EXHIBIT 10.8
AMENDMENT TO
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EXECUTIVE EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the
"Amendment") is made and entered into this 14th day of November, 2001, by and
between Xxxxxx X. Xxxxxxxxxxxxx (the "Executive") and M/I Schottenstein Homes,
Inc. (the "Company").
WHEREAS, effective August 9, 1994, the Executive and the
Company entered into an Executive Employment Agreement (the "Agreement"); and
WHEREAS, pursuant to Section 7(b) of the Agreement, the
Executive and the Company, by mutual agreement, may amend the Agreement from
time to time; and
WHEREAS, the Executive and the Company desire to amend certain
provisions of the Agreement.
NOW THEREFORE, the parties hereto agree to amend the Agreement
as follows:
1. A new Paragraph (c) shall be added to Section 3 to read as
..follows:
"(c) In addition to any payment required under either
Paragraph (a) or (b) of this Section 3, upon the death of
Executive, the Company shall pay to the Executive's designated
beneficiary (or if none designated, then to his estate) for a
three (3) year period, an annual amount equal to One Million
Dollars ($1,000,000) per annum. Notwithstanding any provision
contained herein, any amount payable under this Section 3(c)
shall be reduced (on a dollar for dollar basis) by any amount
paid to Executive prior to his death under the provisions of
Section 4(b)."
2. Paragraph (b) of Section 4 of the Agreement shall be deleted
in its entirety and the following shall be substituted therefor:
"(b) Upon Executive becoming disabled, the Company
shall pay Executive for the period of such disability not
exceeding three (3) years from the date he became disabled
(the "Disability Term"), annual compensation, payable in
accordance with the Company's payroll policy applicable to
executive management employees, in an amount equal to One
Million Dollars ($1,000,000) per annum."
3. Paragraph (c) of Section 4 of the Agreement shall be deleted
in its entirety and the remaining paragraphs in such Section 4 shall be
enumerated as paragraphs (c), (d) and (e). Further, the reference to "Section
4(d)" contained in the paragraph of Section 4 previously enumerated as paragraph
(e) shall be changed to a reference to "Section 4(c)."
4. Section 5 of the Agreement shall be deleted in its entirety
and enumerated as "Reserved."
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment on the date first set forth above.
EXECUTIVE M/I SCHOTTENSTEIN HOMES, INC.
____________________________________ By_________________________________
Xxxxxx X. Xxxxxxxxxxxxx
Title:_____________________________