Document:

exv10w61

 

	 	 	 	 	 

Exhibit 10.61

June 28, 2006

Mr. Richard L. Tarpley

CPI Corp.

1706 Washington Avenue

St. Louis, MO 63103

     Re:       Supplemental Retirement Benefit

Dear Rich:

     As you know, the CPI Corp. Retirement Plan (“Retirement Plan”) was amended effective March 31,
2004 to freeze benefits for all participants, except participants who were at least age 50, had at
least 10 years of service and were not highly compensated employees (as defined in the Retirement
Plan). The amendment did not permit any highly compensated employees to continue to accrue
benefits under the Retirement Plan; however, the Company agreed that highly compensated employees
who satisfied the age and service requirements would receive comparable benefits outside the
Retirement Plan.

     This letter confirms the terms of the supplemental retirement benefit (“Supplemental Benefit”)
the Company will provide to you because you were over age 50 and had 10 years of service when the
Retirement Plan was frozen in 2004.

	 	1.	 	Calculation of Supplemental Benefit. Your Supplemental Benefit will be
calculated as of the date your employment with CPI Corp. terminates as the difference
between (a) the Accrued Benefit (as defined in the Retirement Plan) you would have
earned under the Retirement Plan had you continued to accrue benefits under the
Retirement Plan after March 31, 2004 on the same terms and conditions as those
participants who were allowed to continue to accrue benefits under the Retirement Plan,
and (b) your actual Accrued Benefit under the Retirement Plan.
	 
	 	2.	 	Payment of Supplemental Benefit.

	 	(d)	 	Form of Payment. If you are unmarried at the time your
payments commence, your Supplemental Benefit will be paid in annual payments
for your lifetime, with each annual payment equal to 12 times your monthly
Supplemental Benefit. If you are married at the time your payments commence,
your monthly Supplemental Benefit will be

 

 

	 	 	 	converted to an actuarially equivalent 50% contingent annuitant benefit
using the actuarial assumptions used by the Retirement Plan. You will
receive annual payments for your lifetime, each equal to 12 times the
actuarially reduced monthly benefit, with payments continuing after your
death for the life of your surviving spouse (if any) in an amount equal to
50% of the annual amount payable during your lifetime. The reduction to 50%
will commence with the first annual payment following your death.
	 
	 	(e)	 	Time of Payment: The first annual payment will be paid
the month following the later of (a) the month you reach age 65, or (b) the
month in which your employment terminates, with subsequent payments paid the
same month of each succeeding year; provided, however, that if your employment
terminates less than six months before the first payment is payable, your first
payment will be held by the Company and paid to you in the seventh month
following the month in which your employment terminates.
	 
	 	(f)	 	Death Before Age 65. In the event of your death before
you reach age 65, your surviving spouse, if any, will receive annual payments
for her lifetime, commencing the month following the month you would have
attained age 65, in the amount that would have been payable to your spouse
under paragraph (a) above had you survived to age 65 and died the following
day. If both you and your spouse die before you reach age 65, no Supplemental
Benefit will be paid.

     The Company’s obligation to pay the Supplemental Benefit is an unfunded and unsecured promise
to pay the benefit as provided in this letter. Payment of the Supplemental Benefit will have no
effect on the form, timing or amount of the benefits you are entitled to receive from the
Retirement Plan.

     Please contact me if you have questions about this benefit.

	 	 	 	 	 
	 	Very truly yours,

Consumer Programs Incorporated

 	 
	 	By:  	/s/ Paul Rasmussen
 	 
	 	 	Paul Rasmussen 	 
	 	Title:  	Chief Executive Officer/Presidentexv10w62

 

Exhibit 10.62

June 28, 2006

Ms. Jane E. Nelson

CPI Corp.

1706 Washington Avenue

St. Louis, MO 63103

     Re:       Supplemental Retirement Benefit

Dear Jane:

     As you know, the CPI Corp. Retirement Plan (“Retirement Plan”) was amended effective March 31,
2004 to freeze benefits for all participants, except participants who were at least age 50, had at
least 10 years of service and were not highly compensated employees (as defined in the Retirement
Plan). The amendment did not permit any highly compensated employees to continue to accrue
benefits under the Retirement Plan; however, the Company agreed that highly compensated employees
who satisfied the age and service requirements would receive comparable benefits outside the
Retirement Plan.

     This letter confirms the terms of the supplemental retirement benefit (“Supplemental Benefit”)
the Company will provide to you because you were over age 50 and had 10 years of service when the
Retirement Plan was frozen in 2004.

	 	1.	 	Calculation of Supplemental Benefit. Your Supplemental Benefit will be
calculated as of the date your employment with CPI Corp. terminates as the difference
between (a) the Accrued Benefit (as defined in the Retirement Plan) you would have
earned under the Retirement Plan had you continued to accrue benefits under the
Retirement Plan after March 31, 2004 on the same terms and conditions as those
participants who were allowed to continue to accrue benefits under the Retirement Plan,
and (b) your actual Accrued Benefit under the Retirement Plan.
	 
	 	2.	 	Payment of Supplemental Benefit.

	 	(a)	 	Form of Payment. If you are unmarried at the time your
payments commence, your Supplemental Benefit will be paid in annual payments
for your lifetime, with each annual payment equal to 12 times your monthly
Supplemental Benefit. If you are married at the time your payments commence,
your monthly Supplemental Benefit will be

 

 

	 	 	 	converted to an actuarially equivalent 50% contingent annuitant benefit
using the actuarial assumptions used by the Retirement Plan. You will
receive annual payments for your lifetime, each equal to 12 times the
actuarially reduced monthly benefit, with payments continuing after your
death for the life of your surviving spouse (if any) in an amount equal to
50% of the annual amount payable during your lifetime. The reduction to 50%
will commence with the first annual payment following your death.
	 
	 	(b)	 	Time of Payment: The first annual payment will be paid
the month following the later of (a) the month you reach age 65, or (b) the
month in which your employment terminates, with subsequent payments paid the
same month of each succeeding year; provided, however, that if your employment
terminates less than six months before the first payment is payable, your first
payment will be held by the Company and paid to you in the seventh month
following the month in which your employment terminates.
	 
	 	(c)	 	Death Before Age 65. In the event of your death before
you reach age 65, your surviving spouse, if any, will receive annual payments
for his lifetime, commencing the month following the month you would have
attained age 65, in the amount that would have been payable to your spouse
under paragraph (a) above had you survived to age 65 and died the following
day. If both you and your spouse die before you reach age 65, no Supplemental
Benefit will be paid.

     The Company’s obligation to pay the Supplemental Benefit is an unfunded and unsecured promise
to pay the benefit as provided in this letter. Payment of the Supplemental Benefit will have no
effect on the form, timing or amount of the benefits you are entitled to receive from the
Retirement Plan.

     Please contact me if you have questions about this benefit.

	 	 	 	 	 
	 	Very truly yours,

Consumer Programs Incorporated

 	 
	 	By:  	/s/ Paul Rasmussen
 	 
	 	 	Paul Rasmussen 	 
	 	Title:  	Chief Executive Officer/President<PAGE>
                                                                    EXHIBIT 10.2

                             GMP AMENDMENT NUMBER 8

     This Separate GMP Amendment is executed this 29th day of June, 2006, by
GAYLORD NATIONAL, LLC ("Owner") and PERINI TOMPKINS JOINT VENTURE ("Construction
Manager") pursuant to the Agreement dated May 9, 2005 ("Agreement") executed by
the parties for the performance by the Construction Manager of certain
construction work and construction management services for the Gaylord National
Harbor Resort and Convention Center Project as identified therein.

     1.   Pursuant to the Agreement, Construction Manager hereby agrees that the
          Guaranteed Maximum Price ("GMP") for the Work to be performed on the
          Project (including all Work under this GMP Amendment Number 8 and all
          Work previously authorized pursuant to GMP Amendments shall be
          $301,671,694 and that the GMP is accounted as follows: (a) the
          Preconstruction Services equals $350,000, (b) the Construction
          Manager's Lump Sum General Conditions equals $19,255,989, (c) the Cost
          of the Work equals $259,820,848, (d) the Construction Manager's Fee
          equals $9,467,009 (e) Contingency equals $8,331,561, (f) the Phase II
          General Conditions, Contingency, Fee & Insurance equals $563,063, (g)
          the Phase II Cost of the Work equals $3,632,667, and (h) the Mock-up
          Room Cost of Work equals $250,557).

OWNER                                       CONSTRUCTION MANAGER
GAYLORD NATIONAL, LLC                       PERINI TOMPKINS JOINT VENTURE
BY:  GAYLORD HOTELS, LLC SOLE MEMBER

BY:  /s/ Colin V. Reed                      BY:  /s/ Mark Makary
     -------------------------------             ------------------------

TITLE: Chief Executive Officer              TITLE: Principle In Charge

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