AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Ex.
10.2
AMENDMENT
NO. 1
THIS
AMENDMENT NO. 1 TO EMPLOYMENT
AGREEMENT (“Amendment”) between
Silverleaf Resorts, Inc. (“Silverleaf”) and
Xxxxx X. Xxxxx, Xx. (“Employee”) is entered
into effective as of February 4, 2008.
R
E C I T A L S:
A.
Silverleaf and Employee previously entered into that certain Employment
Agreement, dated effective as of January 1, 2007 (“EmploymentAgreement”),
pursuant
to which Employee was employed as the Chief Financial Officer of
Silverleaf.
B.
Employee has announced his intention to resign as Chief Financial Officer of
Silverleaf effective as of February 4, 2008 and as a full-time officer and
employee of the Company effective as of May 8, 2008.
C.
Silverleaf and Employee have agreed that Employee will continue to serve as
Chief Accounting Officer of Silverleaf from February 4, 2008 through May 8,
2008, and will additionally assist in such capacity in the transition of his
duties as Chief Financial Officer to his successor elected by the Silverleaf
Board of Directors.
D.
Employee has further agreed to provide consulting services to Silverleaf after
May 8, 2008 on such terms and conditions as Employee and Silverleaf may mutually
agree.
NOW,
THEREFORE, in consideration of the
premises and terms hereinafter set forth, the parties agree as
follows:
AGREEMENT
1.
Employee hereby resigns as Chief Financial Officer effective as of February
4,
2008.
2.
Employee shall serve as Chief Accounting Officer from February 4, 2008 through
May 8, 2008. In addition to his duties as Chief Accounting Officer, Employee
shall assist in the transfer of the duties and responsibilities of the office
of
Chief Financial Officer to the person elected by the Board of Directors to
fill
such office. Employee shall also provide such additional services to Silverleaf
as reasonably requested by the Board of Directors or the Chief Financial Officer
of Silverleaf.
3.
Employee’s resignation as Chief Accounting Officer shall be effective on May 8,
2008 with no further action required of Employee or Silverleaf.
4.
Except to the extent that such terms conflict with the terms of this Amendment,
the terms of the Employment Agreement, including but not limited to Employee’s
salary and benefits, shall remain in full force and effect as set forth
therein.
IN
WITNESS WHEREOF, this Amendment is
executed to be effective as of the date set forth above.
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“SILVERLEAF”:
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SILVERLEAF
RESORTS, INC.
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By:
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/S/
XXXXXX X. XXXX
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Xxxxxx
X. Xxxx, Chief Executive Officer
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“EMPLOYEE”:
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/S/
XXXXX X. XXXXX, XX.
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Xxxxx
X. Xxxxx, Xx.
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