Exhibit 10.21
EMPLOYMENT AGREEMENT
Made on the 18th day of January, 1996 by and between Xxxxxxx Xxxxxxx, Inc.
dba American Home Mortgage dba American Brokers Conduit, 00 X. 00xx xxxxxx, Xxx
Xxxx, XX, (the "Employer") and Xxxxxx Xxx, 00 Xxxx Xxxxx Xxxx, Xxxx Xxxx, XX
00000 (the "Employee").
WHEREAS, the Employer is engaged in business as a mortgage banker; and
WHEREAS, the Employee seeks employment with the Employer as a Vice
President;
Now, therefore, in consideration of the mutual promises set forth herein,
IT IS AGREED, by and between the Employer and the Employee as follows:
1. Employment. The Employer hereby employs the Employee, and the Employee
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hereby accepts employment upon the terms and conditions of this Agreement.
2. Duties. The Employee shall perform services for the Employer as a Vice
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President, and shall have such duties as are customary for a Vice President in
the mortgage banking business, though the precise manner in which those duties
are to be performed and their extent and the precise title of the Employee will
rest within the sole discretion of the Employer. The Employee shall devote his
entire time, attention and energy in furtherance of the business of the
Employer, and shall not engage in any other business activity during the term of
this Agreement.
3. Term. The term of this Agreement shall commence on February 5, 1996 and
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shall continue until terminated by either party upon two weeks written notice to
the other party.
4. Compensation.
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A. Base Salary
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The employer will pay the Employee a base salary of $1,346.16 per week.
B. Override on Production
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The Employer will pay the Employee a production override of 1 basis point,
(1/100 of 1%) of the principal amount of all loans closed by the Employer which
were made to borrowers who submitted a loan application to the Employer during
the term of this Agreement.
Employer Initials [Inititals Appear Here] Employee Initials [Initials Appear Here]
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C. Guarantee The minimum compensation paid by the Employer to the Employee
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during a start-up period will be $105,000 per year.
D. Medical Insurance The Employer will pay the cost of its company
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medical plan as amended from time to time for the benefit of the Employee.
5. Waiver No waiver by the Employer of a breach of any provision this
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Agreement by the Employee shall operate or be construed as a waiver of any
subsequent breach by the Employee. No waiver shall be valid unless it is in
writing signed by the Employer.
6. Assignment The Employee acknowledges that his services are unique and
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personal, and that he may not assign his rights or delegate his duties
hereunder. This Agreement shall inure to the benefit of any successor or assign
of the Employer.
7. Applicable Law. This Agreement shall be construed in accordance with the
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laws of the State of New York for agreements entered into and to be wholly
performed therein.
8. Entire Agreement. This Agreement supercedes all prior agreements and
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contains the entire understanding of the parties hereto. It may only be modified
in writing signed by the Employer.
Xxxxxxx Xxxxxxx, Inc.
dba American Home Mortgage
dba American Brokers Conduit
By: /s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
/s/ Xxxxxx Xxx
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Xxxxxx Xxx
Page 2 of 2
LETTER AGREEMENT
AMENDING EMPLOYMENT AGREEMENT
August 26, 1999
Dear Xx. Xxx:
Reference is hereby made to your employment agreement, dated January 18, 1996
(the "Employment Agreement"), with American Home Mortgage Corp. (the "Company").
This letter agreement amends certain provisions of your Employment Agreement as
follows:
Your title shall be Senior Vice President, Production and Sales
Your 1999 base salary shall be $182,500.000
In addition, upon completion of the initial public offering of American Home
Mortgage Holdings, Inc. ("AHM"), you shall receive options to purchase such
number of shares of AHM Common Stock as is determined by dividing $150,000,000
by the initial public offering price per share of AHM Common Stock. Your options
will be subject to the terms and conditions of the 1999 Omnibus Stock Incentive
Plan of AHM and will vest on the closing of the second anniversary of AHM'S
initial public offering.
Other than the amendments expressly set forth therein, the terms of your
Employment Agreement shall remain in full force and effect.
Kindly acknowledge your acceptance of the terms of this letter agreement by
signing below and returning the signed original to the Company. Please keep a
copy of this letter agreement for your files.
Sincerely yours,
/s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
President and CEO Acknowledged and Accepted:
/s/ Xxxxxx X. Xxx
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Xxxxxx X. Xxx
