AMENDMENT LETTERThousand Trails Inc /De/ • May 15th, 2003 • Hotels, rooming houses, camps & other lodging places
RE: Second Amendment (“Amendment”) to the Loan Agreement dated July 1, 2001 (all prior Amendments, Letter Agreements, this Amendment and the Loan Agreement together called the “Agreement”).
Re: Stock Option AgreementThousand Trails Inc /De/ • May 15th, 2003 • Hotels, rooming houses, camps & other lodging places
The undersigned holder of options to purchase shares of Thousand Trails, Inc. (the “Company”) hereby agrees that effective upon consummation of the merger of the Company with any other person approved by the directors and the stockholders of the Company in which the holders of common stock will receive cash, any and all options that I hold to purchase shares of common stock of the Company granted pursuant to the Company’s 1991 Employee Stock Incentive Plan, 1993 Stock Option and Restricted Stock Purchase Plan, 1993 Director Stock Option Plan, 1999 Stock Option and Restricted Stock Purchase Plan, 2001 Stock Option and Restricted Stock Purchase Plan and the Stock Option Agreement dated as of August 1, 1996 between the Company and William J. Shaw shall be automatically settled and I will be entitled to receive an amount in cash (if any, and less applicable withholding taxes) equal to the product of (i) the excess, if any, of the per share cash consideration in such merger in respect to a
