AMENDMENT TO SEPARATION AND GENERAL RELEASE AGREEMENT
Exhibit 10.24
AMENDMENT TO
SEPARATION AND GENERAL RELEASE AGREEMENT
SEPARATION AND GENERAL RELEASE AGREEMENT
This AMENDMENT TO SEPARATION AND GENERAL RELEASE AGREEMENT (the “Amendment”) is dated as of
June 1, 2007, between Archstone-Xxxxx Operating Trust (the “Operating Trust”), Archstone-Xxxxx
Trust (“ASN”) (Operating Trust and ASN are referred to hereinafter as the “Company”), and J.
Xxxxxxx Xxxxxxx (the “Executive”) and shall be effective upon the consummation of the Merger (as
defined below).
WHEREAS, the Management Development and Executive Compensation Committee (the
“Committee”) of the Board of Trustees of the Company approved the general terms of a
Separation and General Release Agreement (the “Agreement”) as of March, 7, 2007 and the
Executive and the Company entered into the Agreement as of May 9, 2007, effective as of
December 31, 2007; and
WHEREAS, the parties desire to enter into this Amendment to revise the terms of the
Agreement to provide for specified payments to Xx. Xxxxxxx in connection with his remaining an
employee of the Company following the consummation of the merger contemplated by the Agreement
and Plan of Merger among Operating Trust, ASN, River Holding, LP, River Acquisition (MD), LP
and River Trust Acquisition (MD), LLC (the “Merger”);
NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements of the
parties contained herein and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows:
1. This Amendment shall be effective as of the consummation of the Merger.
2. Section 2 of the Agreement shall be amended by adding the following new sentence to the
end:
“If Xxxxxxx remains employed with the Company following the consummation of the Merger and
through the Resignation Date or if Xxxxxxx is terminated without cause following the consummation
of the Merger and on or prior to the Resignation Date, Xxxxxxx will be entitled to an additional
cash payment of $1,000,000 to be paid by January 15, 2008.”
3. Section 3 of the Agreement shall be amended by deleting the existing Section 3 in its
entirety and adding the following new Section 3:
“3. Cash Equivalent RSU Award. In lieu of receiving an award of restricted share units under
the Archstone-Xxxxx Trust 2001 Long-Term Incentive Plan (the “LTIP”), Xxxxxxx will receive a cash
payment that is equal to the award of restricted share units that Xxxxxxx would have received under
the LTIP for the 2007 performance year consistent with the criteria previously established by the
Committee for the year and based on the performance of the Company up to the consummation of the
Merger where appropriate and based on the Company’s entire 2007 performance where appropriate.
Such payment , which, based on the Agreement would have been paid over a three year period
without
requiring Xxxxxxx’x continued employment by the Company after December 31,
2007, will now be determined by the Company or its successors in December 2007 and will be paid by
January 15, 2008.”
4. Section 4 of the Agreement shall be amended by deleting the existing Section 4 in its
entirety and replacing it with the following new Section 4:
“4. Intentionally Omitted.”
5. Section 5 of the Agreement shall be amended by adding the following sentence before
subsection (a):
“Xxxxxxx shall be entitled to receive a bonus award in respect of the Company’s 2007
performance in accordance with the terms previously established by the Committee in 2005 and
communicated to Xxxxxxx.”
6. Section 6 of the Agreement shall be amended by deleting the existing Section 6 in its
entirety and adding the following new Section 6:
“The parties agree that the Change in Control Agreement between Xxxxxxx and the Company dated
August 12, 2002 shall terminate and be of no force and effect upon the earlier of the consummation
of the Merger and the Resignation Date, with the exception of Section 9 thereof which shall
continue in effect.”
7. Except as otherwise provided herein, the Agreement shall remain in full force and
effect in accordance with its original terms.
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment on
,
2007.
| ARCHSTONE-XXXXX TRUST | ||||||||||||
Date:
|
8/22/07 | By: | /s/ R. Xxxxx Xxxxxxx | |||||||||
| Title: CEO | ||||||||||||
| ARCHSTONE-XXXXX OPERATING TRUST | ||||||||||||
Date:
|
8/22/07 | By: | /s/ R. Xxxxx Xxxxxxx | |||||||||
| Title: CEO | ||||||||||||
| J. XXXXXXX XXXXXXX | ||||||||||||
Date: |
8/22/07 | /s/ J. Xxxxxxx Xxxxxxx | ||||||||||
