SEC Contract Filing

Filing Date: 2016-11-03

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d249965dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THIRD AMENDMENT TO </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYMENT AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS
THIRD AMENDMENT, effective as of July&nbsp;1, 2016 (this &#147;Amendment&#148;) by and between RYMAN HOSPITALITY PROPERTIES, INC., a Delaware corporation and successor in interest by merger to Gaylord Entertainment Company (the &#147;Company&#148;),
and BENNETT WESTBROOK, a resident of Brentwood, Williamson County, Tennessee (&#147;Executive&#148;), is to the Employment Agreement, dated as of February&nbsp;25, 2008 by and between Gaylord and Executive, as amended (the &#147;Agreement&#148;).
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>WITNESSETH: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Executive entered into the Agreement pursuant to which, among other things, the Company agreed to hire Executive as
one of its senior executives; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive has been promoted to the position of Executive Vice President and Chief
Development Officer, and the parties have agreed to make certain modifications to the Agreement in connection with such promotion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW,
THEREFORE, in consideration of the continued employment of Executive by the Company, the agreements made herein and in the Agreement, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree
as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>Amendment of Section&nbsp;2(a)(i) of the Agreement</U>. Section&nbsp;2(a)(i) of the Agreement is amended and restated in its entirety to provide as follows: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(i) During the Employment Period, Executive shall serve the Company as its Executive Vice President and Chief Development
Officer and report directly to the Company&#146;s Chief Executive Officer. Executive shall supervise the development and design and construction activities of the Company, and perform such other duties as the Company&#146;s Chief Executive Officer
shall reasonably determine.&#148; </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>Amendment of Section 3(a) of the Agreement.</U> Section&nbsp;3(a) of the Agreement is amended and restated in its entirety to provide as follows: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(a) <U>Base Salary</U>. The Company shall pay to Executive an annual salary of $375,000. Executive&#146;s annual salary
shall be reviewed annually by the Human Resources Committee of the Board of Directors (the &#147;Human Resources Committee&#148;), and any increase shall be made in the discretion of and approved by the Human Resources Committee and ratified by the
Board of Directors (such annual salary, together with any increases under this subsection (a), being herein referred to as the &#147;Base Salary&#148;).&#148; </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><U>Amendment of Section&nbsp;3(b) of the Agreement</U>. Section&nbsp;3(b) of the Agreement is amended and restated in its entirety to provide as follows: </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;(b) <U>Annual Cash Bonus</U>. Executive shall be eligible for an annual cash bonus equal to a target of 100% of
Executive&#146;s Base Salary, up to a maximum of 200% of Base Salary (the &#147;Annual Bonus&#148;), to be paid to him with respect to each calendar year, and shall be determined based on the achievement of certain goals and Company performance
criteria as established by the CEO and approved by the Human Resources Committee subject and pursuant to the terms and conditions of the company&#146;s Cash Incentive Plan, as it is amended from time to time. Subject to the Company&#146;s
determinations pursuant to the Cash Incentive Plan, the annual Bonus for each calendar year shall be paid to Executive on or before February&nbsp;28<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> of the immediately succeeding year.&#148;
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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