Letter Agreement Regarding Relocation Allowance Increase Between The First American Corporation and Anthony S. Piszel
This agreement is between The First American Corporation and Anthony S. Piszel. It increases Mr. Piszel's relocation allowance by $100,000 and expands the types of reimbursable relocation expenses to include costs related to both his former and new residences, such as rent, mortgage, taxes, and utilities. Mr. Piszel can use this allowance during his employment, but if he resigns before June 30, 2010 or before a specified company spin-off, he must repay any of the additional allowance used. Both parties have signed to confirm their acceptance of these terms.
Exhibit 10(b)
August 25, 2009
Anthony S. Piszel
1 First American Way
Santa Ana, California 92707
Dear Buddy:
Today our Compensation Committee approved increasing the relocation allowance referred to in section 4.5 of your Employment Agreement by $100,000. You will be permitted to use the allowance during your employment with First American until it has been fully utilized.
Additionally, the Committee approved expanding the category of relocation-related expenses that are reimbursable to you to include all expenses directly attributable to your lease and/or ownership of the residences from which and to which you have relocated in connection with your employment, including reimbursement of rental payments, mortgage payments of principal and interest, property taxes, utilities, maintenance, insurance and similar expenses directly associated with the lease or ownership of such residences.
In the event you voluntarily resign employment before the earlier of June 30, 2010 and the date we consummate our previously announced spin-off transaction, you agree to pay to First American whatever portion of this additional $100,000 has been utilized (it being understood that amounts utilized shall be deemed to be first drawn on your original allowance and then on the additional $100,000 allowance).
If you are in agreement with this arrangement, please so indicate by signing below.
Very truly yours,
| /s/ Parker S. Kennedy |
| Parker S. Kennedy |
| Chairman and Chief Executive Officer, |
The First American Corporation
Acknowledged and Agreed:
| /s/ Anthony S. Piszel |
| Anthony S. Piszel |
