{"id":39296,"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-glen.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-kaufman-and-broad-home-corp-and-glen","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-kaufman-and-broad-home-corp-and-glen.html","title":{"rendered":"Employment Agreement &#8211; Kaufman and Broad Home Corp. and Glen Barnard"},"content":{"rendered":"<pre>\nOctober 5, 1996\n\n\n\nGlen Barnard\n4500 South Downing\nEnglewood, CO 80110\n\nDear Glen:\n\nSincere congratulations on your recent promotion to Senior Vice President,\nRegional General Manager. I am extremely excited about the future of our Company\nwith this new structure. With your talent, skills and energy I am confident that\nwe will not only meet, but exceed our future goals!\n\nIn light of your promotion, I am pleased to confirm the following changes in\nyour compensation which will became effective September 1, 1996.\n\nTitle\/Position:   Senior Vice President, Regional General Manager\n                  Central Region\n                  President, Colorado Division\n\nBase Salary:      $250,000\n\nAuto Allowance:   $500 per month and gasoline credit card for business use.\n\nAuto Insurance:   Up to $1,000 reimbursement per year for your primary business\n                  vehicle.\n\nFiscal Year 1997 Incentive Compensation:\n\nFor fiscal year 1997, subject to the provisions below, you will be eligible to\nreceive 30% of Kaufman and Broad of Colorado, Inc.'s, incentive compensation\npool. The Division's pool will be generated by 7.5% of pre-tax profits\n(including KBMC pre-tax) for fiscal year ending November 30, 1997. In addition,\nan 'ROI Modifier' will be applied to the incentive pool based on the division's\nROI pre-tax performance. As you know, a Customer Satisfaction rating will also\neffect the incentive compensation pool. In addition, you will be eligible to\nreceive 5% of your Region's incentive compensation pool. The Region's pool will\nbe generated based on 7.5% of the total pretax of all divisions within the\nregion including KBMC pre-tax. Kaufman and Broad of Colorado, \n\n\n\n\n\nInc.'s pre-tax will be excluded from the Region's incentive pool. An 'ROI\nModifier' will be applied to the incentive compensation pool based on each\nDivision's ROI pre-tax performance.\n\nThe incentive award(s) described above shall only be earned in a lump sum after\nyour continuous employment with the Company through the expected payment date in\nJanuary, 1998. Earning of this incentive award is contingent upon such\ncontinuous employment with the Company through the January, 1998 payment date.\nIf you leave the Company or if your employment is terminated for any reason\nbefore such date, you will not have earned any portion of the incentive award.\n\nRestricted Stock: Should your TOTAL cash compensation (1997 base and earned\nincentive) exceed $750,000, any amounts over $750,000 will be received in the\nform of restricted stock. The stock will (cliff vest) two years from the award\ndate.\n\nIf additional incentive compensation is earned via the ROI modifier, the amount\nearned over target performance will also be paid in the form of restricted\nstock. The stock will (cliff vest) two years from the award date.\n\nStock Options: You have been granted 25,000 shares of stock options as of\nSeptember 26, 1997 at a price of $13.13. These options will vest over a three\nyear period, and become fully vested on September 26, 2000.\n\nBenefits Program: You will continue to be covered under the Comprehensive\nExecutive Benefits Program. If you have any questions regarding any of these\nbenefits please contact Kathy Knoblauch in Human Resources.\n\nExecutive Commitment:\n\na.       During the performance of your duties on behalf of the Company, you\n         will receive and be entrusted with certain confidential and\/or secret\n         information of a proprietary nature. You agree not to disclose or use,\n         during your employment or anytime thereafter, any such information\n         which is not otherwise publicly available.\n\nb.       Accordingly, you will not make any public statements concerning Kaufman\n         and Broad Home Corporation or any of their affiliates or subsidiaries\n         regarding your employment, unless previously approved by the Company.\n\nc.       You agree that in the event of your termination, you will not for a\n         period of one year thereafter employ nor seek to employ any person\n         employed by Kaufman and Broad Home Corporation or any of their\n         affiliates or subsidiaries.\n\nd.       You agree that during the term of your employment you will not engage,\n         as owner, part owner, stockholder (other than passive), director, joint\n         venturer, or otherwise, in any business competitive with Kaufman and\n         Broad Home Corporation or any of \n\n\n\n\n\n         their affiliates or subsidiaries. Nothing in this paragraph d. shall\n         prevent you from obtaining normal employment (after the termination of\n         your employment with the Company), in general industry, or housing\n         industry as long as you comply with the provisions of this letter.\n\nEmployment at Will; Termination: Nothing in this letter shall be construed as an\nemployment contract obligating the Company (expressly or implicitly) to employ\nyou for any specified period of time. Either party has the right to terminate\nthe employment relationship at any time with or without cause.\n\nLimitation: The compensation described in the preceding paragraphs represents\nour entire obligation to you during the term of your employment. Kaufman and\nBroad shall have no obligation to pay any compensation (in any form or any kind)\nto you in excess of the above described compensation unless our Human Resources\nDepartment has verified such increased compensation and processed a personnel\nchange notice reflecting such increase.\n\nEntire Agreement: This letter together with the documents referenced herein\ncontain all of the agreements and understandings regarding your employment and\nthe obligations of Kaufman and Broad in connection with employment. Kaufman and\nBroad has not made, nor are you relying upon any oral or written promises or\nstatements made by Kaufman and Broad or any agent of Kaufman and Broad except as\nexpressly set forth herein. This letter supersedes any and all prior agreements\nand understandings between you and Kaufman and Broad and alone expresses the\nagreement of the parties. This letter containing all of the agreements and\nunderstandings regarding your employment cannot be amended other than in writing\nby Kaufman and Broad.\n\nGlen, again I am delighted to have you on the Executive Committee team in a\nheightened leadership role. I look forward to working more closely with you and\nto the success we can all achieve!\n\n\nBest regards,\n\n\n\nBruce Karatz\nChairman, President &amp; CEO\n\n\nAgreed to and Acknowledged by:\n\n\n\/s\/ GLEN BARNARD               10\/10\/96\n---------------------------------------\nGlen Barnard                       Date\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-39296","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\/39296","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=39296"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39296"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39296"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}