1
EXHIBIT 10.14
AMENDMENT OF NONCOMPETITION AGREEMENT
This AMENDMENT OF NONCOMPETITION AGREEMENT is entered into as of June
1, 1998 by and among Xxxx X. Xxxxxx, Post Properties, Inc., a Georgia
corporation, and Post Apartment Homes, L.P., a Georgia limited partnership.
WHEREAS, the parties entered into a Noncompetition Agreement as of
July 22, 1993 (the "Noncompetition Agreement"); and
WHEREAS, the parties would now like to amend the Noncompetition
Agreement pursuant to Section 8(d) thereof.
NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the receipt and sufficiency of which hereby are
acknowledged, the parties hereto agree to amend the Noncompetition Agreement as
follows:
1.
Section 3.(a) of the Noncompetition Agreement shall be deleted and
replaced in its entirety by the following:
3.(a). Antipirating of Employees. Xxxxxx will not, during the
Restricted Period, seek to employ on his own behalf or on behalf of
any other person, firm, or corporation which engages, directly or
indirectly, in the development, operation, management, leasing, or
landscaping of a Multifamily Property, any person who was employed as
an employee by the Company or by any of the Service Companies in an
executive, managerial or supervisory capacity at any time during
Xxxxxx'x employment by the Company and who has not thereafter ceased
to be employed in such capacity by the Company or any of the Services
Companies for a period of at least one (1) year.
2.
Section 3.(b) of the Noncompetition Agreement shall be deleted and
replaced in its entirety by the following:
3.(b). Nonsolicitation of Customers. Xxxxxx will not, during the
Restricted Period, for purposes of competing with the Company or any
of the Service Companies, solicit or seek to solicit on his own behalf
or on behalf of any other person, firm, or corporation which engages,
directly or indirectly, in the development, operation, management,
leasing, or landscaping of a
2
Multifamily Property, any entity or person who was a customer of the
Company or any of the Services Companies, and with whom Xxxxxx had
personal business interaction, at any time (i) during Xxxxxx'x
employment by the Company for that period of the Restricted Period or
(ii) during the two (2) years immediately prior to the termination of
Xxxxxx'x employment by the Company for the post-termination period of
the Restricted Period.
3.
Section 8(g) of the Noncompetition Agreement shall be amended by
adding a new second sentence as follows:
All administrative costs of the arbitration, including the filing fee
and the fees and expenses of the arbitrator(s), shall be paid by the
Company regardless of the outcome of the arbitration.
4.
Except as stated above, the Noncompetition Agreement is not amended,
modified, or altered in any way and continues in full force and effect.
IN WITNESS WHEREOF, each of the undersigned has executed, or caused to
be executed on its behalf, this Amendment of Noncompetition Agreement as of the
date first set forth above.
POST PROPERTIES, INC.
By: Xxxx X. Xxxxxxxx
-----------------------------------
Xxxx X. Xxxxxxxx
Chief Executive Officer
POST APARTMENT HOMES, L.P.
By: Post Properties, Inc., Its General Partner
By: Xxxx X. Xxxxxxxx
-----------------------------------
Xxxx X. Xxxxxxxx
Chief Executive officer
3
Xxxx X. Xxxxxx
-----------------------------------
XXXX X. XXXXXX
