Attached files
| file | filename |
|---|---|
| 8-K - Green Brick Partners, Inc. | v179890_8k.htm |
Offer of
Employment
Daniel J.
Simon
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Title:
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Executive
Vice-President, Chief Operating Officer
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|
Location:
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Denver,
CO
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Direct
Supervisor:
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Scott
Pearce, Chief Executive Officer
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Targeted
Start Date:
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Immediately
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Base
Salary:
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$270,000
per annum
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Performance
Bonus:
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You
will be eligible to participate in the company’s annual bonus program in
an amount up to 65% of base salary, based on achieving the performance
goals set by the Company’s Board of Directors. The bonus will
be paid annually, typically in March following the completion of a
performance review and closing of the Company’s financial and operating
results in February. You will begin participation in the
Performance Bonus program in 2010. The terms and conditions,
including amount, of the bonus plan shall be at the sole discretion of the
Board.
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|
Stock
Options:
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You
will be eligible to participate in BioFuel Energy’s employee stock
incentive program, which grants are subject to Board
approval. Your grant of 150,000 stock options has been approved
by the Board, and the date of such grant will be the date of your
acceptance of this offer.
|
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Vacation:
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Senior
executives are expected to take paid time off to the extent their work
schedules and executive duties permit.
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Benefits:
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Medical,
dental, life and disability insurances, and the Company 401(k) retirement
plan.
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Severance:
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Upon
termination of your employment without “Cause” (as defined in your
expiring Executive Employment Agreement (the “Agreement”)), or upon your
termination of employment for “Good Reason” (also as defined in the
Agreement), you will be entitled to and the Company shall pay to you
severance equal to twelve (12) months of your base salary, and your
health benefit coverage will be continued by the Company, at the Company’s
expense, for 12 months pursuant to COBRA; provided that, if your
employment is terminated following a “Change of Control” (as defined under
the Company’s Change of Control Plan (the “Plan”)) you will be entitled to
the severance provided for Executives under the Plan, in lieu of the
severance provided above and notwithstanding your previous exclusion from
the Plan. For the avoidance of doubt, nothing contained herein
shall limit your ability, or that of the Company, to terminate your
employment at any time, with or without Cause or notice.
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Release/Non-Compete:
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Upon
termination of your employment, and as a condition to receiving the
severance payments described above, you will execute a general Release,
and enter into a non-competition agreement with the Company, in
substantially the forms referred to in or attached to the
Agreement.
|
The
indemnification provisions contained in paragraph 10 of the Agreement are
expressly incorporated into this offer, and shall remain in full force and
effect. Except for the immediately foregoing, this offer supersedes
the Agreement in its entirety and, upon acceptance by the Executive, shall
constitute a written amendment to the Agreement as provided under Paragraph 17
thereof, and thereafter govern the respective obligations of the Executive and
the Company. The parties may refer to the Agreement to the extent
that particular definitions and other provisions are expressly incorporated in
this offer.
Your
signature below confirms that the Company has offered the above employment offer
to you and that you have accepted the offer on the terms and conditions provided
above. This job offer is contingent upon approval by the Company’s
Board of Directors; provided
that, the stock option grant, severance, and salary provisions shall be
implemented immediately upon your acceptance of this offer.
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/s/
Daniel J. Simon
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3/9/10
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Daniel
J. Simon
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Date
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/s/
Scott
Pearce
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3/9/10
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Scott
Pearce, Chief Executive Officer
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Date
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