Document:

exv10w5

 

EXHIBIT 10.5

CNL HOTELS & RESORTS, INC.

AMENDMENT TO PERFORMANCE-BASED DEFERRED SHARE AWARD GRANT NOTICE

This Amendment (the “Amendment”) to the Deferred Share Award Grant Notice (Executive -
Performance-Based Vesting) (the “Grant Notice”) between CNL Hotels & Resorts, Inc., a
Maryland corporation (the “Company”), and John A. Griswold (“Executive”) is made as
of February 21, 2007, by and between the Company and Executive.

     WHEREAS, the Company has entered into an Agreement and Plan of Merger, dated as of
January 18, 2007, by and among the Company, MS Resort Holdings LLC, MS Resort Acquisition LLC (“MS
Acquisition”), MS Resort Purchaser LLC and Ashford Sapphire Acquisition LLC (the “Merger
Agreement”), pursuant to which, at the effective time of the proposed merger, MS Acquisition
will merge with and into the Company, with the Company continuing as the surviving corporation,
(the “Merger”);

     WHEREAS, the Company granted to Executive a deferred share award (the “Deferred
Share Award”) on March 28, 2006 pursuant to the terms of the Grant Notice and its related
Deferred Share Award Agreement for deferred shares that vest based on the achievement of certain
performance goals;

     WHEREAS, the Merger Agreement provides that each deferred share award that is
outstanding at the Effective Time (as defined in the Merger Agreement) of the Merger will be
cancelled by the Company and each holder thereof will be entitled to receive $20.50 in cash per
share subject to such award, including the Executive’s Deferred Share Award, at the Effective Time;

     WHEREAS, the Company and Executive desire to amend the terms of the Grant Notice to
reduce the number of deferred shares subject to the Deferred Share Award that would otherwise be
cancelled and entitle Executive to a cash payment in connection with the Merger; and

     WHEREAS, the Company and Executive believe this amendment is in the best interests of
the Company and the Company’s employees and may increase the success of the Merger.

     NOW, THEREFORE, the parties agree as follows:

     1. A new paragraph shall be added after the “Delivery Schedule” of the Grant Notice and prior
to “Additional Terms/Acknowledgements” to read as follows:

     “Cancellation of a Portion of the Award: Immediately prior to and contingent upon the closing
of the Merger (as defined below), Participant hereby agrees to cancel Forty-Eight Thousand Seven
Hundred Eighty (48,780) shares subject to this award (the “Cancelled Shares”). The Cancelled
Shares shall not be eligible for any payment in connection with the Merger. For purposes of this
Deferred Share Award Grant Notice, the term “Merger” means the merger pursuant to the Agreement and
Plan of Merger, dated as of January 18, 2007 (as the same may from time to time be amended), by and
among the Company, MS Resort Holdings LLC, MS Resort Acquisition LLC, MS

 

 

Resort Purchase LLC and Ashford Sapphire Acquisition LLC under which, at the effective time of
the proposed merger, MS Resort Acquisition LLC will merge with and into the Company, with the
Company continuing as the surviving corporation, and MS Resort Holdings LLC will acquire all of the
issued and outstanding stock of the Company.”

     2. Effectiveness. This Amendment shall be effective immediately. In the event that
the Merger Agreement is terminated or the Merger does not close for any reason, this Amendment
shall be null and void ab initio and of no further force or effect.

     3. Miscellaneous/Employment Agreement. Except as specifically amended hereby, the
Grant Notice shall continue in full force and effect in accordance with its terms. This Amendment
supersedes all prior agreements and understandings oral or written with respect to the subject
matter hereof, including without limitation, the terms of that certain Employment Agreement, dated
as of May 19, 2006, by and between the Company and Executive, that are inconsistent herewith and
which the parties hereby acknowledge and agree is being amended by separate instrument
contemporaneously with the execution by the parties of this Amendment.

     4. Counterparts. This Amendment may be executed in counterparts, and each counterpart
shall have the same force and effect as an original and shall constitute an effective, binding
agreement on the part of each of the undersigned. Execution and delivery of this Amendment by
exchange of facsimile copies bearing the facsimile signature of a party shall constitute a valid
and binding execution and delivery of the Amendment by such party. Such facsimile copies shall
constitute enforceable original documents.

     5. Governing Law. This Amendment will be governed by and construed in accordance with
the laws of the State of Florida (without regard to choice-of-law provisions).

[The remainder of this page has intentionally been left blank.]

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     IN WITNESS WHEREOF, this Amendment has been entered into as of the date first set forth above.

	 	 	 	 	 	 	 
	CNL HOTELS & RESORTS, INC.

	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	/s/ Dianna Morgan

	 	 	 	/s/ John A. Griswold	 	 
	 

	 	 	 	 	 	 
	By: Dianna Morgan

	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	Title: Chair of Compensation Committee
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	John A. Griswold	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Printed Name	 	 

Signature Page of the Amendment to Performance-Based Deferred Share Award Grant Notice

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EXHIBIT 10.6

CNL HOTELS & RESORTS, INC.

AMENDMENT TO PERFORMANCE-BASED DEFERRED SHARE AWARD GRANT NOTICE

This Amendment (the “Amendment”) to the Deferred Share Award Grant Notice (Executive -
Performance-Based Vesting) (the “Grant Notice”) between CNL Hotels & Resorts, Inc., a
Maryland corporation (the “Company”), and C. Brian Strickland (“Executive”) is made
as of February 21, 2007, by and between the Company and Executive.

     WHEREAS, the Company has entered into an Agreement and Plan of Merger, dated as of
January 18, 2007, by and among the Company, MS Resort Holdings LLC, MS Resort Acquisition LLC (“MS
Acquisition”), MS Resort Purchaser LLC and Ashford Sapphire Acquisition LLC (the “Merger
Agreement”), pursuant to which, at the effective time of the proposed merger, MS Acquisition
will merge with and into the Company, with the Company continuing as the surviving corporation,
(the “Merger”);

     WHEREAS, the Company granted to Executive a deferred share award (the “Deferred
Share Award”) on March 28, 2006 pursuant to the terms of the Grant Notice and its related
Deferred Share Award Agreement for deferred shares that vest based on the achievement of certain
performance goals;

     WHEREAS, the Merger Agreement provides that each deferred share award that is
outstanding at the Effective Time (as defined in the Merger Agreement) of the Merger will be
cancelled by the Company and each holder thereof will be entitled to receive $20.50 in cash per
share subject to such award, including the Executive’s Deferred Share Award, at the Effective Time;

     WHEREAS, the Company and Executive desire to amend the terms of the Grant Notice to
reduce the number of deferred shares subject to the Deferred Share Award that would otherwise be
cancelled and entitle Executive to a cash payment in connection with the Merger; and

     WHEREAS, the Company and Executive believe this amendment is in the best interests of
the Company and the Company’s employees and may increase the success of the Merger.

     NOW, THEREFORE, the parties agree as follows:

     1. A new paragraph shall be added after the “Delivery Schedule” of the Grant Notice and prior
to “Additional Terms/Acknowledgements” to read as follows:

     “Cancellation of a Portion of the Award: Immediately prior to and contingent upon the closing
of the Merger (as defined below), Participant hereby agrees to cancel Forty-Eight Thousand Seven
Hundred Eighty (48,780) shares subject to this award (the “Cancelled Shares”). The Cancelled
Shares shall not be eligible for any payment in connection with the Merger. For purposes of this
Deferred Share Award Grant Notice, the term “Merger” means the merger pursuant to the Agreement and
Plan of Merger, dated as of January 18, 2007 (as the same may from time to time be amended), by and
among the Company, MS Resort Holdings LLC, MS Resort Acquisition LLC, MS

 

 

Resort Purchase LLC and Ashford Sapphire Acquisition LLC under which, at the effective time of
the proposed merger, MS Resort Acquisition LLC will merge with and into the Company, with the
Company continuing as the surviving corporation, and MS Resort Holdings LLC will acquire all of the
issued and outstanding stock of the Company.”

     2. Effectiveness. This Amendment shall be effective immediately. In the event that
the Merger Agreement is terminated or the Merger does not close for any reason, this Amendment
shall be null and void ab initio and of no further force or effect.

     3. Miscellaneous/Employment Agreement. Except as specifically amended hereby, the
Grant Notice shall continue in full force and effect in accordance with its terms. This Amendment
supersedes all prior agreements and understandings oral or written with respect to the subject
matter hereof, including without limitation, the terms of that certain Employment Agreement, dated
as of May 19, 2006, by and between the Company and Executive, that are inconsistent herewith and
which the parties hereby acknowledge and agree is being amended by separate instrument
contemporaneously with the execution by the parties of this Amendment.

     4. Counterparts. This Amendment may be executed in counterparts, and each counterpart
shall have the same force and effect as an original and shall constitute an effective, binding
agreement on the part of each of the undersigned. Execution and delivery of this Amendment by
exchange of facsimile copies bearing the facsimile signature of a party shall constitute a valid
and binding execution and delivery of the Amendment by such party. Such facsimile copies shall
constitute enforceable original documents.

     5. Governing Law. This Amendment will be governed by and construed in accordance with
the laws of the State of Florida (without regard to choice-of-law provisions).

[The remainder of this page has intentionally been left blank.]

-2-

 

     IN WITNESS WHEREOF, this Amendment has been entered into as of the date first set forth above.

	 	 	 	 	 	 	 
	CNL HOTELS & RESORTS, INC.

	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	/s/ Diana Morgan

	 	 	 	/s/ C. Brian Strickland	 	 
	 

	 	 	 	 	 	 
	By: Diana Morgan

	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	C. Brian Strickland	 	 
	 

	 	 	 	 	 	 
	Title: Chair of Compensation Committee

	 	 	 	Printed Name	 	 

Signature Page of the Amendment to Performance-Based Deferred Share Award Grant Notice

-3-

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