FORESTAR GROUP INC. (NYSE:FOR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 25, 2017, Forestar Group Inc. (the “Company”) and its Chief Executive Officer, Phillip J. Weber, entered into an amendment to their Employment Agreement dated as of October 21, 2015 (the “Agreement”) to which the (i) the expiration of the term of the Agreement was made the later of (a) September 24, 2017 (the current expiration date of the term) or (b) the earlier of (I) fifteen (15) days following the date of consummation of the merger (the “Merger”) contemplated by the Agreement and Plan of Merger, dated as of June 29, 2017 (as it may be amended from time to time, the “Merger Agreement”), among D.R. Horton, Inc., Force Merger Sub, Inc. and the Company or (II) the termination of the Merger Agreement before consummation of the Merger, and (ii) non-compete and certain other restrictive covenants will apply to any employment termination following expiration of the Agreement's term if Mr. Weber is eligible for change in control severance benefits in respect of the Merger.
The foregoing description of the amendment to the Agreement is a summary of its terms only and is qualified in its entirety by the full text of the amendment to the Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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10.1 |
First Amendment to Employment Agreement, dated as of August 25, 2017, by and between Forestar Group Inc. and Phillip J. Weber |
Forestar Group Inc. ExhibitEX-10.1 2 ex101-firstamendmenttowebe.htm EXHIBIT 10.1 Exhibit Exhibit 10.1FIRST AMENDMENT TO EMPLOYMENT AGREEMENTThis First Amendment to Employment Agreement (this “Amendment”) is made and entered into as of August 25,…To view the full exhibit click here
About FORESTAR GROUP INC. (NYSE:FOR)
Forestar Group Inc. is a residential and mixed-use real estate development company. The Company operates through three segments: Real Estate, Oil and Gas, and Other Natural Resources. Its Real Estate segment secures entitlements and develops infrastructure on its lands for single-family residential and mixed-use communities, and manages its undeveloped land, commercial and income producing properties, mainly a hotel and its multifamily properties. Its Oil and Gas segment is an independent oil and gas exploration, development and production operation and manages its owned and leased mineral interests. Its Other Natural Resources segment manages its timber, recreational leases and water resource initiatives. The Company owns directly or through ventures interests in approximately 60 residential and mixed-use projects consisting of over 7,000 acres of real estate located in approximately 10 states and approximately 20 markets.
