Amendment to Employment Agreement between Move, Inc. and Lewis R. Belote, III (April 2, 2009)
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Summary
This letter agreement amends the employment agreement between Lewis R. Belote, III and Move, Inc. It provides that if Mr. Belote's employment ends due to involuntary termination, death, disability, or without cause, and he signs a release and cooperates with the company, his stock options will remain exercisable for three years after his final severance payment. Other terms of the original employment agreement remain unchanged.
EX-10.34 2 v55363exv10w34.htm EX-10.34 exv10w34
EXHIBIT 10.34

April 2, 2009
Lewis R. Belote, III
86 Sunset Ridge Lane
Santa Rosa Beach, FL 32459
86 Sunset Ridge Lane
Santa Rosa Beach, FL 32459
Re: Employment Agreement
Dear Lew:
This letter agreement (the Letter Agreement) amends and modifies the terms of the employment agreement entered into between you and Move, Inc. (f/k/a Homestore.com, Inc.) dated March 6, 2002 (the Employment Agreement) as follows.
The following language shall be added to the end of Section 8(b) of the Employment Agreement:
During the period in which you receive the Cash Severance, you shall be entitled to also receive the benefits set forth in Section 4(d) of this agreement. In addition, in the event of your Involuntary Termination, Termination for Death or Disability, or Termination without Cause, subject to your execution (or the execution by your executor or personal representative in the case of your death) of the acknowledgment and release attached as Exhibit A, and your continued cooperation with the Company as directed by the Chief Executive Officer of the Company up to such termination, all Company stock options granted to you shall be exercisable for a period of three (3) years after the final payment of the Cash Severance; provided, however, that the Options described in Section 5 of this agreement shall be exercisable until their expiration as set forth in Section 5.
Except as specifically stated in this Letter Agreement, all of the terms and conditions of the Employment Agreement remain in full force and effect. Any capitalized terms not defined herein are as defined in the Employment Agreement.
Please indicate your agreement with the foregoing terms by signing and returning this Letter Agreement to me.
Thank you.
Best regards, | ||||
By: | /s/ Steven Berkowitz | |||
Steven Berkowitz, CEO | ||||
AGREED AND ACCEPTED: | ||||
By: | /s/ Lewis R. Belote, III | |||
Lewis R. Belote, III | ||||