{"id":39295,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-kaufman-and-broad-home-corp-and-bruce.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-kaufman-and-broad-home-corp-and-bruce","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-kaufman-and-broad-home-corp-and-bruce.html","title":{"rendered":"Employment Agreement &#8211; Kaufman and Broad Home Corp. and Bruce Karatz"},"content":{"rendered":"<pre>\nMr. David Maxwell\n5335 Wisconsin Avenue, NW\nSuite 440\nWashington, D.C. 20015\n\n\n\nFebruary 16, 1995\n\nMr. Bruce Karatz\n1212 La Mesa\nSanta Monica, California 90402\n\nRE: Amendments to Employment Agreement\n\nDear Bruce:\n\nThis letter is to confirm our understanding with regard to amending your\nexisting employment agreement dated January 4, 1988 (the 'Agreement') with\nKaufman and Broad Home Corporation (the 'Company') to comply with the\nrequirements of Section 162(m) of the Internal Revenue Code ('Section 162(m)').\n\nThis year the Company is submitting for stockholder approval an incentive\ncompensation plan entitled the 'Performance-Based Incentive Compensation Plan\nfor Senior Management' (the 'Plan') in an effort to qualify the compensation \npaid to you, as well as certain other executives of the Company, for tax\ndeductibility in accord with Section 162(m). The Compensation Committee has\nselected you to participate in the Plan, which specifies certain performance\ncriteria, including the Company's pre-tax income, that the Compensation\nCommittee will consider in making incentive compensation awards to you and other\nPlan participants. The Plan further provides that the Company's Chief Executive\nOfficer may not earn annual incentive cash compensation in excess of $3 million\nand no participant may receive an annual stock-based award in excess of 100,000\nshares.\n\nTo qualify future compensation paid to you under the Agreement for tax\ndeductibility, it is also necessary, and we have agreed to, amend the Agreement\nas of the date of this letter to provide that: (1) the Agreement will terminate\nimmediately on March 23, 1995 if the Plan is not approved by stockholders at\nthe Company's 1995 Annual Meeting of Stockholders and (2) if the Plan is\napproved by stockholders, all future incentive compensation awards made to you\npursuant to the Agreement will be \n\nmade under, and will comply with the limits and requirements set forth in, the\nPlan, including the $3 million limit on annual incentive cash compensation and\nthe 100,000 share annual limit on stock-based awards. No other terms in the     \nAgreement, including the incentive compensation formula set forth in Section\n4(b) thereof, are being amended by this letter.\n\nSincerely,\n\n\nDavid O. Maxwell\nChairman,\nPersonnel, Compensation\nand Stock Plan Committee\n\n\nAgreed and acknowledged\nthis 23 day of February, 1995:\n\n\n\n\/s\/ Bruce Karatz\n- ----------------------------\nBruce Karatz\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7964],"corporate_contracts_industries":[9480],"corporate_contracts_types":[9539,9544],"class_list":["post-39295","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-kb-home","corporate_contracts_industries-construction__contractors","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39295"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39295"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39295"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}