Exhibit 10.2
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
This Amended and Restated Employment Agreement (the “Agreement”), entered into on April 25, 2023, is made by and between Louis Steffens (the “Executive”) and Taylor Morrison, Inc., a Delaware corporation (the “Company”), and shall be effective on May 1, 2023 (the “Effective Date”).
RECITALS
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties hereto agree as follows:
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provided, however, that notwithstanding the foregoing, (A) the amounts payable to the Executive under this Section 5(b) shall be contingent upon and subject to the Executive’s execution and non-revocation of a general waiver and release of claims agreement (the “Release”) in the Company’s customary form attached hereto as Exhibit A (and the expiration of any applicable revocation period), on or prior to the sixtieth (60th) day following the Date of Termination (the “Release Requirement”); and (B) any installment payments pursuant to this Section 5(b) shall commence on the first payroll period following the effective date of such Release, and the initial installment shall include a lump-sum payment of all amounts accrued under this Section 5(b) from the Date of Termination through the date of such initial payment.
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Taylor Morrison, Inc.
4900 N. Scottsdale Road
Suite 2000
Scottsdale, AZ 85251
Attention: General Counsel
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EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS RIGHTS OR OBLIGATIONS HEREUNDER.
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[signature page follows]
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The parties have executed this Agreement as of the date first written above.
TAYLOR MORRISON, INC.
By: /s/ Sheryl D. Palmer
Sheryl D. Palmer
Chairman of the Board of Directors and
Chief Executive Officer
(Principal Executive Officer)
LOUIS STEFFENS
By: : /s/ Louis Steffens
[Signature Page to Taylor Morrison Amended and Restated Employment Agreement]
[Signature Page to Taylor Morrison Amended and Restated Employment Agreement]
EXHIBIT A
Form of Release of Claims
This Release of Claims is provided by me, the undersigned, pursuant to the Amended and Restated Employment Agreement between me and Taylor Morrison, Inc., dated as of April 25, 2023 (the “Employment Agreement”). All capitalized terms used in this Release of Claims, but not defined herein, shall have the meaning ascribed to those terms in the Employment Agreement.
Excluded from the scope of this Release of Claims are: (i) any rights of indemnification or contribution that I have pursuant to Section 8 of the Employment Agreement, the articles of
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incorporation or by-laws of the Company, TMHC or any of their subsidiaries, (ii) any right I have to the Severance Payments, (iii) vested rights to benefits under employee benefit plans of the Company, TMHC or their subsidiaries and (iv) rights that cannot be released as a matter of law (collectively, ���Unreleased Claims”).
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Intending to be legally bound, I have signed this Release of Claims as of the date written below.
Signature:
(not to be executed until termination of employment)
Name (please print):
Date Signed:
Acknowledged:
TAYLOR MORRISON, INC.
By:
Name:
Title:
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