Document:

exv10w49

 

EXECUTION COPY

AMENDMENT

     Amendment (the “Amendment”) dated as of December 6, 2007 to Employment Agreement (the
“Agreement”) dated as of July 18, 1999 between Vistana, Inc., a Florida corporation (currently
known as Starwood Vacation Ownership Inc., the “Company”), and Raymond L. Gellein, Jr. (“Employee”)
and certain other agreements entered into with Employee including but not limited to those listed
on Schedule A hereto.

WHEREAS, this Amendment is being entered into in connection with the retirement of Employee; and

WHEREAS, the parties desire to enter into this Amendment upon the terms and conditions hereafter
set forth.

NOW, THEREFORE, in consideration of the foregoing, of the mutual covenants and agreements herein
contained and for other good and valuable consideration, the receipt, adequacy and sufficiency of
which are hereby acknowledged, the parties, intending to be legally bound, hereby agree as follows:

	 	1.	 	Defined Terms. All capitalized terms not otherwise defined in this Amendment
shall have the meaning ascribed to them in the Agreement.
	 
	 	2.	 	Term. Section 3 of the Agreement is hereby amended by deleting clause
(b)(iv) thereof and replacing it with the following:

iv) the date upon which Employee effects a Voluntary Termination (other than due to
Retirement) or terminates employment for Good Reason (it being understood that the
date of termination shall be the date upon which Employee provides the Company written
notice of such termination); or

v) the effective date of Employee’s Retirement.

The effective date of Employee’s Retirement shall be the earlier of (a) March 31, 2008 or
(b) the date the Company determines that the transition of Employee’s duties to another
employee have been completed and gives written notice thereof to Employee. For purposes
hereof, “Retirement” shall be defined as such term is defined as of the date hereof under
the Starwood Hotels & Resorts Worldwide, Inc. 2004 Long-Term Incentive Compensation Plan.
The parties agree that Employee is currently eligible for Retirement under such definition
and for purposes of any other Starwood plans and agreements affecting Employee that use the
term “Retirement”. In the event of Employee’s termination of

1

 

employment due to death or Permanent Disability after the date of this Agreement but prior
to the effective date of Retirement, compensation shall not be determined under Section
8(e) of the Agreement but rather shall be treated as a Retirement with the effective date
of the Retirement being the date of death or Permanent Disability with compensation as
provided for in this Amendment (provided that the bonus payment will be computed as if
Employee had been employed through December 31, 2007 and there being no participation in
the Annual Incentive Plan in respect of 2008). Except as provided in the foregoing
sentence and in paragraph 4(e) below, Employee’s death or Permanent Disability prior to the
effective date of Retirement, shall not affect Employee’s entitlement under any other
Starwood benefit plans or agreements.

	 	3.	 	Salary, Bonus and Benefits. Notwithstanding any other provision of the
Agreement, including but limited to Section 8 thereof:

	 	a)	 	Employee shall continue to receive an amount equal to his Adjusted
Base Salary (less applicable deductions) as currently in effect as well as all
current benefits (other than future equity based awards) until the effective date
of his Retirement pursuant to Section 3(b)(v), it being understood that there
shall be no continuation of his Adjusted Base Salary after such date.
	 
	 	b)	 	Employee shall not participate in any Annual Incentive Plan in
respect of 2008.
	 
	 	c)	 	In respect of payments for the 2007 performance year under the Annual
Incentive Plan for Certain Executives (the “AIPCE”): (i) pursuant to Section
5.1(a) of the AIPCE, no portion of any bonus payment will be deferred; (ii)
subject to satisfaction of the threshold Performance Measure (as defined in the
AIPCE) applicable to Employee’s bonus payment, the individual component of
Employee’s bonus payment shall be calculated at no less than target with the team
component computed based on team performance; and (iii) in the event the effective
date of Employee’s Retirement occurs prior to December 31, 2007, the bonus shall
not be pro rated.
	 
	 	d)	 	As of the Termination Date, Employee shall terminate participation in
the Company’s and Parent’s employee benefit plans and arrangements (except to the
extent required by COBRA or other applicable law).

	 	4.	 	Equity Arrangements.

	 	a)	 	The Restricted Stock Award Agreement (the “2007 RS Agreement”) for
the grant made on February 28, 2007 is amended:

	 	1.	 	by deleting all words in paragraph 2(b)
after the words “account of the Participant” in the first sentence
thereof and replacing it with the following:
	 
	 	 	 	“upon vesting shall be paid to the Participant no later than March
15, 2008.”; and

2

 

	 	2.	 	by deleting the definition of
“Qualifying Service Period” contained in Section 4(c) thereof and
replacing it with the following:
	 
	 	 	 	“Qualifying Service Period” which is a period of continuous
employment extending from the Grant Date until the first day the
Participant is currently eligible for Retirement”

	 	b)	 	The Non-Qualified Stock Option Award Agreement (the “2007 Option
Agreement”) for the grant made on February 28, 2007 is amended by deleting the
first sentence of Section 2.2(e) thereof and replacing it with the following:

In the case of an Optionee who is or becomes eligible for Retirement prior
to when the Option is 100% exercisable, the Option shall be 100% vested
not later than a period of continuous employment extending from the Option
Date until the first day the Participant is currently eligible for
Retirement and shall become exercisable in its entirety on the date
commencing 18 months from the Option Date.

	 	c)	 	The termination or forfeiture provisions contained in Section 4(c) of
the 2007 RS Agreement and Section 2.2(e) of the 2007 Option Agreement and
comparable Retirement provisions in all other equity grant agreements with the
Employee are amended such that in addition to the triggering events set forth
therein (but without extending the duration of such restrictions), a termination
or forfeiture shall be triggered upon a breach by Employee of Section 10 of the
Agreement as amended hereby.
	 
	 	d)	 	The Restricted Stock Award Agreement for the grant made on February
7, 2006 is amended by deleting all words in paragraph 2(b) after the words
“account of the Participant” in the first sentence thereof and replacing it with
the following:

	 	 	 	“upon vesting shall be paid to the Participant no later than March
15, 2008.”

	 	e)	 	If the Employee’s employment terminates by reason of death or
Disability (as defined in the 2007 Option Agreement) rather than Retirement after
the date of this Agreement but prior to the effective date of Retirement, such
termination shall nonetheless be treated as a Retirement for purposes of the 2007
Option Agreement with the date of death or Disability being

3

 

	 	 	 	deemed the effective date of Retirement. Similarly, in the case of all other
option grant agreements with Employee (including the option grant agreements listed
on Schedule A), the exercise period for options shall continue to be determined
under the applicable Retirement provisions as though Employee had retired on the
date of death or Disability. This provision is not applicable to any of Employee’s
Restricted Stock Agreements.

	 	5.	 	Covenant Not to Compete. Section 10(d) of the Agreement is amended
by adding the following after the last word of such clause:

or to any other person, entity or group (whether or not involved in the
foregoing activities) that is evaluating, proposing or financing the
acquisition of all or any part of Parent.

	 	6.	 	Chairman Emeritus. In recognition of Employee’s extraordinary
contributions to the success of the Company, until Employee’s Retirement, he shall
have the title “Chairman Emeritus” of the Company. Such title is an honorary title
and shall not bestow any voting, attendance or other rights.
	 
	 	7.	 	Ratification. All of the sections, terms, covenants and conditions
contained in the Agreement and the other agreements and arrangements referred to in
this Amendment or otherwise entered into with Employee, except as modified by this
Amendment, shall remain unmodified and of full force and effect and are hereby
ratified and affirmed by Employee, Company and Parent including but not limited to the
Cash Bonus Award Agreement dated September 19, 2007.
	 
	 	8.	 	Binding Effect. This Amendment shall be binding upon and inure to the
benefit of the Parties hereto, their respective successors and assigns.
	 
	 	9.	 	Governing Law. The relevant Governing Law provisions of the Agreement
and of each of the other agreements amended hereby shall govern the provisions of this
Amendment that relate to each such agreement. To the extent a provision of this
Amendment does not amend a previous agreement, such provisions shall be governed by
the laws of the State of New York.
	 
	 	10.	 	Counterparts. This Amendment may be executed in two or more
counterparts and via facsimile, each of which shall be deemed an original but all of
which taken together shall constitute one and the same instrument.
	 
	 	11.	 	Effective Date. This Amendment shall be in full force and effect as a
binding obligation of Employee, Parent and the Company from and after the date of this
Amendment.

4

 

IN WITNESS WHEREOF, the Parties have duly executed this Amendment as of the first date written
above.

EMPLOYEE:

                                                            

Raymond L. Gellein, Jr.

PARENT:

	 	 	 	 	 
	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 
	COMPANY:

STARWOOD VACATION OWNERSHIP, INC.

 	 	 
	By:  	 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 

5

 

	 	 	 	 	 

SCHEDULE A

Option Grant Agreement for Options with a Grant Date of October 1, 2002

Option Grant Agreement for Options with a Grant Date of December 23, 2002

Option Grant Agreement for Options with a Grant Date of October 1, 2003

Option Grant Agreement for Options with a Grant Date of February 18, 2004

Option Grant Agreement for Options with a Grant Date of February 10, 2005

Option Grant Agreement for Options with a Grant Date of February 7, 2006

Option Grant Agreement for Options with a Grant Date of February 23, 2006

Option Grant Agreement for Options with a Grant Date of February 28, 2007

Restricted Stock Agreement for Restricted Stock with a Grant Date of February 10, 2005

Restricted Stock Agreement for Restricted Stock with a Grant Date of February 7, 2006

Restricted Stock Agreement for Restricted Stock with a Grant Date of March 1, 2006

Restricted Stock Agreement for Restricted Stock with a Grant Date of February 28, 2007

Restricted Stock Agreement for Restricted Stock with a Grant Date of March 1, 2007

6Unassociated Document

    EXHIBIT
10.1

     

     

    Party A:
Mr. Zhang Qiang

    Party B:
Jilin Dongsheng Weiye Science & Technology Development Co.

    Jifeng
East Road, Heilongjiang China.

    

    This
agreement is made and entered into by and between the parties concerned on
October 10, 2007 in Jilin Province, PR China on the basis of equality and mutual
benefit to develop business on terms and conditions mutually agreed upon as
follows:

    

    
      	
              1.  

            	
              Party
      A owns land use rights to a field of 3,133 acres in Jiaohe Jilin province
      for 30 years from Feb 8, 2004 to Feb 7,
2034.

            

    

    
      	
              2.  

            	
              This
      land property has been fully planted with ginseng crops by Party
      A.

            

    

    
      	
              3.  

            	
              Party
      B and Party A hereby reached and entered into an agreement that Party B
      agrees to acquire the land use right from Party A. Since the 3,133 acres
      of ginseng was planted in spring 2004 and October 2006 respectively, the
      ginseng’s age is one of the key factors in determining the purchase
      price.

            

    

    
      	
              4.  

            	
              Party
      B agrees to acquire 1799 acres with ginseng crops  planted in
      spring 2004 at   approximately $3,934 per acre, and
      approximately $1415 per acre for the other 1334 acres planted in October
      2006. The total acquiring price for 3133 acres land use right with planted
      ginseng crops is approximately
$8,965,900.

            

    

    
      	
              5.  

            	
              Party
      B agrees to pay $994,444 as an initial deposit. The balance will be made
      separately, with $6,334,264 to be paid by Jan 15, 2008 and $1,637,192 to
      be paid by Mar 31, 2008.

            

    

    
      	
              6.  

            	
              Party
      B assumes responsibility for all subsequent legal related procedures and
      corresponding fees.

            

    

    
      	
              7.  

            	
              In
      the case that Party B does not make the subsequent payment by March 31,
      2008, a 15 day grace period will be extended. On March 31, 2008, Party A
      will transfer land use rights to Party B as a percentage of the total
      payment received on March 31, 2008.

            

    

    
      	
              8.  

            	
              This
      agreement, when duly signed by the both parties concerned, shall remain
      effect from Jan 15, 2008 to Mar 31,
2008.

            

    

    

     

    
      
        	 	 	 	 	 	 
	 	
                Party
      A:

              	
                /s/
      Zhang Qiang

              	 	 	
                 

              
	 	 	Mr. Zhang
    Qiang	 	 	
                 

              
	 	 	
                 

              	 	 	
                 

              
	 	 	 	 	 	 
	 	Party
      B: 	/s/ Aidong
      Yu	 	 	 
	 	 	Aidong
      Yu, President	 	 	 
	 	 	Jilin
      Dongsheng Weiye Science & Technology Development Co.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]