hme10q1q2009ex10-1.htm


    
      Exhibit
10.1

      


      


      


      CHANGES
TO COMPENSATION ARRANGEMENTS FOR NAMED EXECUTIVE OFFICERS

      Adopted
by the Compensation Committee of the Board of Directors on May 4, 2009
and,

      with
respect to Edward J. Pettinella, by the Board of Directors on May 5,
2009

      


      


      
        	
                Edward J. Pettinella – President and Chief
      Executive Officer

              
	
                Option
      to Purchase Common Stock - value

              	
                $594,000
      (1)

              
	
                Shares
      of Restricted Stock - value

              	
                $726,000
      (2)

              
	 
      	 
      
	
                David P. Gardner – Executive Vice President and
      Chief Financial Officer

              
	
                Option
      to Purchase Common Stock - value

              	
                $226,350
      (1)

              
	
                Shares
      of Restricted Stock - value

              	
                $276,650
      (2)

              
	
                Base
      Salary

              	
                $338,888
      (3)

              
	 
      
	
                Ann M. McCormick – Executive Vice President and
      General Counsel

              
	
                Option
      to Purchase Common Stock - value

              	
                $185,400
      (1)

              
	
                Shares
      of Restricted Stock - value

              	
                $226,600
      (2)

              
	
                Base
      Salary

              	
                $285,000
      (3)

              
	 
      	 
      
	
                Scott Doyle – Senior Vice
      President

              	 
      
	
                Option
      to Purchase Common Stock - value

              	
                $117,000
      (1)

              
	
                Shares
      of Restricted Stock - value

              	
                $143,000
      (2)

              
	 
      	 
      
	
                John E. Smith – Senior Vice
      President

              	 
      
	
                Option
      to Purchase Common Stock - value

              	
                $128,250
      (1)

              
	
                Shares
      of Restricted Stock - value

              	
                $156,750
      (2)

              


      

      


      
        	
                (1)  

              	
                In
      all cases, the grant date will be May 11, 2009 and the exercise price will
      be the closing price of a share of the Common Stock of Home Properties,
      Inc. (the “Company”) as reflected on the New York Stock Exchange on May
      11, 2009 (the “Closing Price”).  The number of options to be
      granted will be calculated by dividing the awarded value by the value of
      each option determined using the Black-Scholes formula.  The
      options will be granted pursuant to the Company’s 2008 Stock Benefit Plan,
      as amended, vest 20% on each of the first five grant date anniversaries
      (May 11 of 2010, 2011, 2012, 2013 and 2014) and terminate 10 years after
      grant date.

              


      

      


      
        	
                (2)  

              	
                In
      all cases, the shares of restricted stock will be granted on May 11, 2009
      and the number of shares of restricted stock to be granted will be
      calculated by dividing the awarded value by the Closing
      Price.  The restricted shares will be granted pursuant to the
      Company’s 2008 Stock Benefit Plan, as amended, and the restrictions will
      lapse 25% on each of the first four grant date anniversaries (May 11 of
      2010, 2011, 2012 and 2013).

              


      

      


      
        	
                (3)  

              	
                Retroactive
      to March 16, 2009