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Amendment No. 1 to the Employment Agreement between NVR, Inc. and Daniel D. Malzahn dated May 4, 2022
Contract Categories: Human Resources - Employment Agreements
EX-10.3 4 exhibit103form8-k.htm EX-10.3 Document
AMENDMENT NO. 1 TO
This Amendment to the Employment Agreement for DANIEL D. MALZAHN (“Amendment”) is made, effective as of May 4, 2022 by and between NVR, Inc., a Virginia corporation (the “Company”) and DANIEL D. MALZAHN (“Executive”).
WHEREAS, Executive and the Company previously entered into an Amended and Restated Employment Agreement, effective as of January 1, 2016, which was subsequently extended by letter agreement dated November 4, 2020 (collectively, the “Employment Agreement”); and
WHEREAS, Executive and the Company desire to amend the Employment Agreement to correct the drafting error of a section reference in Section 6.5.
NOW, THEREFORE, in consideration of the agreements contained herein and of such other good and valuable consideration, the sufficiency of which Executive acknowledges, the Company and Executive, intending to be legally bound, agree as follows:
A.Section 6.5 of the Agreement is hereby stricken and replaced in its entirety with the following:
6.5 Termination Without Cause. The Company may on sixty (60) days’ notice terminate the Executive’s employment without Cause (as such term is defined in Section 6.4) during the term of this Agreement. In the event of a termination without Cause, as full satisfaction of the Company’s obligations to the Executive, the Executive shall be entitled to receive (i) the Executive’s Base Salary and accrued Annual Bonus for the period ending on the date of termination and (ii) an amount equal to ONE HUNDRED PERCENT (100%) of his then annual Base Salary, paid in a lump sum within 10 days following six months and one day after the date of termination. For purposes of this Section 6.5, the accrued Annual Bonus shall be calculated as one hundred percent (100%) of Base Salary multiplied by the fraction of (x) the number of days in the calendar year through the last day worked by the Executive divided by (y) 365 days (regardless of whether the performance goals established pursuant to Section 3.2 are actually met for such year). The Executive shall also be provided with outplacement services with a firm jointly selected by the Executive and the Company at a cost not to exceed ONE HUNDRED THOUSAND DOLLARS ($100,000.00).
B.Except as set forth in this Amendment, the Agreement shall otherwise remain in full force and effect, with no other changes effected by this Amendment.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment on the date first written above.
|By:||/s/ Gary Brown|
/s/ Daniel D. Malzahn
|Name:||Gary Brown||Name: Daniel D. Malzahn|
|Title:||Senior Vice President Human|