EXHIBIT 10.2
AGREEMENT
Made on the 6th day of January, 1989 by and between Xxxxxxx Xxxxxxx, Inc.
dba American Home Mortgage, 00 X. 00xx Xxxxxx, Xxx Xxxx, XX, (the "Employer")
and Xxxxxxx Xxxxxx, Xx., 00 Xxxxxxxxxx Xx., Xxxxxxxxx, XX, (the "Employee").
WHEREAS, the Employer is engaged in business as a mortgage broker; and
WHEREAS, the Employee seeks employment with the Employer as a mortgage loan
closer;
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
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mortgage loan closer, and shall have such duties as are customary for a mortgage
loan closer in the mortgage brokerage business, though the precise manner in
which those duties are to be preformed 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 futherence 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 the date hereof, and
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shall continue until terminated by either party upon two weeks written notice to
the other party.
4. Compensation. The Employer shall pay the Employee for all services
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rendered a salary of $25,000 per year payable in weekly installments.
5. Disclosure of Information. The Employee acknowledges that the list and
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identity of the lenders with which the Employer does business, and the manner in
which the Employer conducts its operations are valuable, special and unique
business assets, and the Employee hereby acknowledges that were they to be
divulged to third parties the Employer would suffer irreparable injury.
Therefore, the Employee expressly agrees that he shal1 not during or after the
term of his employment disclose the list and identity of the lenders with which
the Employer does business or the manner in which the Employer conducts its
operations to any person, firm, corporation or entity for any reason or purpose
whatsoever, nor shall the Employee either during the term hereof or thereafter
use those valuable, unique and special assets of the Employer in any manner for
his own profit.
6. Reasonable Restriction. The Employee expressly and unequivocally agrees
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that for a period of one year from the termination of this Agreement he shall
not in either the City of New York or in Nassau County or both, directly or
indirectly own, manage, operate, control, be employed by, participate in, or be
connected in any manner with a mortgage brokerage or business similar to the
business being conducted by the Employer when this Agreement terminates.
Notwithstanding the above, during the one year period after this agreement
terminates, within New York City or Nassau County the Employee may be employed
by a nationallly chartered or state chartered bank or savings and loan or a New
York State licensed Mortgage Banker as defined in the regulations of the New
York State Banking Department. Employee further agrees that this restriction is
reasonable, and the Employee represents that this restriction is in no manner
burdensome to the Employee.
7. Injunctive Relief. The Employee expressly agrees that the Employer shall
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be entitled to an injunction to restrain the Employee from any breach or
threatened breach by the Employee of the provisions of paragraphs 5 and 6 of
this Agreement. Notwithstanding the foregoing, the Employer may also pursue any
other available remedies for such breach or threatened breach, including the
recovery of damages from the Employee.
8. Waiver. No waiver by the Employer of a breach of any provision of the
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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.
9. Assignement. 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.
10. Applicable Law. This Agreement shall be construed in accordance with
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the laws of the State of New York for agreements entered into and to be wholly
preformed therein.
11. Entire Agreement. This Agreement supercedes all prior agreements, and
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contains the entire understanding to the parties hereto. It may only be modified
in writing signed by the Employer.
Xxxxxxx Xxxxxxx, Inc dba American Home Mortgage
BY: /s/ Xxxxxxx Xxxxxxx
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Xxxxxxx Xxxxxxx
/s/ Xxxxxxx Xxxxxx, Xx.
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Xxxxxxx Xxxxxx, Xx.
LETTER AGREEMENT
AMENDING EMPLOYMENT AGREEMENT
August 26, 1999
Dear Xx. Xxxxxx:
Reference is hereby made to your employment agreement, dated January 6, 1989
(the "Employment Agreement"), with Xxxxxxx Xxxxxxx, Inc. d/b/a 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, Operations
Your 1999 base salary shall be $260,000.00
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 $200,000.00 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 herein, 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/ Xxxxxxx Xxxxxx, Xx.
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Xxxxxxx Xxxxxx, Xx.
