Document:

exv10w15w1

 

EXHIBIT
10.15.1

_________________________, 2005

India Globalization Capital, Inc.

4336 Montgomery Avenue

Bethesda, Maryland 20814

Re:  Loan to India Globalization Capital, Inc.

Gentlemen:

     This will confirm that, for good and valuable consideration, the receipt, adequacy and
sufficiency of which is hereby acknowledged, I will make a loan in the amount of $720,000 to India
Globalization Capital, Inc. (the “Company”) on the date that the Company consummates an initial
public offering of its securities. The terms and conditions of the loan are set forth in the
attached promissory note that the Company will execute at the time the loan is made.

     This will also confirm that the due date for repayment of the loan in the amount of $50,000
made by me to the Company is hereby extended until on the sooner of (i) one year from the date the
attached promissory note or (ii) the date of consummation of a Business Combination as that term is
defined in Maker’s Articles of Incorporation as may be amended and/or restated from time to time.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	
 	 
	 	Ranga Krishnaexv10w16

 

EXHIBIT 10.16

PROMISSORY NOTE

$720,000.00

Bethesda, Maryland

India Globalization Capital, Inc. (the “Maker”) promises to pay to the order of Ranga Krishna (the
“Payee”) the principal sum of Seven Hundred Twenty Thousand Dollars and No Cents ($720,000.00) in
lawful money of the United States of America, together with interest on the unpaid principal
balance of this Note, on the terms and conditions described below.

1.  PRINCIPAL. The principal balance of this Note shall be repayable on the sooner of (i) one year
from the date hereof or (ii) the date of consummation of a Business Combination as that term is
defined in Maker’s Articles of Incorporation as may be amended and/or restated from time to time.

2.  INTEREST. The principal balance shall bear interest at the rate of four per cent per annum.

3.  APPLICATION OF PAYMENTS. All payments shall be applied first to payment in full of any costs
incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorneys’ fees, then to the payment in full of any late charges and finally to the
reduction of the unpaid principal balance of this Note.

4.  EVENTS OF DEFAULT. The following shall constitute Events of Default:

(a)  FAILURE TO MAKE REQUIRED PAYMENTS. Failure by Maker to pay the principal of or accrued interest
on this Note within five (5) business days following the date when due.

(b)  VOLUNTARY BANKRUPTCY, ETC. The commencement by Maker of a voluntary case under the Federal
Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state
bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally
to pay its debts as such debts become due, or the taking of corporate action by Maker in
furtherance of any of the foregoing.

(c)  INVOLUNTARY BANKRUPTCY, ETC. The entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 60 consecutive days.

 

5.  REMEDIES.

(a)  Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written
notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this
Note, and all other amounts payable thereunder, shall become immediately due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived,
anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

(b)  Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid
principal balance of, and all other sums payable with regard to, this Note shall automatically and
immediately become due and payable, in all cases without any action on the part of Payee.

6.  WAIVERS. Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to
the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of
any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that
any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any
writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.

7.  UNCONDITIONAL LIABILITY. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its
liability shall be unconditional, without regard to the liability of any other party, and shall not
be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals,
waivers, or modifications that may be granted by Payee with respect to the payment or other
provisions of this Note, and agree that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to them or affecting their liability hereunder.

8.  NOTICES. Any notice called for hereunder shall be deemed properly given if (i) sent by certified
mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private
or governmental express mail or delivery service providing receipted delivery, (iv) sent by
telefacsimile or (v) sent by e-mail, to the following addresses or to such other address as either
party may designate by notice in accordance with this Section:

If to Maker:

India Globalization Capital, Inc.

4336 Montgomery Avenue

Bethesda, Maryland 20814

Attn.: John Cherin, Chief Financial Officer

If to Payee:

Ranga Krishna

 

 

2

 

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a telefacsimile transmission confirmation, (iii) the date on which an e-mail
transmission was received by the receiving party’s on-line access provider (iv) the date reflected
on a signed delivery receipt, or (vi) two (2) Business Days following tender of delivery or
dispatch by express mail or delivery service.

9.  CONSTRUCTION. This Note shall be construed and enforced in accordance with the domestic internal
laws of the State of Maryland.

10. SEVERABILITY. Any provision contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by its Chief Executive Officer the day and year first above written.

	 	 	 	 	 
	 	INDIA GLOBALIZATION CAPITAL, INC.

 	 
	Date:  ______________, 200_ 	By:  	 	 
	 	 	Chief Financial Officer 	 
	 	 	 	 
	 

3<PAGE>
                                                                    EXHIBIT 10.1

                               AMENDMENT NO. 2 TO
                                  COLIN V. REED
                         EXECUTIVE EMPLOYMENT AGREEMENT

         This Amendment No. 2 to Executive Employment Agreement, dated as of
February 10, 2006 (the "Amendment") is by and between Gaylord Entertainment
Company, a Delaware corporation having its corporate headquarters at One Gaylord
Drive, Nashville, Tennessee 37214 (the "Company") and Colin V. Reed, a resident
of Nashville, Davidson County, Tennessee ("Executive").

                              W I T N E S S E T H:
                              -------------------

         WHEREAS, the Company and Executive entered into that certain Executive
Employment Agreement dated as of April 23, 2001 (the "Employment Agreement"),
pursuant to which, among other things, the Company hired the Executive to be its
Chief Executive Officer;

         WHEREAS, the Company and Executive amended the Employment Agreement on
August 17, 2004, to extend the term of the Employment Agreement and to make
other changes to the terms of the Employment Agreement;

         WHEREAS, the Company and Executive agree that changes to the Employment
Agreement are required in light of the enactment of Internal Revenue Code
Section 409A;

         WHEREAS, it was always intended that the SERP Benefit would only be
payable upon a termination of employment;

         NOW, THEREFORE, in consideration of the covenants and agreements
hereafter set forth, the parties hereto agree as follows:

         1. Amendment of Section 5(a) of Employment Agreement. The last two
sentences of the first paragraph and the phase "expiration of the term of this
Agreement" immediately preceding these sentences are deleted and replaced in
their entirety with the following:

                  "... Executive's termination of employment.

                  The Company will separately account for the portion of the
         SERP Benefit earned and vested before 2005 ($1,875,000) together with
         hypothetical investment earnings or losses thereon (the "Pre-409A SERP
         Benefit"). Executive may elect to receive the Pre-409A SERP Benefit in
         the form of one (1) lump-sum payment or equal annual installments over
         a period not exceeding fifteen (15) years. Such election by Executive
         pertaining to the Pre-409A SERP Benefit shall be made (or may be
         changed) at any time, and from time to time, on or before the last day
         of the calendar year immediately preceding the calendar year in which
         the

                                       1
<PAGE>

         SERP Benefit could otherwise become payable. If no election is made, a
         lump-sum payment of the Pre-409A SERP Benefit will be made.

                  The Company will also separately account for the balance of
         the SERP Benefit that became earned and vested after December 31, 2004,
         together with hypothetical investment earnings or losses (the "409A
         SERP Benefit"). Executive may elect (or may change a prior election) to
         receive the 409A SERP Benefit in the form of one (1) lump-sum payment
         or equal annual installments over a period not exceeding fifteen (15)
         years. Such election (including a change in any election previously
         made) by Executive pertaining to the 409A SERP Benefit shall be made by
         December 31, 2006 (or such later date as allowed under Code Section
         409A and guidance thereto). If no election is made, or if the 409A SERP
         Benefit first becomes payable in 2006, a lump-sum payment of the 409A
         SERP Benefit will be made. Finally, if at Executive's "separation of
         service" for reasons other than death, Executive is a "specified
         employee" (as such phrases are defined under Code Section 409A),
         payment of the 409A SERP Benefit will commence on the date that is six
         (6) months following the date of separation of service (or such later
         date as required under Section 6)." In all other cases, the 409A SERP
         Benefit will commence thirty (30) days following a separation of
         service (or as soon as practicable thereafter).

         2. Amendment to Section 5 to Comply With Code Section 409A. A new
Section 5(k) is added to the Employment Agreement as follows:

                  "Section 409A Compliance. Payments to Executive arising from
         paragraphs 5(b), 5(d), 5(f), 5(h), and 5(j) of this Agreement are not
         intended to be payments of deferred compensation subject to the
         requirements of Code Section 409A. In the event a payment arising from
         one of these paragraphs is subject to Code Section 409A, the payment
         will be made in the calendar year following the calendar year in which
         the liability for reimbursement arose or, if later, at the earliest
         time possible so that the deduction related to such payment will not be
         limited or eliminated by application of Internal Revenue Code Section
         162(m)."

         3. Amendment of Section 6(d) of Employment Agreement. The first
sentence of Section 6(d) of the Employment Agreement is deleted in its entirety
and replaced with the following new sentences:

                  "Distribution of Deferred Amounts. Amounts deferred pursuant
         to this Section 6 and earnings thereon, shall be paid to Executive at
         the earliest time possible so that the deduction related to such
         payment will not be limited or eliminated by application of Internal
         Revenue Code Section 162(m). In the event the time of payment is
         expected to be later than ten (10) days following the termination of
         Executive's employment with the Company (without regard to the reason
         of such termination), the Company shall provide Executive with a copy
         of a written opinion from

                                       2
<PAGE>

         counsel confirming the need to delay the payment and specifying the
         earliest date upon which payment may be made so that the deduction
         related to such payment will not be limited or eliminated by
         application of Internal Revenue Code Section 162(m)."

         4. Further Amendment to Comply With Code Section 409A. A new Section
17(k) is added to the Employment Agreement as follows:

         "Section 409A Compliance. If Executive is a "specified employee" at
Executive's "separation of service" (as such phrases are defined under Code
Section 409A), then no payment or portion of any payment described in Sections 9
or 10 that was earned and vested after December 31, 2004, that is deferred
compensation subject to the requirements of Code Section 409A will be paid
during the first six (6) months following Executive's separation of service. In
addition, the Company will not accelerate the payment of any deferred
compensation if such acceleration would result in the imposition of penalties
and/or interest under Code Section 409A.

         5. Miscellaneous Provisions.

            (a) The Employment Agreement is hereby, and shall henceforth be
deemed to be, amended, modified, and supplemented in accordance with the
provisions hereof, and the respective rights, duties, and obligations under the
Employment Agreement shall hereinafter be determined and enforced under the
Employment Agreement, as amended, subject in all respects to such amendments,
modifications, and supplements, and all terms and conditions of this Amendment.

            (b) Except as expressly set forth in this Amendment, all agreements,
covenants, undertakings, provisions, stipulations, and promises contained in the
Employment Agreement are hereby ratified, readopted, approved, and confirmed and
remain in full force and effect.

            (c) Except as provided by this Amendment, or unless the context or
use indicates another or different meaning or intent, the words and terms used
in this Amendment shall have the same meaning as in the Employment Agreement.

            (d) This Amendment may be executed in two (2) or more counterparts,
each of which when so executed, shall be deemed an original, but all of which
together shall constitute one and the same instrument.

                                       3
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.

                                       GAYLORD ENTERTAINMENT COMPANY

                                       By: /s/ Carter R. Todd
                                           ------------------

                                       Its: Senior Vice President, General
                                            Counsel and Secretary

                                       EXECUTIVE:

                                       /s/ Colin V. Reed
                                       -----------------------
                                       Colin V. Reed

                                       4

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