THIRD AMENDMENT TO INDEPENDENT CONTRACTOR CONSULTING AGREEMENT
Ex. 10.5
THIRD AMENDMENT TO
This THIRD AMENDMENT TO INDEPENDENT CONTRACTOR CONSULTING AGREEMENT (‘Third Amendment”) is
made between SILVERLEAF RESORTS, INC., a Texas corporation (“Silverleaf”), and TRADEMARK
CONSULTING, CO., a Texas corporation (“Consultant”).
R E C I T A L S:
A. Silverleaf and Xxxxxx X. Xxxxxx (“Xxxxxx”) entered into an Independent Contractor
Consulting Agreement dated October 14, 2002 (“Consulting Agreement”);
B. The Consulting Agreement was amended by the First Amendment to Consulting Agreement dated
February 19, 2004 to, among other purposes, provide that the consulting services rendered
thereunder shall be provided by TradeMark, an affiliated company of Xxxxxx, instead of Xxxxxx
individually;
C. The Consulting Agreement was further amended by the Second Amendment to Consulting
Agreement dated March 4, 2005 to extend the term of the Consulting Agreement to March 15, 2006; and
D. Silverleaf and TradeMark now desire to further amend the Consulting Agreement.
NOW, THEREFORE, in consideration of the premises and terms hereinafter set forth, the parties
agree as follows:
A G R E E M E N T:
1. Section 1 of the Consulting Agreement, as amended, shall be amended to read in its entirety
as follows:
“Section 1. Retention. Consultant’s position as a consultant of Silverleaf is
hereby continued effective as of the Effective Date and for a term ending on the earlier of (i)
March 15, 2006 or (ii) the date on which Consultant shall be paid a success bonus as provided in
Section 3 hereof.”
2. Section 3 of the Consulting Agreement, as amended, shall be amended to read in its entirety
as follows:
(a) Reserved
(b) Expenses: Silverleaf shall also reimburse Consultant for all reasonable expenses
incurred by Consultant on behalf of Silverleaf in accordance with such guidelines as Silverleaf may
establish from time to time, including travel, lodging, meals and similar items.
(c) Success Bonus: If Consultant is successful in obtaining one new off-balance sheet
credit facility for Silverleaf which is approved by the Board of Directors after the date of this
Third Amendment and during the remaining Term of this Agreement, Silverleaf agrees to pay a success
bonus to Consultant on the closing of the new off-balance sheet credit facility. The Success Bonus
will be computed as follows: (1) $50,000.00 for a new off-balance sheet credit facility that
equals or exceeds $20,000,000.00 but that is less than $50,000,000.00; (2) $100,000.00 for a new
off-balance sheet credit facility that equals or exceeds $50,000,000.00 but that is less than
$100,000,000.00; or (3) one tenth of one percent (1/10th of 1%) of the principal amount
if the new off-balance sheet credit facility is equal to or exceeds $100,000,000.00. The Success
Bonus shall be computed on only the principal amount of the new off-balance sheet credit facility
that the lender is obligated to advance. The Success Bonus shall not apply to any extensions or
renewals of the principal amounts of Silverleaf’s current credit facilities.
3. Section 8 of the Consulting Agreement, as amended, is amended to read as follows:
“Section 8. Representation of Other Resort Companies. During the Term of this
Agreement, Consultant shall not be entitled to render consulting services to other owners of
timeshare membership resorts and timeshare vacation properties.”
4. Section 17 of the Consulting Agreement, as amended, is deleted in its entirety.
5. This Third Amendment is executed this 16th day of August, 2005 to be effective as of August
16, 2005 (the “Effective Date”).
| “SILVERLEAF” SILVERLEAF RESORTS, INC. |
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| By: | /S/ XXXXXX X. XXXX | |||
| Xxxxxx X. Xxxx, Chief Executive Officer | ||||
| “TRADEMARK” TRADEMARK CONSULTING, CO. |
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| By: | /S/ XXXXXX X. XXXXXX | |||
| Xxxxxx X. Xxxxxx, President | ||||
