Exhibit (e)(14)
AGREEMENT
June 14, 2002
The Genesee Company
The Fortress Group, Inc.
0000 Xxxxxx Xxxxxxxxx
Xxxxx 000
XxXxxx, XX 00000
Dear Sirs:
This Agreement is being written to induce Lennar Corporation and FG Acquisition
Corporation to enter into, and carry out the transactions contemplated by, a
Plan and Agreement of Merger dated June 14, 2002 among The Fortress Group, Inc.
(the "Company"), Lennar Corporation and FG Acquisition Corporation, including
aspects of those transactions which will be affected by an anticipated sale of
the Company's operations in Texas known as Wilshire Homes ("Wilshire Homes") to
an entity in which Xxxxx Xxxxx ("Xxxxx") will have an ownership interest.
Section 4.3 of the employment agreement between Xxxxx and the Company dated
January 1, 2001 (the "Employment Agreement"), provides that Xxxxx will be
entitled to severance pay and continued benefits if his employment is
terminated by the Company without cause or if he terminates his employment with
the Company for good reason (as defined in the Employment Agreement). Xxxxx
agrees that if there is a sale of Wilshire Homes (whether structured as a sale
of partnership interests, a sale of substantially all of the assets, or
otherwise) to an entity in which he has, or upon consummation of such sale will
obtain, an ownership interest and/or to an entity which retains him as an
employee, full time consultant or in a similar relationship, Xxxxx will not
have any right to receive payments or benefits pursuant to Section 4.3 of the
Employment Agreement, any rights Xxxxx might otherwise have being waived by
this Agreement.
This letter shall terminate and be of no further force and effect if the Plan
and Agreement of Merger described in the first paragraph of this agreement is
not entered into.
Very truly yours,
/s/ Xxxxx Xxxxxx Xxxxx
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Xxxxx Xxxxxx Xxxxx
