Document:

EX-10.3

Exhibit 10.3

FIRST AMENDMENT TO

EXECUTIVE EMPLOYMENT AGREEMENT

     THIS AMENDMENT, dated as of December 18, 2008 (the “Amendment”), is to the Executive
Employment Agreement, dated as of February 25, 2008 (the “Agreement”), 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”).

WITNESSETH:

     WHEREAS, the Company and Executive have heretofore entered into the Agreement; and

     WHEREAS, Section 4(a) of the Agreement establishes a Custom Non-Qualified Mid-Career
Supplemental Employee Retirement Plan (the “SERP”), which pays a retirement benefit to Executive
described in such Section 4(a) (the “SERP Benefit”); and

     WHEREAS Section 4(a) of the Agreement provides that the SERP Benefit will be adjusted for
investment earnings (or loss) accruals beginning April 23, 2005 until paid to Executive based on
the investment performance of one or more mutual funds selected by Executive in his sole
discretion; and

     WHEREAS, Section 5(c) of the Agreement requires the Company to deposit cash in a rabbi trust
described in Section 6 of the Agreement (the “Section 162(m) Rabbi Trust”) in an amount equal to
any payment which the Company cannot make to Executive by application of Section 162(m) of the
Internal Revenue Code until such payment can be made to Executive; and

     WHEREAS, Section 5(b) of the Agreement provides that any cash deposited in the Rabbi Trust
pursuant to Section 5(c) of the Agreement shall be adjusted for investment earnings (or loss)
accruals based on the investment performance of one or more mutual funds selected by Executive in
his sole discretion; and

     WHEREAS, the Company and Executive desire to give Executive the right to make an irrevocable
election (the “Election”) on or after the date of this Amendment to cause cash in the amount of
Executive’s SERP Benefit as of the date of such Election to be deposited in a rabbi trust described
in Section 6 of the Agreement (the “SERP Rabbi Trust”), and to cause such cash to be invested in
Company common stock (“Company Stock”); and

     WHEREAS, if the Election is made, the Company and the Executive desire Executive’s SERP
Benefit to be paid to Executive following Executive’s termination of employment in shares of
Company Stock; and

     WHEREAS, the Company and Executive desire to make further clarifying changes to the Agreement.

 

 

     NOW, THEREFORE, the parties hereby agree to amend the Agreement as follows:

     1. The first sentence of Section 2(a)(i) is amended to provide as follows:

     (i) During the Employment Period, Executive shall serve the Company as its Chief Executive
Officer and report directly to the Board of Directors of the Company (the “Board of Directors”).

     2. The first paragraph of Section 4(a) is amended to provide as follows:

     (a) Custom Non-Qualified Mid-Career Supplemental Employee Retirement Plan. Executive
shall be entitled to a nonqualified supplemental executive retirement benefit (the “SERP”). The
Company agrees to pay Executive a retirement benefit which has a value of $2,500,000.00 (the
“Initial SERP Benefit”). The Initial SERP Benefit has been adjusted for investment earnings (or
loss) accruals beginning on April 23, 2005, based on the investment performance of one or more
mutual funds selected by Executive in his sole discretion. In addition, the Company agrees to pay
Executive a retirement benefit which will have a value of $1,000,000.00 on May 1, 2010 (the
“Additional SERP Benefit”), provided that Executive continues to be employed by the Company through
such date. As of the Effective Date, and pursuant to the terms of the Prior Agreement, the
Additional SERP Benefit is 40% vested and accrued, for a value of $400,000, and will continue to
accrue and vest at the rate of an additional 20% per year on each of May 1, 2008, May 1, 2009 and
May 1, 2010, provided that Executive remains employed by the Company during such period. The
Additional SERP Benefit has been adjusted for investment earnings (or loss) accruals beginning on
April 23, 2005, based on the investment performance of one or more mutual funds selected by
Executive in his sole discretion. Executive shall have the option to make an irrevocable election
(the “Election”) on or after the date of this Amendment to cause cash in the amount of Executive’s
Initial SERP Benefit and Additional SERP Benefit (collectively, the “SERP Benefit”) as of the date
of such Election to be deposited into a rabbi trust (the “SERP Rabbi Trust”) described in Section
6, which cash will be used in its entirety by the trustee to purchase shares of Company common
stock (“Company Stock”) as soon as reasonably practicable and in compliance with applicable laws.
If such an Election is made, the SERP Benefit will be paid to Executive only by distribution to
Executive of the fixed number of shares of Company Stock held by the SERP Rabbi Trust, to the
extent then vested, at the time of such payment. Until such time as Executive makes the Election,
if ever, Executive’s SERP Benefit will continue to be adjusted for investment earnings (or loss)
accruals based on the investment performance of one or more mutual funds selected by Executive in
his sole discretion and will be paid to Executive in the form of cash. The Company shall provide
Executive with a form for making the Election which is incorporated into the Agreement by this
reference. The Company shall not be responsible for the quality of the investment performance of
the mutual fund(s) or the Company Stock. Except as otherwise set forth in the Agreement, and
subject to deferral pursuant to Section 6, the SERP Benefit, shall, to the extent then vested, be
payable upon Executive’s termination of employment.

     3. Section 5(c) is amended to provide as follows:

     (c) Deposit to Rabbi Trust. In order to facilitate the payment of the Company’s
deferred payment obligation, at the time that the Company would otherwise make a payment to
Executive but for the Code Section 162(m) limitations, the Company shall deposit an amount of cash
equal to the amount which is being deferred, into a rabbi trust (the “Section 162(m) Rabbi Trust”)
that has been established by the Company and is described in Section 6 hereof.

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     4. The last sentence in Section 5(d) shall be deleted and replaced with the following
sentence:

The amounts deferred pursuant to this Section 5 shall be paid to Executive in cash.

     5. Section 6 is amended to provide as follows:

     Rabbi Trusts. This Agreement requires the establishment by the Company of the Section
162(m) Rabbi Trust. In addition, this Agreement requires the Company to establish the SERP Rabbi
Trust, if Executive makes the Election (collectively, the “Rabbi Trusts”). The trustee of the
Section 162(m) Rabbi Trust shall invest any cash deposited in such trust pursuant to Section 5(c)
in accordance with the terms of the trust. If Executive makes the Election, the cash in the amount
of Executive’s SERP Benefit that is deposited in the SERP Rabbi Trust as a result of such Election
shall be invested in its entirety by the trustee in Company Stock as soon as reasonably practicable
and in compliance with applicable laws. It is understood and agreed by the parties that (i) the
Rabbi Trusts shall remain subject to the claims of the Company’s general creditors; (ii) any income
tax payable with respect to the Rabbi Trusts shall be the sole obligation and responsibility of the
Company (and shall not reduce the assets in the Rabbi Trusts so long as the Rabbi Trusts remain
“grantor trusts” for federal income tax purposes); and (iii) the establishment of the Rabbi Trusts
shall not relieve the Company of its liability to pay amounts due under this Agreement. The Rabbi
Trusts shall, however, relieve the Company of its liability to pay amounts due under this Agreement
to the extent that payments are made in accordance with the terms of this Agreement and the Rabbi
Trusts. Payments to Executive from the Rabbi Trusts shall be made in cash or, if Executive makes
the Election, payments to Executive from the SERP Rabbi Trust shall be made in Company Stock.

     6. Section 8(b) is amended to provide as follows:

     (b) Effect of Termination by Death. Upon the termination of Executive’s employment as
a result of Death, Executive’s estate shall be entitled to receive an amount equal to: (i) accrued
but unpaid Base Salary through the date of termination; (ii) a pro rata portion of Executive’s
Annual Bonus, if any, for the year in which termination occurs, (iii) any unpaid portion of the
Annual Bonuses for prior calendar years, accrued and unpaid vacation pay, un-reimbursed expenses
incurred pursuant to Section 4(b), (c), (f), (g), (h), or (i) and any other benefits owed to
Executive pursuant to any written employee benefit plan or policy of the Company, excluding
benefits payable pursuant to any plan beneficiary pursuant to a contractual beneficiary designation
by Executive, (iv) a pro-rata portion of the SERP Benefit with the vested portion of the SERP
Benefit equal to the sum of (a) the Initial SERP Benefit as adjusted for investment earnings (or
loss) accruals described in Section 4(a), and (b) the Additional SERP Benefit multiplied by a
fraction, the numerator of which is the total number of months (including any fractional month)
from May 2005 through the date of death (up to 60), and the denominator of which is 60; such vested
portion of the Additional SERP Benefit to include investment earnings (or loss) accruals described
in Section 4(a); (v) Executive’s stock options and equity incentive awards as of the date of death,
the vesting and exercise of which is governed by the Company’s 2006 Omnibus Incentive Plan; and
(vi) all of Executive’s stock options, which pursuant to the Company’s 2006 Omnibus Incentive Plan
are accelerated as of the date of death and are exercisable until the expiration of the stock
option term.

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     7. Section 8(c) is amended to provide as follows:

     (c) Effect of Termination for Permanent Disability. Upon the termination of
Executive’s employment hereunder as a result of Permanent Disability, Executive shall be entitled
to receive an amount equal to: (i) accrued but unpaid Base Salary through the date of termination;
(ii) a pro rata portion of Executive’s Annual Bonus, if any, for the year in which termination
occurs, (iii) any unpaid portion of the Annual Bonus for prior calendar years, long-term disability
benefits available to executives of the Company, accrued and unpaid vacation pay, un-reimbursed
expenses incurred pursuant to Section 4(b), (c), (f), (g), (h), or (i), and any other benefits owed
to Executive pursuant to any written employee benefit plan or policy of the Company; (iv) a
pro-rata portion of the SERP Benefit with the vested portion of the SERP Benefit equal to the sum
of (a) the Initial SERP Benefit, as adjusted for investment earnings (or loss) accruals described
in Section 4(a); and (b) the Additional SERP Benefit multiplied by a fraction, the numerator of
which is the total number of months (including any fractional month) from May 2005 through the date
of termination (up to 60), and the denominator of which is 60; such vested portion of the
Additional SERP Benefit to include investment earnings (or loss) accruals described in Section
4(a); (v) Executive’s vested stock options and equity incentive awards as of the date of
termination, the vesting of which is governed by the Company’s 2006 Omnibus Incentive Plan; and
(vi) all of Executive’s stock options, which pursuant to the Company’s 2006 Omnibus Incentive Plan
are accelerated as of the termination date and are exercisable until the expiration of the stock
option term. Payments to Executive hereunder shall be reduced by any payments received by
Executive under any worker’s compensation or similar law.

     8. The last sentence of Section 8(d) is amended to provide as follows:

     Executive shall also forfeit (a) any vested or unvested Additional SERP Benefit (but only if
such termination occurs prior to May 1, 2010) and (b) any right to an Annual Bonus for the calendar
year in which Executive’s termination occurs.

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

	 	 	 	 	 
	 	GAYLORD ENTERTAINMENT COMPANY

 	 
	 	By:  	/s/ Carter R. Todd
 	 
	 	 	Carter R. Todd, Executive Vice President 	 
	 	 	 	 
	 
	 	EXECUTIVE

 	 
	 	/s/ Colin V. Reed
 	 
	 	Colin V. Reed 	 
	 	 	 
	 

4EX-10.1

Exhibit 10.1

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

     THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is entered into as of the
19th day of December, 2008, by and between CATALYST PHARMACEUTICAL PARTNERS, INC., a
Delaware corporation (the “Company"), and PATRICK J. McENANY (the “Employee”).

     Capitalized terms not defined herein shall have the meaning ascribed thereto in the Employment
Agreement (as defined below).

     WHEREAS, the Company and the Employee are parties to that certain Employment Agreement
effective November 8, 2006 (the “Employment Agreement”); and

     WHEREAS, the parties mutually desire to amend certain terms and conditions of the Employment
Agreement.

     NOW, THEREFORE, in consideration of the mutual recitals and covenants contained herein and
other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties
agree as follows:

	1.	 	Sections 7.1, 7.2, 7.3 and 7.4 of the Employment Agreement are hereby amended to provide
that the accrued and unpaid Base Salary and Annual Bonus through the date of termination shall
be paid within 45 days of: a) termination or b) the end of the calendar year to which the
Annual Bonus relates, respectively.

	2.	 	Sections 7.5.2.(iv) and 7.6.2.(iv) of the Employment Agreement are hereby amended to: a)
remove the Company’s discretion to make payments in a form other than lump sum in the event
termination occurs within 2 years following the Change in Control; and b) to provide that
should the termination occur more than 2 years following the Change in Control, the payments
shall be made in the same form as if the Change in Control did not occur.

	3.	 	Sections 7.5 and 7.6 of the Employment Agreement are hereby amended to provide that the
payments described in Section 7.5.2.(iv) and 7.6.2.(iv) shall commence 45 days following the
termination, provided the Employee executes (and does not revoke prior to commencement of
payments, if applicable) the release described in Section 7.5.3 and 7.6.3 of the Agreement, no
later than 30 days following the date of termination. If such payments are to be made in
installments, such installments shall be made no less frequently than monthly.

	4.	 	Section 7.5 and 7.6 of the Employment Agreement are hereby further amended to provide that
the accrued and unpaid Base Salary and Annual Bonus through the date of termination shall be
paid within 45 days of: a) termination or b) the end of the calendar year to which the Annual
Bonus relates, respectively, provided the Employee executes (and does not revoke prior to
commencement of payments, if applicable) the release described in Section 7.5.3 and 7.6.3 of
the Agreement, no later than 30 days following the date of termination.

 

 

	5.	 	Section 7.6.4. of the Employment Agreement is hereby amended by deleting it in its entirety
and replacing it with the following:
	 
	 	 	“ For purposes of this Agreement, “Good Reason” shall mean, as determined by the Company,
the first occurrence, without the Employee’s consent, of either: (i) any material alteration
by the Company of Employee’s positions, functions, duties or responsibilities, including any
change that (a) alters Employee’s reporting responsibility or (b) causes Employee’s Position
with the Company to become of materially less importance than the applicable positions; (ii)
a material decrease in Employee’s Base Salary; (iii) failure of the Company to perform any
of its material obligations under this Agreement; or (iv) relocation of the principal office
of the Company outside fifty (50) miles of the greater Miami, Florida area; provided,
however, that Employee shall not be deemed to have terminated employment with the Company
for Good Reason unless: (i) Employee terminates employment no later than 90 days following
the initial existence of one or more of the above referenced conditions; and (ii) Employee
provides to the Company a written notice of the existence of the above-referenced
condition(s) within 90 days following the initial existence of such condition(s) and the
Company fails to remedy such condition(s) within 30 days following the receipt of such
notice.”

	6.	 	Section 7.6.5. of the Employment Agreement is hereby further amended to provide that no
Change in Control shall be deemed to occur unless the event(s) that cause(s) such Change in
Control also constitute(s) a “change in control event”, as such term is defined in Code
Section 409A (as defined below).

	7.	 	The Employment Agreement is hereby amended to add Section 21: Section 409A Compliance which
shall read as follows:

          “Section 409A Compliance

          21.1. General. It is the intention of both the Company and the Employee that the
benefits and rights to which the Employee could be entitled pursuant to this Agreement comply
with Section 409A of the Internal Revenue Code of 1986, as amended from time to time (the
“Code”), and its implementing regulations and guidance (“Code Section 409A”), to the extent
that the requirements of Code Section 409A are applicable thereto, and the provisions of this
Agreement shall be construed in a manner consistent with that intention. If the Employee or
the Company believes, at any time, that any such benefit or right that is subject to Code
Section 409A does not so comply, it shall promptly advise the other and shall negotiate
reasonably and in good faith to amend the terms of such benefits and rights such that they
comply with Code Section 409A (with the most limited possible economic effect on the Employee
and on the Company).

          21.2. Distributions on Account of Separation from Service. If and to the extent
required to comply with Code Section 409A, payment or benefit required to be paid under this
Agreement on account of termination of the Employee’s service, or any other similar term,
shall be made upon the Employee incurring a “separation from service” within the meaning of
Code Section 409A.

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          21.3. No Acceleration of Payments. Neither the Company nor the Employee,
individually or in combination, may accelerate any payment or benefit that is subject to Code
Section 409A, except in compliance with Code Section 409A and the provisions of this
Agreement, and no amount that is subject to Code Section 409A shall be paid prior to the
earliest date on which it may be paid without violating Code Section 409A.

          21.4. Treatment of Each Installment as a Separate Payment. For purposes of
applying the provisions of Code Section 409A to this Agreement, each separately identified
amount to which the Employee is entitled under this Agreement shall be treated as a separate
payment. In addition, to the extent permissible under Code Section 409A, any series of
installment payments under this Agreement shall be treated as a right to a series of separate
payments.

          21.5. Tax Gross-Ups. Notwithstanding anything in this Agreement to the contrary,
any payment, to the extent such payment constitutes deferral of compensation under Code
Section 409A, to reimburse the Employee in an amount equal to all or a designated portion of
the Federal, state, local, or foreign taxes imposed upon Employee as a result of compensation
paid or made available to the Employee by the Company, including the amount of additional
taxes imposed upon the Employee due to the Company’s payment of the initial taxes on such
compensation, shall be made no later than the end of the Employee’s taxable year next
following the Employee’s taxable year in which the Employee remits the related taxes.

          21.6. Six Month Delay for Specified Employees. If Employee is a “specified
employee,” as that term is defined for purposes of Code Section 409A, then no payment or
benefit that is payable on account of Employee’s “separation from service”, as that term is
defined for purposes of Code Section 409A, shall be made before the date that is six months
after Employee’s “separation from service” (or, if earlier, the date of Employee’s death) if
and to the extent that such payment or benefit constitutes deferred compensation (or may be
nonqualified deferred compensation) under Code Section 409A and such delay is required to
comply with the requirements of Code Section 409A. Any payment or benefit delayed by reason of
the prior sentence shall be paid out or provided in a single lump sum at the end of such
required delay period in order to catch up to the original payment schedule.

          21.7. Reimbursements and In-Kind Benefits. With respect to reimbursements and
in-kind benefits that may be provided under the Agreement (the “Reimbursement Plans”), to the
extent any benefits provided under the Reimbursement Plans are subject to Code Section 409A,
the Reimbursement Plans shall meet the following requirements:

     A. Reimbursement Plans shall use an objectively determinable nondiscretionary definition
of the expenses eligible for reimbursement or of the in-kind benefits to be provided;

     B. Reimbursement Plans shall provide that the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during Employee ‘s taxable year may not affect
the expenses eligible for reimbursement, or in-kind benefits to be provided, in any

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other taxable year, provided however, that Reimbursement Plans providing for
reimbursement of expenses referred to in Code Section 105(b) shall not fail to meet the
requirement of this paragraph 21.7.B. solely because such Reimbursement Plans provide for a
limit on the amount of expenses that may be reimbursed under such arrangements over some or
all of the period in which Reimbursement Plans remain in effect;

     C. The reimbursement of an eligible expense is made on or before the last day of
Employee’s taxable year following the taxable year in which the expense was incurred; and

     D. Right to reimbursement or in-kind benefits is not subject to liquidation or exchange
for another benefit.”

	8.	 	Except as otherwise specifically amended herein, the terms and provisions of the Employment
Agreement remain in full force and effect. This Amendment may be executed in counterparts.

[ SIGNATURES ON THE FOLLOWING PAGE ]

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     IN WITNESS WHEREOF, this Amendment has been duly executed and delivered by the Employee and by
a duly authorized officer of the Company as of the date first above written.

	 	 	 	 	 
	 	EMPLOYEE:

 	 
	 	/s/ Patrick J. McEnany
 	 
	 	Patrick J. McEnany 	 
	 	 	 
	 

	 	 	 	 	 
	 	CATALYST PHARMACEUTICAL PARTNERS, INC.

 	 
	 	By:  	/s/ Jack Weinstein
 	 
	 	 	Jack Weinstein, Chief Financial Officer 	 
	 	 	 	 
	 

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