Document:

exv10w31

 

EXHIBIT
10.31

Officer Compensation

2005

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Salary	 	 	Bonus	 	 	Stock Option	 	Restricted Stock
	Name	 	Amount	 	 	Amount	 	 	Award	 	Award
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	James J. Giancola,
	 	$	535,000	 	 	$	374,500	 	 	 	—	 	 	 	179,316	 (1)(2)
	President and Chief Executive Officer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Thomas A. Caravello,
	 	$	168,000	 	 	$	40,000	 	 	 	4,000	 	 	 	2,500	 
	Executive Vice President
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	of Midwest Bank and Trust Company
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Sheldon Bernstein,
	 	$	181,245	 	 	$	42,000	 	 	 	4,000	 	 	 	2,500	 
	Executive Vice President
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	of Midwest Bank and Trust Company
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Daniel R. Kadolph,
	 	$	148,205	 	 	$	30,000	 	 	 	2,000	 	 	 	2,000	 
	Senior Vice President
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	and Chief Financial Officer
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Mary M. Henthorn,
	 	$	179,138	 	 	$	42,000	 	 	 	4,000	 	 	 	2,500	 
	Executive Vice President
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	of Midwest Bank and Trust Company
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Edward H. Sibbald, (3)
	 	$	184,000	 	 	$	—	 	 	 	—	 	 	 	—	 
	Executive Vice President
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	of Midwest Bank and Trust Company
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	(1)	 	Includes 150,000 shares pursuant to Mr. Giancola’s employment agreement dated
September 28, 2004; 30,000 shares vested January 1, 2005 and the remaining 120,000 shares will
vest 30,000 each on January 1 of 2006, 2007, 2008, and 2009.
	 
	(2)	 	Includes 29,316 shares in lieu of stock options for 100,000 shares of the
Company’s common stock pursuant to the amendment on December 29, 2005 to Mr. Giancola’s
employment agreement dated September 28, 2004.
	 
	(3)	 	Employment ended December 31, 2005.

Each of the officers listed above have been granted a transitional employment agreement and
participate in the supplemental executive retirement plan.exv10w32

 

EXHIBIT
10.32

Director Compensation

     During the fourth quarter of 2005, the Board of Directors of Midwest Banc Holdings, Inc. or
its subsidiary, Midwest Bank and Trust Company, established directors fees for 2006 for non-officer
directors as follows:

	 	 	 	 	 
	 	 	Midwest Banc Holdings, Inc.	 	Midwest Bank and Trust Company
	 
	Board Meetings:

	 	$1,000 per meeting attended
	 	$1,000 per meeting attended
	 
	 	 	 	 
	Committee Meetings:

	 	$750 per meeting attended for Audit

Committee members	 	 
	 
	 	 	 	 
	 

	 	$500 per meeting attended for
Corporate Governance and Nominating
Committee members	 	 
	 
	 	 	 	 
	 

	 	$500 per meeting attended for

Compensation Committee members	 	 
	 
	 	 	 	 
	 

	 	$500 per meeting attended for

Strategic Opportunities Committee

members	 	 
	 
	 	 	 	 
	 

	 	$500 per meeting attended for Asset

Liability Committee members	 	 
	 
	 	 	 	 
	Annual Retainer:

	 	$15,000 for Board
	 	$15,000 for Board
	 
	 	 	 	 
	 

	 	$18,000 for Audit Committee Chairman	 	 
	 
	 	 	 	 
	 

	 	$2,500 for Corporate Governance and
Nominating Chairman, Compensation
Committee Chairman, Strategic
Opportunities Committee Chairman,
and Asset Liability Committee
Chairman<PAGE>

                                                                     Exhibit 4.7

                          SECOND SUPPLEMENTAL INDENTURE

            Second Supplemental Indenture (this "SECOND SUPPLEMENTAL
INDENTURE"), dated as of November 29, 2004, among the subsidiaries listed on
Schedule I attached hereto (each a "GUARANTEEING SUBSIDIARY"), all subsidiaries
of Gaylord Entertainment Company (or its permitted successor), a Delaware
corporation (the "COMPANY"), and U.S. Bank National Association, a national
banking corporation (or its permitted successor), as trustee under the Indenture
referred to below (the "TRUSTEE").

                                   WITNESSETH

            WHEREAS, the Company and the other Guarantors party thereto have
heretofore executed and delivered to the Trustee an indenture (the "INDENTURE"),
dated as of November 12, 2003 providing for the issuance of 8% Senior Notes due
2013 (the "NOTES") and a First Supplemental Indenture (the "FIRST SUPPLEMENTAL
INDENTURE"), dated as of November 20, 2003 (the First Supplemental Indenture
together with the Indenture referred to herein as the "INDENTURE");

            WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally
guarantee all of the Company's obligations under the Notes and the Indenture on
the terms and conditions set forth herein (the "NOTE GUARANTEE"); and

            WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Second Supplemental Indenture.

            NOW THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

            1. Capitalized Terms. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

            2. Agreement to Guarantee.

      (a) The Guaranteeing Subsidiary, along with all other Guarantors, jointly
and severally, and fully and unconditionally, guarantees to each Holder of a
Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the
Indenture, the Notes or the obligations of the Company hereunder or thereunder,
that:

                  (i) the principal of, premium, if any, and interest and
Liquidated Damages, if any, on the Notes will be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on
the overdue principal of, premium, if any, and interest and Liquidated Damages,
if any, on the Notes, if lawful (subject in all cases to any

<PAGE>

applicable grace period provided herein), and all other obligations of the
Company to the Holders or the Trustee hereunder or thereunder will be promptly
paid in full or performed, all in accordance with the terms hereof and thereof;
and the principal of, premium, if any, and interest and Liquidated Damages, if
any, on the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal
of, premium, if any, and interest and Liquidated Damages, if any, on the Notes,
if lawful (subject in all cases to any applicable grace period provided herein)

                  (ii) in case of any extension of time of payment or renewal of
any Notes or any of such other obligations, the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. Failing
payment when due of any amount so guaranteed or any performance so guaranteed
for whatever reason, the Guarantors shall be jointly and severally obligated to
pay the same immediately. The Guaranteeing Subsidiary agrees that this is a
guarantee of payment and not a guarantee of collection.

      (b) The Guaranteeing Subsidiary hereby agrees that, to the maximum extent
permitted under applicable law, its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the
Notes or the Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action
to enforce the same or any other circumstance that might otherwise constitute a
legal or equitable discharge or defense of a Guarantor.

      (c) The Guaranteeing Subsidiary, subject to Section 6.06 of the Indenture,
hereby waives diligence, presentment, demand of payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest, notice and all demands
whatsoever and covenants that this Note Guarantee shall not be discharged except
by complete performance of the obligations contained in the Notes and the
Indenture.

      (d) The Guaranteeing Subsidiary agrees that if any Holder or the Trustee
is required by any court or otherwise to return to the Company, the Guarantors,
or any custodian, trustee, liquidator or other similar official acting in
relation to any of the Company or the Guarantors, any amount paid by any of them
to the Trustee or such Holder, this Note Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect.

      (e) The Guaranteeing Subsidiary agrees that the Guaranteeing Subsidiary
shall not be entitled to any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby.

      (f) The Guaranteeing Subsidiary agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (x) the
maturity of the obligations guaranteed hereby may be accelerated as provided in
Article Six of the Indenture for the purposes of this Note Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the
event of any declaration of acceleration of such obligations as provided in
Article Six of the Indenture, such obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purpose of this
Note Guarantee.

                                       2

<PAGE>

      (g) The Guaranteeing Subsidiary shall have the right to seek contribution
from any non-paying Guarantor so long as the exercise of such right does not
impair the rights of Holders under the Note Guarantee.

      (h) The Guaranteeing Subsidiary confirms, pursuant to Section 10.02 of the
Indenture, that it is the intention of such Guaranteeing Subsidiary that its
Note Guarantee not constitute (i) a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to its Note Guarantee or (ii) an unlawful distribution under any
applicable state law prohibiting shareholder distributions by an insolvent
subsidiary to the extent applicable to its Note Guarantee, and, to effectuate
the foregoing intention, agrees hereby irrevocably that the obligations of such
Guaranteeing Subsidiary will be limited to the maximum amount as will, after
giving effect to all other contingent and fixed liabilities of such Guaranteeing
Subsidiary that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other
Guarantor under Article Ten of the Indenture, result in the obligations of such
Guaranteeing Subsidiary under its Note Guarantee not constituting a fraudulent
transfer or conveyance or such an unlawful shareholder distribution.

            3. Execution and Delivery. The Guaranteeing Subsidiary agrees that
the Note Guarantees shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Note Guarantee.

            4. Guaranteeing Subsidiary May Consolidate, Etc., on Certain Terms.

      (a) A Guarantor may not sell or otherwise dispose of all or substantially
all of its assets, or consolidate with or merge with or into (whether or not
such Guarantor is the surviving Person) another Person, other than the Company
or another Guarantor, unless:

                  (i) immediately after giving effect to that transaction, no
Default or Event of Default exists; and

                  (ii) either:

                        (A) the Person acquiring the property in any such sale
                  or disposition or the Person formed by or surviving any such
                  consolidation or merger (if other than the Guarantor) is a
                  corporation or limited liability company organized or existing
                  under the laws of the United States, any state thereof or the
                  District of Columbia and assumes all the obligations of that
                  Guarantor under the Indenture, its Note Guarantee and the
                  Registration Rights Agreement pursuant to a supplemental
                  indenture reasonably satisfactory to the Trustee; or

                        (B) such sale or other disposition or consolidation or
                  merger complies with Section 4.10 of the Indenture.

                                       3

<PAGE>

      (b) In case of any such consolidation, merger, sale or conveyance and upon
the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and satisfactory in form to the Trustee, of the Note
Guarantee endorsed upon the Notes and the due and punctual performance of all of
the covenants and conditions of the Indenture to be performed by a Guarantor,
such successor Person shall succeed to and be substituted for a Guarantor with
the same effect as if it had been named herein as a Guarantor. Such successor
Person thereupon may cause to be signed any or all of the Note Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee. All the Note
Guarantees so issued shall in all respects have the same legal rank and benefit
under the Indenture as the Note Guarantees theretofore and thereafter issued in
accordance with the terms of the Indenture as though all of such Note Guarantees
had been issued at the date of the execution hereof.

      (c) Except as set forth in Articles 4 and 5 of the Indenture, and
notwithstanding clauses (i) and (ii) of Section 4(a) above, nothing contained in
the Indenture or in any of the Notes shall prevent any consolidation or merger
of a Guarantor with or into the Company or another Guarantor, or shall prevent
any sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Company or another Guarantor.

            5. Release.

      (a) Any Guarantor will be released and relieved of any obligations under
its Note Guarantee, (i) in connection with any sale or other disposition of all
of the Capital Stock of that Guarantor to a Person that is not (either before or
after giving effect to such transaction) an Affiliate of the Company, if the
sale of all such Capital Stock of that Guarantor complies with Section 4.10 of
the Indenture; (ii) if the Company properly designates that Guarantor as an
Unrestricted Subsidiary under the Indenture or (iii) solely in the case of a
Note Guarantee created pursuant to the second sentence of Section 4.18(a) of the
Indenture, upon the release or discharge of the Guarantee which resulted in the
creation of such Note Guarantee pursuant to Section 4.18(b) of the Indenture,
except a discharge or release by or as a result of payment under such Guarantee.
Upon delivery by the Company to the Trustee of an Officers' Certificate and an
Opinion of Counsel to the effect that one of the foregoing requirements has been
satisfied and the conditions to the release of a Guarantor under this Section 5
have been satisfied, the Trustee shall execute any documents reasonably required
in order to evidence the release of such Guarantor from its obligations under
its Note Guarantee.

      (b) Any Guarantor not released from its obligations under its Note
Guarantee shall remain liable for the full amount of principal of and interest
and Liquidated Damages, if any, on the Notes and for the other obligations of
any Guarantor under the Indenture as provided in Article Ten of the Indenture.

            6. No Recourse Against Others. Pursuant to Section 12.07 of the
Indenture, no director, officer, employee, incorporator or stockholder of the
Guaranteeing Subsidiary shall have any liability for any obligations of such
Guaranteeing Subsidiary under the Notes, the Indenture, the Note Guarantees or
for any claim based on, in respect of, or by reason of, such obligations or
their creation.

                                       4

<PAGE>

            7. NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE.

            8. Counterparts. The parties may sign any number of copies of this
Second Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement.

            9. Effect of Headings. The Section headings herein are for
convenience only and shall not affect the construction hereof.

            10. Trustee. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Second
Supplemental Indenture or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Guaranteeing Subsidiary and the
Company.

                            [SIGNATURE PAGE FOLLOWS]

                                       5

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed and attested, all as of the date
first above written.

Dated: November 29, 2004

                                  GAYLORD NATIONAL, LLC, a Maryland
                                  limited liability company

                                  By: /s/ David C. Kloeppel
                                      ------------------------------------------
                                       Name: David C. Kloeppel
                                       Title: Executive Vice President

                                  REALTY REFERRAL CONSULTANTS, LLC, a
                                  Florida limited liability company

                                  By: /s/ David C. Kloeppel
                                      ------------------------------------------
                                       Name: David C. Kloeppel
                                       Title: Executive Vice President

                                  GAYLORD ENTERTAINMENT COMPANY

                                  By: /s/ David C. Kloeppel
                                      ------------------------------------------
                                       Name: David C. Kloeppel
                                       Title: Executive Vice President and Chief
                                              Financial Officer

                                  U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE

                                  By: /s/ Lori-Anne Rosenberg
                                      ------------------------------------------
                                       Name: Lori-Anne Rosenberg
                                       Title: Vice President

                                       S-1

<PAGE>

                                   SCHEDULE I

1.    Gaylord National, LLC (Maryland)
2.    Realty Referral Consultants, LLC (Florida)

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