Hovnanian Enterprises Change in Control Severance Protection Agreement Amendment (2015)
This letter agreement between Hovnanian Enterprises, Inc. and the employee updates the employee's existing Change in Control Severance Protection Agreement. It confirms that the severance protections related to the company's 2010 Long Term Incentive Program will also apply equally to incentive grants under the 2013 Long Term Incentive Program and any similar future programs. The agreement ensures the employee receives the same rights and payments for these programs in the event of a qualifying termination.
Exhibit 10(a)
[Hovnanian Letterhead]
February ___, 2015
[Name]
[Address]
Re: Change in Control Severance Protection Agreement
Dear ____________:
Reference is made to your Change in Control Severance Protection Agreement with Hovnanian Enterprises, Inc. (the “Company”), dated as of January 18, 2012 (the “Agreement”). Capitalized terms used herein without definition have the meanings assigned to such terms under the Agreement.
Pursuant to Section 4(a)(iii) of the Agreement, in the event of your Qualifying Termination, you will be entitled to receive (among other payments and benefits) certain rights and payments with respect to the Company’s 2010 Long Term Incentive Program (the “LTIP”). This letter agreement is intended to confirm the Company’s mutual understanding and agreement with you that the provisions of Section 4(a)(iii) of the Agreement with respect to your LTIP rights shall be deemed to apply pari passu to any incentive grants awarded to you under the Company’s 2013 Long Term Incentive Program or any future similar Long Term Incentive Program that may be adopted by the Company from time to time.
Very truly yours,
HOVNANIAN ENTERPRISES, INC.
[Name]
[Title]
Acknowledged and agreed:
__________________________
[Name]
Date: _____________________
