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                                 EXHIBIT 10.19

               SUMMARY OF COMPENSATION ARRANGEMENTS OF DIRECTORS

The Board of Directors, upon the recommendation of the
Compensation/Nominating/Governance ("C/N/G") Committee of the Board, approved
the following compensation for directors for the year commencing with the
Company's Annual Meeting of Shareholders on May 19, 2006.

<Table>
<S>                                                           <C>
Annual Retainer -- Cash.....................................  $55,000
Annual Retainer -- Stock Equivalent Units...................  $60,000
Annual Retainer for Audit Committee and C/N/G Committee
  Chairs....................................................  $12,000
Annual Retainer for Audit Committee and C/N/G Committee
  Members (non-Chair).......................................  $ 6,000
Board Meeting Attendance Fee................................  $ 1,000
Three-Year Independent Director Evaluation Committee Meeting
  Fee.......................................................  $ 1,000
</Table>

Stock Equivalent Units are issued at the closing price of the Company's common
stock on the date of issuance. The number of Stock Equivalent Units to be issued
will be computed annually, generally at the time of the Board meeting held in
conjunction with the Company's Annual Meeting of Shareholders (usually held in
May). For the year from the 2006 Annual Meeting to the 2007 Annual Meeting, each
director received 2,423 Stock Equivalent Units.

The portion of the Annual Retainer paid in Stock Equivalent Units is
automatically deferred into the Pactiv Common Stock Index Account under the
Company's Deferred Compensation Plan (the "DCP") until the director meets the
stock ownership requirements (described below). Thereafter, the amounts may be
taken in Stock Equivalent Units or cash (which may be deferred under the DCP),
as elected by the director. Stock Equivalent Units are payable in stock. The
director may elect distribution in a lump sum, or in up to five equal annual
installments ending no later than five years of ceasing to be a director.

The cash portion of the Annual Retainer, and all Committee Chair/Member fees and
meeting fees, may be deferred under the DCP, and may be invested in a variety of
investment options, including the Pactiv Common Stock Index Account, available
under the DCP. Payment of such amounts, together with interest and/or earnings,
may be deferred until: (i) six months and one business day after he or she
ceases to be a director of the Company; (ii) a specific date in the future; or
(iii) death. The director may elect distribution in a lump sum, or in up to five
equal annual installments.

Members of the Board of Directors are required to own at least 10,000 shares of
Pactiv common stock or Common Stock Equivalents, to be achieved annually on a
pro rata basis within five years of joining the Board. If a director is not on
track to achieve such level within five years, a portion of such director's
Annual Retainer otherwise payable in cash may, at the discretion of the Board,
be paid in Stock Equivalent Units.

Non-Management Directors also receive reimbursement of their expenses for
attending meetings of the Board of Directors and Committee meetings.Ex-10.32(a) Amendment to Employment Agreement

 

10.32(a)

AMENDMENT TO

EMPLOYMENT AGREEMENT

          This Amendment to Employment Agreement (this “Amendment”), made this 4th day of August, 2006
is by and between Technical Olympic USA, Inc., a Delaware corporation (the “Company”), and Andreas
Stengos, an individual (the “Executive”).

BACKGROUND

          The Company and the Executive previously entered into the Employment Agreement, including
Attachments A and B thereto (together the “Agreement”), effective June 1, 2006. The Company and
the Executive mutually desire to amend the Agreement as set forth below.

AGREEMENT

          Now, therefore, in consideration of the facts, mutual promises, and covenants contained herein
and intending to be legally bound hereby, the Company and the Executive agree as follows:

1. Section 4.3 of the Agreement shall be amended by deleting the last sentence thereof and adding
to the end of such section the following:

     In the event of Employer’s termination of Employee without cause other than within 60
Business Days of a Change of Control, Employer shall also be obligated to pay the Employee or
Employee’s estate, as the case may be, the salary amounts otherwise payable under this Agreement
for the remaining term. In the event of a termination by the Employee or the Employer within 60
Business Days of a Change of Control, the Employee shall be entitled to receive from the Employer a
payment equal to three times the Employee’s base salary as set forth in Section 3.1 plus three
times the bonus, if any, paid to the Employee in the prior fiscal year pursuant to Section 3.2.
This payment shall be payable to the Employee in accordance with Employer’s normal payroll
practices for the remaining term of the Employment Period, as if the Employee remained actively
employed by Employer, provided, however, at Employer’s discretion, some or all of such payments may
be paid to the Employee at an earlier date.

2. Exhibit A of the Agreement shall be amended by adding the following definitions following the
definition of “Business Day”:

          “Change of Control” means the occurrence of any of the following events, each of which shall
be determined independently of the others:

     (a) any “Person” (as defined below) becomes a “beneficial owner” (as such term is used in Rule
13d-3 promulgated under the Exchange Act) of forty percent (40%) or more of the stock of any member
of the Consolidated Group (as defined below) entitled to vote in the election of directors. For
purposes of this Exhibit A, the term “Person” is used as

 

 

such term is used in Sections 13(d) and
14(d) of the Exchange Act; provided, however that the term shall not include any member of the
Consolidated Group, any trustee or other fiduciary holding securities under an employee benefit
plan of any member of the Consolidated Group, or any corporation owned, directly or indirectly, by
the shareholders of any member of the Consolidated Group;

     (b) shareholders of any member of the Consolidated Group adopt a plan of complete or
substantial (eighty-five percent (85%) or more) liquidation or an agreement providing for the
distribution of all or substantially all of the assets of such member;

     (c) any member of the Consolidated Group is party to a merger, consolidation, other form of
business combination or a sale of all or substantially all (eighty-five percent (85%) or more) of
its assets, unless the business of such member is continued following any such transaction by a
resulting entity (which may be, but need not be, such member) and the shareholders of such member
immediately prior to such transaction (the “Prior Shareholders”) hold, directly or indirectly, at
least forty percent (40%) of the voting power of the resulting entity (there being excluded from
the voting power held by the Prior Shareholders, but not from the total voting power of the
resulting entity, any voting power received by Affiliates of a party to the transaction (other than
such member) in their capacities as shareholders of such member); provided, however, that a merger
or consolidation effected to implement a recapitalization of such member (or similar transaction)
in which no Person acquires more than thirty percent (30%) of the combined voting power of such
member’s then outstanding securities shall not constitute a Change in Control; or

          (d) any member of the Consolidated Group is a subject of a “Rule 13e-3 transaction” as that
term is defined in Exchange Act Rule 13e-3, and the first purchase has been made pursuant to such
transaction.

Notwithstanding the foregoing, if, immediately after the occurrence of any event enumerated above,
the Continuing Directors control the majority of the Board of Directors of the Company (or, in the
case of any merger or combination in which the Company is not the surviving entity, continue to
constitute a majority of the board of directors of such successor entity), such event shall not
constitute a Change of Control for purposes of this Agreement until such time as the Continuing
Directors no longer constitute a majority of the Board of Directors of the Company (or the
successor entity, if applicable). “Continuing Directors” for this purpose means the members of the
Board of Directors of the Company on the Effective Date, provided that any person becoming a member
of the Board of Directors of the Company subsequent to such date whose election or nomination for
election was supported by a majority of the directors who at the time of the election or nomination
for election comprised the Continuing Directors shall be considered to be a Continuing Director.

“Consolidated Group” shall mean (i) the group of companies composed of Technical Olympic
S.A. or the Company, and (ii) any successor or surviving company of any of the foregoing entities.

2 

 

3. All other provisions of the Agreement remain unchanged and in full force and effect.

          IN WITNESS WHEREOF, the parties have executed and delivered this Agreement effective for all
purposes as of the date first written above.

	 	 	 	 	 	 	 
	 	 	Technical Olympic USA, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Antonio B. Mon
 

	 	 
	 

	 	 	 	Name: Antonio B. Mon	 	 
	 

	 	 	 	Title: President and CEO	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Andreas Stengos	 	 
	 	 	 	 	 
	 	 	Andreas Stengos	 	 

3Ex-10.33(a) Amendment to Employment Agreement

 

10.33(a)

AMENDMENT TO

EMPLOYMENT AGREEMENT

          This Amendment to Employment Agreement (this “Amendment”), made this 4th day of August, 2006
is by and between Technical Olympic USA, Inc., a Delaware corporation (the “Company”), and George
Stengos, an individual (the “Executive”).

BACKGROUND

          The Company and the Executive previously entered into the Employment Agreement, including
Attachments A and B thereto (together the “Agreement”), effective June 1, 2006. The Company and
the Executive mutually desire to amend the Agreement as set forth below.

AGREEMENT

          Now, therefore, in consideration of the facts, mutual promises, and covenants contained herein
and intending to be legally bound hereby, the Company and the Executive agree as follows:

1. Section 4.3 of the Agreement shall be amended by deleting the last sentence thereof and adding
to the end of such section the following:

     In the event of Employer’s termination of Employee without cause other than within 60
Business Days of a Change of Control, Employer shall also be obligated to pay the Employee or
Employee’s estate, as the case may be, the salary amounts otherwise payable under this Agreement
for the remaining term. In the event of a termination by the Employee or the Employer within 60
Business Days of a Change of Control, the Employee shall be entitled to receive from the Employer a
payment equal to three times the Employee’s base salary as set forth in Section 3.1 plus three
times the bonus, if any, paid to the Employee in the prior fiscal year pursuant to Section 3.2.
This payment shall be payable to the Employee in accordance with Employer’s normal payroll
practices for the remaining term of the Employment Period, as if the Employee remained actively
employed by Employer, provided, however, at Employer’s discretion, some or all of such payments may
be paid to the Employee at an earlier date.

2. Exhibit A of the Agreement shall be amended by adding the following definitions following the
definition of “Business Day”:

          “Change of Control” means the occurrence of any of the following events, each of which shall
be determined independently of the others:

     (a) any “Person” (as defined below) becomes a “beneficial owner” (as such term is used in Rule
13d-3 promulgated under the Exchange Act) of forty percent (40%) or more of the stock of any member
of the Consolidated Group (as defined below) entitled to vote in the election of directors. For
purposes of this Exhibit A, the term “Person” is used as

 

 

such term is used in Sections 13(d) and
14(d) of the Exchange Act; provided, however that the term shall not include any member of the
Consolidated Group, any trustee or other fiduciary holding securities under an employee benefit
plan of any member of the Consolidated Group, or any corporation owned, directly or indirectly, by
the shareholders of any member of the Consolidated Group;

     (b) shareholders of any member of the Consolidated Group adopt a plan of complete or
substantial (eighty-five percent (85%) or more) liquidation or an agreement providing for the
distribution of all or substantially all of the assets of such member;

     (c) any member of the Consolidated Group is party to a merger, consolidation, other form of
business combination or a sale of all or substantially all (eighty-five percent (85%) or more) of
its assets, unless the business of such member is continued following any such transaction by a
resulting entity (which may be, but need not be, such member) and the shareholders of such member
immediately prior to such transaction (the “Prior Shareholders”) hold, directly or indirectly, at
least forty percent (40%) of the voting power of the resulting entity (there being excluded from
the voting power held by the Prior Shareholders, but not from the total voting power of the
resulting entity, any voting power received by Affiliates of a party to the transaction (other than
such member) in their capacities as shareholders of such member); provided, however, that a merger
or consolidation effected to implement a recapitalization of such member (or similar transaction)
in which no Person acquires more than thirty percent (30%) of the combined voting power of such
member’s then outstanding securities shall not constitute a Change in Control; or

          (d) any member of the Consolidated Group is a subject of a “Rule 13e-3 transaction” as that
term is defined in Exchange Act Rule 13e-3, and the first purchase has been made pursuant to such
transaction.

Notwithstanding the foregoing, if, immediately after the occurrence of any event enumerated above,
the Continuing Directors control the majority of the Board of Directors of the Company (or, in the
case of any merger or combination in which the Company is not the surviving entity, continue to
constitute a majority of the board of directors of such successor entity), such event shall not
constitute a Change of Control for purposes of this Agreement until such time as the Continuing
Directors no longer constitute a majority of the Board of Directors of the Company (or the
successor entity, if applicable). “Continuing Directors” for this purpose means the members of the
Board of Directors of the Company on the Effective Date, provided that any person becoming a member
of the Board of Directors of the Company subsequent to such date whose election or nomination for
election was supported by a majority of the directors who at the time of the election or nomination
for election comprised the Continuing Directors shall be considered to be a Continuing Director.

“Consolidated Group” shall mean (i) the group of companies composed of Technical Olympic
S.A. or the Company, and (ii) any successor or surviving company of any of the foregoing entities.

2 

 

3. All other provisions of the Agreement remain unchanged and in full force and effect.

          IN WITNESS WHEREOF, the parties have executed and delivered this Agreement effective for all
purposes as of the date first written above.

	 	 	 	 	 	 	 
	 	 	Technical Olympic USA, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Antonio B. Mon
 

Name: Antonio B. Mon
	 	 
	 

	 	 	 	Title: President & CEO	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ George Stengos	 	 
	 	 	 	 	 
	 	 	George Stengos	 	 

3

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