employee a
one-time lump sum of money in the gross amount of $142,692.31; ii) vest on or prior to the Termination Date 100% of Employee’s unvested restricted stock awards in recognition of Employee’s efforts during his tenure at the Company,
including the assistance with and transition of legal responsibilities completed prior to the Termination Date (collectively, such lump sum amount of money and restricted stock shall be herein referred to as the “Additional Payment”) and
iii) provide one-month of out-placement services through June 15, 2009. All required payroll taxes will be deducted from the applicable components of the Additional Payment. All Company health and other benefits for the Employee will cease
automatically at midnight on May 31, 2009. However, information regarding COBRA coverage will be mailed directly to the Employee’s address on record. If Employee timely elects COBRA coverage, the Company will pay 100% of Employee’s
COBRA premium for coverage through the earlier of (i) March 1, 2010 and (ii) such time as Employee is 

 

 
 eligible to receive medical coverage with a new employer. Company will not contest any claim made by Employee for Unemployment
Benefits. Employee further understands and agrees that neither the payment of any sum of money nor the execution of this Agreement shall constitute or be construed as an admission of any fact or any liability whatsoever by Company or any of the
Released Parties. 
 3. Complete Release. Employee, on behalf of Employee and Employee’s successors and assigns, and each
of them, does hereby unconditionally release and forever discharge Company and the present and all former owners and operators of Company, and all of their parents, subsidiaries, divisions and affiliated or related business entities, and each of
them, and each of their respective shareholders, officers, directors, owners, partners, attorneys, employees, agents, successors and assigns, and each of them (hereinafter collectively the “Released Parties”), from any and all known or
unknown claims, demands, actions or causes of action that now exist or that may arise in the future, based upon events occurring or omissions on or before the date Employee signs this Agreement, including but not limited to (1) any and all
claims whatsoever pertaining in any way to Employee’s employment at the Company or the termination of Employee’s employment; (2) any and all claims whatsoever arising under any express or implied contract or under any federal, state,
or local constitution, statute, law, regulation, ordinance, or order; and (3) any and all claims whatsoever for unpaid wages, fringe benefits, vacation pay, or other compensation. Company and Employee have entered into this Agreement with the
intent of “buying their peace.” Employee intends that this Agreement also operate as a waiver of all presently unknown claims, injuries, and/or damages, whether developed or undeveloped, even those now unknown or unsuspected. Thus,
Employee expressly and specifically waives all rights under the provisions of Section 1542 of the California Civil Code, and any and all similar or analogous provision of any other jurisdiction to the full extent that such rights and benefits
may lawfully be waived. Section 1542 provides: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or
her must have materially affected his or her settlement with the debtor.” Employee warrants that Employee understands the significance of such waiver. Employee warrants that Employee currently is unaware of any such claim, demand, action,
or cause of action against Company or any other person or entity released herein which Employee has not released pursuant to this paragraph. Notwithstanding any provision contained herein, this Complete Release does not release any rights which the
Employee has under the Indemnification Agreement, a copy of which is included in the attached Exhibit A, entered into as of April     , 2007 (undated) between Sunstone Hotel Investors, Inc. and the Employee. 
 4. No Other Filings. Employee warrants that Employee has not filed a lawsuit or otherwise initiated adversarial proceedings against Company
or any of the other Released Parties based upon or related in any way to any act, omission, or event occurring prior to Employee execution of this Agreement. Employee further agrees not to do so in the future or to assist anyone else in doing so,
unless otherwise allowed by law or to enforce Employee’s rights under this Agreement. Employee agrees that if Employee hereafter commences any suit arising out of, based upon, or relating to any act, omission, or event occurring prior to
Employee execution of this Agreement 
  

 2 

 

 
 or in any manner asserts against Company or any of the other Released Parties, or any of them, any of the claims released
hereunder, then Employee agrees to pay to Company and the Released Parties, and each of them, in addition to any other damages caused to Company or the Released Parties thereby, all attorneys’ fees incurred in defending or otherwise responding
to said suit or claim. Notwithstanding the foregoing, nothing in this Agreement shall be construed to preclude Employee from seeking a determination of this Agreement’s compliance with the Older Worker Benefits Protection Act. 
 5. No Representations. Employee warrants that except as expressly set forth herein, no representations of any kind or character have been
made to Employee by Company or any agent, representative, employee or attorney of any of the Released Parties (or anyone else purporting to act in such capacity) to induce Employee to execute this Agreement. Employee hereby acknowledges that
Employee has had an adequate opportunity to have this Agreement reviewed by an attorney or other representative of Employee’s choice before signing the Agreement, and that Employee fully understands the contents and voluntarily enters into this
Agreement. 
 6. Confidential Information. Employee acknowledges that by reason of Employee’s position with the Company,
Employee has been given access to confidential, proprietary or private materials or information respecting the Company and its affairs. Employee represents that Employee has held all such information confidential and will continue to do so, and that
Employee will not use such information without the prior written consent of the Company. Employee further acknowledges that Employee will remain subject to the Company’s Confidentiality and Security Policy. 
 Except as required by law, Employee agrees to keep confidential and not disclose to any third party the terms and conditions of this Agreement, the
existence of this Agreement, or any of the negotiations and discussions that preceded its making. 
 7. Non-disparagement.
Employee agrees not to disparage or otherwise publish or communicate derogatory statements about the Company and any director, officer or manager to any third party. It shall not be a breach of this Section for the Employee to testify truthfully in
any judicial or administrative proceeding. 
  

 3 

 

 
 8. Miscellaneous. This Agreement is executed by Employee and Company in the state of California
and shall be interpreted under the procedural and substantive laws of California existing as of the date of execution, without regard to conflict of laws. This Agreement and the Confidentiality and Security Policy set forth the entire agreement
between the parties hereto relating to the subject matters herein, and fully supersedes any and all prior agreements or understandings between the parties hereto, if any, pertaining to the subject matter hereof. If any provision of this Agreement or
the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are
declared to be severable. In any action brought to enforce any provision(s) of this Agreement, in addition to any other relief granted, the prevailing party shall recover its reasonable costs of enforcement, including but without limitation, costs
and reasonable attorneys’ fees incurred therein. 
  

									
	Executed:	 	May 7, 2009	 		 	By:	 	 /s/    Christopher Lal

		 		 		 		 	Christopher Lal
					
	Executed:	 	May 8, 2009	 		 	By:	 	 /s/    Arthur L. Buser, Jr.

		 		 		 		 	Arthur L. Buser, Jr.
		 		 		 		 	President & Chief Executive Officer

  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]