EXHIBIT 10.20
STATE OF NORTH CAROLINA FIRST AMENDMENT TO AMENDED AND
COUNTY OF GUILFORD RESTATED EXECUTIVE RETIREMENT
BENEFIT EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO AMENDED AND RESTATED EXECUTIVE RETIREMENT
BENEFIT EMPLOYMENT AGREEMENT (this "First Amendment") is entered into as of this
31st day of December, 1998, by and between OAKWOOD HOMES CORPORATION, a
North Carolina corporation with its principal executive offices in Greensboro,
North Carolina (the "Company"), and J. XXXXXXX XXXXXXX, residing at 0000
X'Xxxxxx Xxxxx, Xxxxxxxxxx, Xxxxx Xxxxxxxx ("Executive");
W I T N E S S E T H:
WHEREAS, the Company and Executive entered into an Amended and
Restated Executive Retirement Benefit Employment Agreement as of December ___,
1993 (the "Retirement Agreement"); and
WHEREAS, the Company and Executive desire to amend the Retirement
Agreement to make certain technical amendment and substitute the Schedules
attached hereto for the Schedules attached thereto;
NOW THEREFORE, the Company and Executive in consideration of the
mutual covenants and agreements hereinafter set forth and other valuable
considerations, do hereby agree as follows:
1. Amendment of Section 1(c).
Section 1(c) of the Retirement Agreement is hereby amended
by adding the word "annual" immediately preceding the word
"anniversary" contained therein so that such Section now reads as follows:
(c) Payment Period means the time beginning on
the first day of the calendar month in which Executive or
his beneficiary(ies) first receives, or should receive, a
benefit payment under this Agreement and ending on the last
day of the calendar month immediately preceding the
fifteenth (15th) annual anniversary of the receipt of said
initial payment.
2. Substitution of New Schedules. The Retirement Agreement is hereby
amended by deleting Schedules A, B, C, D and E attached to the Retirement
Agreement in their entirety and substituting therefor Schedules A, B, C, D and E
attached hereto.
3. Ratification; Confirmation. Except as amended hereby, all the
terms and conditions of the Retirement Agreement shall remain in full force and
effect, and are hereby ratified and confirmed in all respects.
4. Counterparts. This Amendment may be executed in any one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same agreement.
IN WITNESS WHEREOF, the parties have caused this First Amendment to
be executed and delivered as of the day and year first above set forth.
OAKWOOD HOMES CORPORATION
By: /s/ Xxxxxxxx X. St. Xxxxxx
-------------------------------
Xxxxxxxx X. St. Xxxxxx
Chairman and Chief
Executive Officer
(CORPORATE SEAL)
ATTEST:
/s/ Xxxxx X. Xxxxxxxx
------------------------------
Secretary
/s/ J. Xxxxxxx Xxxxxxx
-----------------------------(Seal)
J. Xxxxxxx Xxxxxxx
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SCHEDULE A
RETIREMENT BENEFIT PAYMENT SCHEDULE
J. XXXXXXX XXXXXXX
--------------------------------------------------------------------------------
AGE ON THE LAST DAY OF THE MONTH
IN WHICH RETIREMENT OCCURS MONTHLY BENEFIT
------------------------------------------------- ------------------------------
65 $26,300.42
64 23,482.51
63 20,966.53
62 18,720.12
61 16,714.39
60 14,923.56
------------------------------------------------- ------------------------------
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SCHEDULE B
CHANGE OF CONTROL BENEFIT PAYMENT SCHEDULE
J. XXXXXXX XXXXXXX
--------------------------------------------------------------------------------
AGE ON DATE OF TERMINATION MONTHLY BENEFIT
--------------------------------------------- ----------------------------------
54 $1,492.36
53 $2,984.71
52 $4,477.07
51 $5,969.42
50 $7,461.78
PRIOR TO 50 $14,923.56
--------------------------------------------- ----------------------------------
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SCHEDULE C
DEATH BENEFIT PAYMENT SCHEDULE
J. XXXXXXX XXXXXXX
--------------------------------------------------------------------------------
DEATH DURING THE YEAR
BEGINNING JANUARY 1, MONTHLY BENEFIT
--------------------------------------------------------------------------------
2015 $26,300.42
2014 24,811.71
2013 23,407.28
2012 22,082.34
2011 20,832.39
2010 19,653.20
2009 18,540.76
2008 17,491.28
2007 16,501.21
2006 15,567.18
2005 14,686.02
2004 13,854.73
2003 13,070.50
2002 12,330.66
2001 11,632.70
2000 10,974.24
1999 10,353.06
1998 9,767.04
1997 9,214.19
1996 8,692.63
1995 8,200.59
1994 7,736.41
1993 7,298.60
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SCHEDULE D
TERMINATION WITHOUT CAUSE PAYMENT SCHEDULE
J. XXXXXXX XXXXXXX
--------------------------------------------------------------------------------
AGE ON DATE OF TERMINATION MONTHLY BENEFIT
---------------------------------------------------- ---------------------------
65 $26,300.42
64 23,482.51
63 20,966.53
62 18,720.12
61 16,714.39
60 14,923.56
59 14,923.56
58 14,923.56
57 14,923.56
56 14,923.56
55 14,923.56
54 13,431.20
53 11,938.85
52 10,446.49
51 8,954.14
50 7,461.78
---------------------------------------------------- ---------------------------
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SCHEDULE E
APPROVED VOLUNTARY TERMINATION PAYMENT SCHEDULE
J. XXXXXXX XXXXXXX
--------------------------------------------------------------------------------
AGE ON DATE OF TERMINATION MONTHLY BENEFIT
------------------------------------------- ------------------------------------
59 $14,923.56
58 14,923.56
57 14,923.56
56 14,923.56
55 14,923.56
54 13,431.20
53 11,938.85
52 10,446.49
51 8,954.14
50 7,461.78
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