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EXHIBIT 10.16(i)
FIRST AMENDMENT TO
AMENDED AND RESTATED
EMPLOYMENT AND CONSULTING AGREEMENT
FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AND
CONSULTING AGREEMENT, dated as of February 11, 1997, between U.S. Home
Corporation (the "Company") and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ (the "Executive").
WHEREAS, the Company and the Executive are parties to an
Amended and Restated Employment and Consulting Agreement, dated as of October
17, 1995 (the "Agreement").
WHEREAS, the Company and the Executive intend to extend the
Employment Term (as defined in the Agreement) and, in consideration of such
extension, desire to amend the Agreement as hereinafter provided.
WHEREAS, Section 7(c) of the Agreement permits such amendment
by written agreement of both parties.
NOW THEREFORE, the Company and the Executive agree to amend
the Agreement as follows:
FIRST
Section 2 of the Agreement is hereby amended and restated in
its entirety, to read as follows:
"2. Term. The term of the Executive's employment
hereunder shall continue until June 20, 2000; provided,
however, that, unless either party otherwise elects by notice
in writing delivered to the other at least 90 days prior to
June 20, 1998, or any subsequent anniversary of June 20, 1998,
such term shall be automatically extended for one additional
year on June 20, 1998 (e.g., to June 20, 2001) and each
subsequent anniversary thereof,
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unless sooner terminated by the Executive's voluntary
resignation or otherwise terminated pursuant to the terms of
this Agreement (the "Employment Term")."
SECOND
Clause (ii) of Section 5(c) of the Agreement is hereby amended
and restated in its entirety, to read as follows:
"(ii) if such termination occurs during the
Employment Term, an amount equal to the bonuses earned,
including any amounts deferred, pursuant to Section 3(a)(ii)
hereof and Appendix A hereto or otherwise, in respect of the
most recently completed three calendar years;"
THIRD
Except as amended herein, the Agreement is hereby ratified and
confirmed and shall continue in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this
First Amendment as of the date first written above.
U.S. HOME CORPORATION
By:
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▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
President, Co-Chief Executive Officer
and Chief Operating Officer
EXECUTIVE
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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