Company: LGIH
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001580670-25-000028
Chunk: 80

Company: LGI Homes, Inc.
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 80
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(b) the Incumbent Directors at the time of the approval of the transaction would not immediately thereafter constitute a majority of the Board of the surviving entity.

#### CEO Employment Agreement
The Lipar Employment Agreement provides that, if the Board terminates Mr. Lipar’s employment for Cause (as defined below), if he resigns without Good Reason (as defined below), or in the event of his death, disability or expiration of the term, he will be entitled to receive (i) any unpaid base salary accrued through the date of termination, (ii) a lump sum payment for any accrued but unused vacation pay, (iii) a lump sum payment for any previously unreimbursed business expenses incurred by him on behalf of the Company during the term of his employment, and (iv) any earned but unpaid annual bonus with respect to any completed fiscal year immediately preceding the termination date. If Mr. Lipar’s employment is terminated by the Company for Cause, then any such accrued but unpaid annual bonus shall be forfeited. The Lipar Employment Agreement also provides that, if the Board terminates the Mr. Lipar’s employment for any reason other than for Cause or if he resigns for Good Reason he will be entitled to receive a payment equal to two times his then current annual base salary, along with various other accrued benefits. If, within one year after a Change in Control or within six months prior to a Change in Control, Mr. Lipar’s employment is terminated by him for Good Reason or by the Company other than for Cause, he will be entitled to receive severance benefits consisting of: (i) a payment equal to two times his then current annual base salary; (ii) a payment equal to two times the amount of his target bonus as in effect for the twelve-month period immediately prior to such termination; and (iii) $32,500 to enable him to fund health coverage continuation benefits, along with various other accrued benefits. Such severance payments will be paid within 45 days following his separation from service. All such severance payments are subject to Mr. Lipar’s execution of a waiver and release agreement.

The Lipar Employment Agreement defines “Cause” as, following written notice to him and his failure to cure such occurrence(s): (i) any act or omission that constitutes a material breach by him under the Lipar Employment Agreement, (ii) conviction or plea which could reflect negatively on the Company, (iii) Mr. Lipar’s misconduct that is injurious to the Company