Document:

Amendment to The Lease Agreement

 Exhibit 10-1 
 AMENDMENT TO LEASE DATED JUNE 7, 2004, BY AND BETWEEN 
 HIBISCUS
OFFICE PARK, LLC, AS LANDLORD, 
 AND 

THE GOLDFIELD CORP., AS TENANT, 
 On November 1, 2011, the following terms and conditions will go into effect: 
  

	1.	Section 1.1 Lease Term is amended to read as follows: 

 Lease Term: The term of this lease (“Term”) is six (6) years, which Term shall commence on November 1, 2011 and end on October 31, 2017. 

 

	2.	Annual Minimum Rent/Base Rent: is amended to read as follows: 

 Annual Minimum Rent/Base Rent $89,135.50 / $11.75 psf (not including 6% FL Sales Tax) 
  

	3.	Section 4.4 Adjustment of Annual Minimum Rent is hereby amended to read as follows: 

During this six (6) year option term, the Annual Minimum Rent specified in Section 1.1 hereof (and the monthly installments
thereof) will be adjusted annually on each anniversary date of the term to increase the same by three (3%) percent from the prior year’s Annual Minimum Rent. 
  

	4.	Section 7.1.3 is hereby amended to read as follows: 

 7.1.3 To keep the Premises, including equipment, facilities and fixtures therein, clean, neat and in good order, repair and condition. Tenant shall be responsible for the regular maintenance of the air
conditioners on the Premises which shall include filter changes and maintenance service from a certified air conditioning company and the Landlord shall be responsible for any air conditioner/air handler repairs and replacement, if necessary.

  

	5.	Exhibits “B”, “C” and “D” are deleted in entirety. 

 

	6.	Section 11.13.2 on Exhibit “E” is hereby amended to read as follows: 

11.13.3 Should the Tenant elect to terminate this option term prior to October 31, 2017, Tenant shall pay Landlord six
(6) months rent as a termination penalty. 
 All other terms and conditions of the original Lease dated June 7, 2004, shall remain in
full force and effect. 
  

							
	Landlord:
			
	 HIBISCUS OFFICE PARK, LLC,
 a Florida limited liability company
	 		 	
				
	BY:	 	HARP HOLDING COMPANY, INC.,	 		 	
		 	A Florida limited liability company	 		 	
		 	As its Managing Member	 		 	
				
	By:	 	 /s/ Hugh M. Evans
	 		 	
	Name:	 	Hugh M. Evans, Jr., Vice President	 		 	Dated: 10/7/ 2011
			
	Tenant:	 		 	
			
	THE GOLDFIELD CORPORATION	 		 	
				
	By:	 	 /s/ John Sottile
	 		 	Dated: October 6, 2011
	Name:	 	John H. Sottile, PresidentAgreement among M.D.C. Holdings, Inc.

 Exhibit 10.1 
 WAIVER AGREEMENT 
 This Waiver Agreement (“Agreement”), dated as of
October 13, 2011, by and among M.D.C. Holdings, Inc. (the “Company”), Larry A. Mizel (“Mr. Mizel”) and David D. Mandarich (“Mr. Mandarich;” Messrs. Mizel and Mandarich are collectively referenced as the
“Executives”). 
 WHEREAS, Mr. Mizel has served the Company in various capacities for over thirty-five years and
is employed by the Company as Chairman of the Board and Chief Executive Officer; 
 WHEREAS, Mr. Mandarich has served the
Company in various capacities for over thirty years and is employed by the Company as President and Chief Operating Officer; 

WHEREAS, the Company has established the Amended Executive Officer Performance Based Compensation Plan (the “Compensation
Plan”), which was approved by the Company’s shareholders in 2008; 
 WHEREAS, the Compensation Plan provides in
Paragraph C of Article III that the Executives shall receive $2,500,000 together with 60,000 shares of restricted common stock of the Company (the “Performance Goal Award”) in the event the Performance Goal is achieved; 

WHEREAS, the Compensation Committee previously established the Performance Goal for the 2011 fiscal year in compliance with the
Compensation Plan; 
 WHEREAS, each of the Executives has entered into an Employment Agreement with the Company, each restated
as of August 1, 2008, which provides, among other matters, that the Executives are entitled to the incentive payments as provided for under the Compensation Plan; 
 WHEREAS, the Company’s Board of Directors has reviewed the compensation programs for the Executives for the 2010 and 2011 fiscal years and, in connection therewith, has sought the Executives’
agreement to a voluntary reduction in the Performance Goal Award for the 2011 fiscal year; and 
 WHEREAS, the Executives are
willing to waive their claim to a portion of the Performance Goal Award for the 2011 fiscal year. 
 NOW, THEREFORE, the Company
and the Executives agree as follows: 
 1. In the event the Performance Goal for the 2011 fiscal year is achieved, both the cash
bonus and the restricted stock award under the Performance Goal Award for the 2011 fiscal year shall be reduced by fifty percent (50%) for each of the Executives. 
  

  
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 2. This Agreement is not intended, nor shall it be deemed, to modify or amend in any manner
the Compensation Plan, the Performance Goal established for 2011, or the Executives’ Employment Agreements. 
 3. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to agreements made and to be performed in that State. 
 ACCORDINGLY, the parties hereto have duly executed this Agreement, as of the date set forth above. 
  

							
	EXECUTIVES	  		  	M.D.C. HOLDINGS, INC.
				
	 /s/ Larry A. Mizel
	  		  	By:	 	 /s/ Michael Touff

	Larry A. Mizel	  		  	Name:	 	 Michael Touff

		  		  	Title:	 	 Senior Vice President

				
	 /s/ David D. Mandarich
	  		  		 	
	David D. Mandarich	  		  		 	

  
 - 2 -Separation Agreement

 Exhibit 10.1 
 SEPARATION AGREEMENT 
 THIS SEPARATION AGREEMENT (hereinafter
“Agreement”) is made and entered into by and between Stephen G. Dormer (hereinafter “Dormer”) and Provident Bank and its parent Provident New York Bancorp (collectively, the “Company”). Company and Dormer are sometimes
referred to collectively herein as “the Parties” and individually herein as “Party”. 
 WHEREAS, Dormer was
employed by the Company pursuant to an Employment Agreement dated December 8, 2008 (“Employment Agreement”); and 

WHEREAS, Dormer hereby resigns as an employee of the Company effective October 13, 2011 (“Resignation Date”); 

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein contained, as settlement of any claims to compensation
Dormer might have with respect to his separation of employment, of other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged by the Parties, it is agreed as follows: 

1. As of the Resignation Date, and at all times forward, Dormer will not hold himself out to any person or entity as being an employee,
officer, director, representative, or agent of the Company. 
 2. Provided that this Agreement becomes effective pursuant to
paragraph 5 below, and further provided that Dormer complies with the terms of this Agreement, he shall receive the following consideration, compensation and benefits: 
 (a) Dormer will be paid for his accrued but unused vacation in the amount of $12,069.90 (less applicable withholding). 
 (b) Should Dormer timely elect health insurance continuation benefits under COBRA for himself and his dependents, for the first twelve months following the Resignation Date, the Company shall pay the full
COBRA premium. Thereafter, Dormer shall be solely responsible for making any COBRA premium payments for subsequent months. In the event that the Company determines, in its discretion, that payment of Dormer’s COBRA premiums may result
in a violation of applicable law or the imposition of any penalties under applicable law, the Company may terminate any further payment of such premiums and instead pay to Dormer a lump sum amount, in cash, equal to the remaining premiums that
would otherwise have been paid by the Company, as determined by the Company in it is discretion. 
 (c) The Company shall pay to
Dormer, in a lump sum (i) $261,500 (less applicable withholding), which represents one year of base salary, and (ii) $65,000 (less applicable withholding), which represents the average bonus for the previous two years (collectively, the
“Separation Payment”). The Separation Payment will be made on April 16, 2012. 

  
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 (d) The Company releases Dormer from his obligations under Paragraph 11(a)(ii) of the
Employment Agreement, and Paragraph 11(a)(ii) shall be deemed null and void. 
 (e) The Company will not contest Dormer’s
application for unemployment benefits. 
 (f) Other than what is provided for in this paragraph 2, Dormer shall have no right to
receive any other consideration, payments, compensation or benefits, under this Agreement or otherwise.
 3. In exchange for the
considerations provided for in this Agreement, Dormer hereby completely, irrevocably, and unconditionally releases and forever discharges the Company, and any of its affiliated companies, and each and all of their officers, agents, directors,
supervisors, employees, representatives, and their successors and assigns, and all persons acting by, through, under, for, or in concert with them, or any of them, in any and all of their capacities (hereinafter individually or collectively, the
“Released Parties”), from any and all charges, complaints, claims, and liabilities of any kind or nature whatsoever, known or unknown, suspected or unsuspected (hereinafter referred to as “claim” or “claims”) which
Dormer at any time heretofore had or claimed to have or which Dormer may have or claim to have regarding events that have occurred as of the Effective Date of this Agreement, including, without limitation, those based on: any employee welfare
benefit or pension plan governed by the Employee Retirement Income Security Act as amended (hereinafter “ERISA”) (provided that this release does not extend to any vested retirement benefits of Dormer under Company’s 401(k) Safe
Harbor Plan); the Civil Rights Act of 1964, as amended (race, color, religion, sex and national origin discrimination and harassment); the Civil Rights Act of 1966 (42 U.S.C. § 1981) (discrimination); the Age Discrimination in Employment
Act of 1967 (hereinafter “ADEA”), as amended; the Older Workers Benefit Protection Act, as amended; the Americans With Disabilities Act (hereinafter “ADA”), as amended; § 503 of the Rehabilitation Act of 1973; the Fair
Labor Standards Act, as amended (wage and hour matters); the Family and Medical Leave Act, as amended, (family leave matters), any other federal, state, or local laws or regulations regarding employment discrimination or harassment, wages,
insurance, leave, privacy or any other matter; any negligent or intentional tort; any contract, policy or practice (implied, oral, or written); or any other theory of recovery under federal, state, or local law, and whether for compensatory or
punitive damages, or other equitable relief, including, but not limited to, any and all claims which Dormer may now have or may have had, arising from or in any way whatsoever connected with Dormer’s employment or contacts, with Company or any
other of the Released Parties. 
 4. To the extent permitted by law, Dormer agrees that he will not cause or encourage any
future legal proceedings to be maintained or instituted against any of the Released Parties. To the extent permitted by law, Dormer agrees that he will not accept any remedy or recovery arising from any charge filed or proceedings or investigation
conducted by the EEOC or by any state or local human rights or employment rights enforcement agency relating to any of the matters released in this Agreement. 
 5. Older Workers Benefit Protection Act /ADEA Waiver: 
 (a) Dormer
acknowledges that the Company has advised him in writing to consult with an attorney of his choice before signing this Agreement, and Dormer has been given the opportunity to consult with an attorney of his choice before signing this Agreement.

  
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 (b) Dormer acknowledges that he has been given the opportunity to review and consider this
Agreement for a full twenty-one days before signing it, and that, if he has signed this Agreement in less than that time, he has done so voluntarily in order to obtain sooner the benefits of this Agreement. 

(c) Dormer further acknowledges that he may revoke this Agreement within seven (7) days after signing it, provided that this
Agreement will not become effective until such seven (7) day period has expired. To be effective, any such revocation must be in writing and delivered to Company’s principal place of business by the close of business on the seventh
(7th) day after signing the Agreement and must expressly state Dormer’s intention to revoke this Agreement. Provided that Dormer does not timely revoke this Agreement, the eighth (8th) day following Dormer’s execution hereof
shall be deemed the “Effective Date” of this Agreement. 
 (d) The Parties also agree that the release provided by
Dormer in this Agreement does not include a release for claims under the ADEA arising after the date Dormer signs this Agreement. 
 6. Dormer shall promptly turn over to the Company any and all documents, files, computer records, or other materials belonging to, or containing confidential or proprietary information obtained from, the
Company that are in Dormer’s possession, custody, or control, including any such materials that may be at Dormer’s home. 
 7. Dormer agrees that he will not publicly make or publish any adverse, disparaging, untrue, or misleading statement or comment about the Company or any of its officers, directors, employees, or agents.
The Company agrees to instruct its directors, officers, and senior management not to publicly make or publish any adverse, disparaging, untrue, or misleading statement or comment about Dormer. In the event that a prospective employer of
Dormer’s contacts the Company, the Company shall respond by providing only Dormer’s dates of employment, title, last salary, and stating that he resigned to pursue other opportunities. 

8. This Agreement shall not in any way be construed as an admission by the Company of any acts of unlawful conduct, wrongdoing or
discrimination against Dormer, and the Company specifically disclaims any liability to Dormer on the part of itself, its employees, or its agents. This Agreement shall not in any way be construed as an admission by Dormer of any acts of unlawful
conduct, wrongdoing or discrimination against the Company, and Dormer specifically disclaims any liability to Company on the part of himself or his agents. 
 9. This Agreement shall be binding upon Dormer and upon Dormer’s heirs, administrators, representatives, executors, successors, and assigns, and shall inure to the benefit of the Company, and its
representatives, executors, successors, and assigns. This Agreement shall be binding upon the Company and upon the Company’s assigns and shall inure to the benefit of Dormer and his heirs, administrators, representatives, executors, successors,
and assigns. 

  
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 10. This Agreement sets forth the entire agreement between the Company and Dormer and,
except as expressly provided for in this Agreement, fully supersedes any and all prior agreements or understandings between the Company and Dormer pertaining to the subject matter hereof, except that Paragraphs 10, 11(a)(i), 11(a)(iii), 11(b), and
11(c) of the Employment Agreement shall remain in full force and effect. In reaching this Agreement, neither the Company nor Dormer has relied upon any representation or promise except those set forth herein. If any provision, or portion of a
provision, of this Agreement is held to be invalid or unenforceable for any reason, the remainder of the Agreement shall remain in full force and effect, as if such provision, or portion of such provision, had never been contained herein. The
unenforceability or invalidity of a provision of the Agreement in one jurisdiction shall not invalidate or render that provision unenforceable in any other jurisdiction. 
 11. This Agreement cannot be amended, modified, or supplemented in any respect except by written agreement entered into and signed by the Parties. 

12. This Agreement shall be governed by the laws of the State of New York without giving effect to conflict of laws principles, and
Dormer consents to venue and exclusive personal jurisdiction in the state and federal courts of the State of New York for any proceeding arising out of or relating to this Agreement. 

13. Dormer acknowledges that he has read each and every section of this Agreement and that he understands his rights and obligations
under this Agreement. Dormer acknowledges that the Company has advised him in writing to consult with an attorney of his choice before signing this Agreement, and that Dormer has been given the opportunity to consult with an attorney of his choice
before signing this Agreement. 
 14. This Agreement may be signed in counterparts, each of which shall be considered an
original for all purposes, and all of which taken together shall constitute one and the same written agreement. 
 IN WITNESS
WHEREOF, the Company, has caused this Agreement to be executed by its duly authorized officer, and Dormer has executed this Agreement, on the date(s) set forth below. 
  

			
	Stephen G. Dormer
	
	 /s/ Stephen G. Dormer

	October 13, 2011         /Date
	
	Provident New York Bancorp and
	Provident Bank
		
	By:	 	 /s/ Jack Kopnisky

	Jack Kopnisky
	President/CEO Provident New York Bancorp
	October 13, 2011         /Date

  
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