Document:

Exhibit 10.1

Manpower Inc.

100 Manpower Place

Milwaukee, Wisconsin 53212

Effective November 10, 2008

Mr. Darryl Green

Executive Vice President

President- Asia Pacific 

Manpower Inc.

100 Manpower Place

Milwaukee, WI 53212

Dear Darryl:

Manpower Inc. (the “Corporation”) desires to retain experienced, well-qualified executives, like you, to assure the continued growth and success of the Corporation and its direct and indirect subsidiaries (collectively, the “Manpower Group”).  Accordingly, as an inducement for you to continue your employment in order to assure the continued availability of your services to the Manpower Group, we entered into an agreement with you as of August 1, 2007 regarding certain severance protections.  Due to the requirements of Internal Revenue Code (the “Code”) Section 409A regarding deferred compensation and the potential application of Code Section 409A to that agreement, as well as the Corporation’s desire to provide consistent severance protection for executives of the Corporation who are members of the Executive Management Committee, we are amending and superseding that letter dated August 1, 2007 and have agreed as follows:

1.

Definitions.  For purposes of this letter:

(a)

Benefit Plans.  “Benefit Plans” means all benefits of employment generally made available to executives of the Corporation from time to time.

(b)

Cause.  Termination by the Manpower Group of your employment with the Manpower Group for “Cause” will mean termination upon (i) your repeated failure to perform your duties with the Manpower Group in a competent, diligent and satisfactory manner as determined by the Corporation’s Chief Executive Officer in his reasonable judgment, (ii) failure or refusal to follow the reasonable instructions or direction of the Corporation’s Chief Executive Officer, which failure or refusal remains uncured, if subject to cure, to the reasonable satisfaction of the Corporation’s Chief Executive Officer for five (5) business days after receiving notice thereof from the Corporation’s Chief Executive Officer, or repeated failure or refusal to follow the reasonable instructions or directions of the Corporation’s Chief Executive Officer, (iii) any act by you of fraud, material dishonesty or material disloyalty involving the Manpower Group, (iv) any violation by you of a Manpower Group policy of material import, (v) any act by 

you of moral turpitude which is likely to result in discredit to or loss of business, reputation or goodwill of the Manpower Group, (vi) your chronic absence from work other than by reason of a serious health condition, (vii) your commission of a crime the circumstances of which substantially relate to your employment duties with the Manpower Group, or (viii) the willful engaging by you in conduct which is demonstrably and materially injurious to the Manpower Group.  For purposes of this Subsection 1(b), no act, or failure to act, on your part will be deemed “willful” unless done, or omitted to be done, by you not in good faith.

(c)

Change of Control.  A “Change of Control” will mean the first to occur of the following: 

(i)

the acquisition (other than from the Corporation), by any Person (as defined in Sections 13(d)(3) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of beneficial ownership (within the meaning of Exchange Act Rule 13d-3) of more than 50% of the then outstanding shares of common stock of the Corporation or voting securities representing more than 50% of the combined voting power of the Corporation’s then outstanding voting securities entitled to vote generally in the election of directors; provided, however, no Change of Control shall be deemed to have occurred as a result of an acquisition of shares of common stock or voting securities of the Corporation (A) by the Corporation, any of its subsidiaries, or any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any of its subsidiaries or (B) by any other corporation or other entity with respect to which, following such acquisition, more than 60% of the outstanding shares of the common stock, and voting securities representing more than 60% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of such other corporation or entity are then beneficially owned, directly or indirectly, by the persons who were the Corporation’s shareholders immediately prior to such acquisition in substantially the same proportions as their ownership, immediately prior to such acquisition, of the Corporation’s then outstanding common stock or then outstanding voting securities, as the case may be; or

(ii)

the consummation of any merger or consolidation of the Corporation with any other corporation, other than a merger or consolidation which results in more than 60% of the outstanding shares of the common stock, and voting securities representing more than 60% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the surviving or consolidated corporation being then beneficially owned, directly or indirectly, by the persons who were the Corporation’s shareholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership, immediately prior to such merger or consolidation, of the Corporation’s 

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then outstanding common stock or then outstanding voting securities, as the case may be; or

(iii)

the consummation of any liquidation or dissolution of the Corporation or a sale or other disposition of all or substantially all of the assets of the Corporation; or

(iv)

individuals who, as of the date of this letter, constitute the Board of Directors of the Corporation (as of such date, the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided, however, that any person becoming a director subsequent to the date of this letter whose election, or nomination for election by the shareholders of the Corporation, was approved by at least a majority of the directors then comprising the Incumbent Board shall be, for purposes of this letter, considered as though such person were a member of the Incumbent Board but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest which was (or, if threatened, would have been) subject to Exchange Act Rule 14a-12(c); or

(v)

whether or not conditioned on shareholder approval, the issuance by the Corporation of common stock of the Corporation representing a majority of the outstanding common stock, or voting securities representing a majority of the combined voting power of the outstanding voting securities of the Corporation entitled to vote generally in the election of directors, after giving effect to such transaction.

Following the occurrence of an event which is not a Change of Control whereby there is a successor holding company to the Corporation, or, if there is no such successor, whereby the Corporation is not the surviving corporation in a merger or consolidation, the surviving corporation or successor holding company (as the case may be), for purposes of this letter, shall thereafter be referred to as the Corporation.

(d)

Good Reason.  “Good Reason” will mean, without your consent, the occurrence of any one or more of the following during the Term:

(i)

a material dimunition in your authority, duties or responsibilities; 

(ii)

any material breach of this agreement by the Corporation or of any material obligation of any member of the Manpower Group for the payment or provision of compensation or other benefits to you;

(iii)

a material dimunition in your base salary or a failure by the Manpower Group to provide an arrangement for you for any fiscal year of the Manpower Group giving you the opportunity to earn an incentive bonus for such year; or

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(iv)

a material dimunition in your annual target bonus opportunity for a given fiscal year within two years after the occurrence of a Change of Control, as compared to the annual target bonus opportunity for the fiscal year immediately preceding the fiscal year in which a Change of Control occurred. 

Notwithstanding Subsections 1(d)(i) – (iv) above, Good Reason does not exist unless (i) you object to any material dimunition or breach described above by written notice to the Corporation within twenty (20) business days after such dimunition or breach occurs, (ii) the Corporation fails to cure such dimunition or breach within thirty (30) days after such notice is given and (iii) your employment with the Manpower Group is terminated by you within ninety (90) days after such dimunition or breach occurs.  Further, notwithstanding Subsections 1(d)(i)-(iv), above, Good Reason does not exist if, at a time that is not during a Protected Period or within two years after the occurrence of a Change of Control, the Corporation’s Chief Executive Officer, in good faith and with a reasonable belief that the reassignment is in the best interest of the Manpower Group, reassigns you to another senior executive level position in the Manpower Group provided that your base compensation (either base salary or target bonus opportunity for any year ending after the date of reassignment) is not less than such base salary or target bonus opportunity in effect prior to such reassignment for the year in which such reassignment occurs.

(e)

Notice of Termination.  Any termination of your employment by the Manpower Group, or termination by you for Good Reason, during the Term will be communicated by Notice of Termination to the other party hereto.  A “Notice of Termination” will mean a written notice which specifies a Date of Termination (which date shall be on or after the date of the Notice of Termination) and, if applicable, indicates the provision in this letter applying to the termination and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of your employment under the provision so indicated.

(f)

Date of Termination.  “Date of Termination” will mean the date specified in the Notice of Termination where required (which date shall be on or after the date of the Notice of Termination) or in any other case upon your ceasing to perform services for the Manpower Group.

(g)

Protected Period.  The “Protected Period” shall be a period of time determined in accordance with the following:

(i)

if a Change of Control is triggered by an acquisition of shares of common stock of the Corporation pursuant to a tender offer, the Protected Period shall commence on the date of the initial tender offer and shall continue through and including the date of the Change of Control, provided that in no case will the Protected Period commence earlier than the date that is six months prior to the Change of Control;

(ii)

if a Change of Control is triggered by a merger or consolidation of the 

4

Corporation with any other corporation, the Protected Period shall commence on the date that serious and substantial discussions first take place to effect the merger or consolidation and shall continue through and including the date of the Change of Control, provided that in no case will the Protected Period commence earlier than the date that is six months prior to the Change of Control; and

(iii)

in the case of any Change of Control not described in Subsections 1(g)(i) or (ii), above, the Protected Period shall commence on the date that is six months prior to the Change of Control and shall continue through and including the date of the Change of Control.

(h)

Term.  The “Term” will be a period beginning on November 10, 2008 and ending on the first to occur of the following:  (a) the date which is the two-year anniversary of the occurrence of a Change of Control; (b) the date which is the three-year anniversary of August 1, 2007 if no Change of Control occurs between November 10, 2008 and such three-year anniversary; or (c) the Date of Termination.

2.

Compensation and Benefits on Termination.

(a)

Termination by the Manpower Group for Cause or by You Other Than for Good Reason.  If your employment with the Manpower Group is terminated by the Manpower Group for Cause or by you other than for Good Reason, the Corporation will pay or provide you with (i) your full base salary as then in effect through the Date of Termination, (ii) your unpaid bonus, if any, attributable to any complete fiscal year of the Manpower Group ended before the Date of Termination (but no incentive bonus will be payable for the fiscal year in which termination occurs), and (iii) all benefits to which you are entitled under any Benefit Plans in accordance with the terms of such plans.  The Manpower Group will have no further obligations to you.

(b)

Termination by Reason of Disability or Death.  If your employment with the Manpower Group terminates during the Term by reason of your disability or death, the Corporation will pay or provide you with (i) your full base salary as then in effect through the Date of Termination, (ii) your unpaid bonus, if any, attributable to any complete fiscal year of the Manpower Group ended before the Date of Termination, (iii) a bonus for the fiscal year during which the Date of Termination occurs equal to your target annual bonus for the fiscal year in which the Date of Termination occurs, but prorated for the actual number of days you were employed during such fiscal year, payable within sixty days after the Date of Termination, and (iv) all benefits to which you are entitled under any Benefit Plans in accordance with the terms of such plans.  For purposes of this letter, “disability” means that you (i) are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a 

5

continuous period of not less than twelve months, or (ii) are, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Corporation or the Manpower Group.  The Manpower Group will have no further obligations to you.

(c)

Termination for Any Other Reason.  

(i)

If, during the Term and either during a Protected Period or within two years after the occurrence of a Change of Control, your employment with the Manpower Group is terminated for any reason not specified in Subsections 2(a) or (b), above, you will be entitled to the following:

(A)

the Corporation will pay you, your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given;

(B)

the Corporation will pay you, your unpaid bonus, if any, attributable to any complete fiscal year of the Manpower Group ended before the Date of Termination;

(C)

the Corporation will pay you, a bonus for the fiscal year during which the Date of Termination occurs equal in amount to your target annual bonus for the fiscal year in which the Change of Control occurs; provided, however, that if the Change of Control occurs prior to the date on which the Executive Compensation Committee of the Board approves a bona fide target annual bonus for the fiscal year in which the Change of Control occurs, the bonus paid hereunder shall be equal in amount to your target annual bonus for the fiscal year prior to the fiscal year in which the Change of Control occurs;

(D)

the Corporation will pay, as a severance benefit to you, a lump-sum payment equal to two times the sum of (1) your annual base salary at the highest rate in effect during the Term and (2)  your target annual bonus for the fiscal year in which the Change of Control occurs (or, to the extent the Change of Control occurs prior to the date on which the Executive Compensation Committee of the Board approves a bona fide target annual bonus for the fiscal year in which the Change of Control occurs, your target annual bonus for the fiscal year prior to the fiscal year in which the Change of Control occurs);  

(E)

for up to an eighteen-month period after the Date of Termination, the Corporation will arrange to provide you and your eligible 

6

dependents, at the Manpower Group’s expense, with Health Insurance Continuation (defined below), or other substantially similar coverage, in which you were participating on the Date of Termination; provided, however, that benefits otherwise receivable by you pursuant to this Subsection 2(c)(i)(E) will be reduced to the extent other comparable benefits are actually received by you during the eighteen-month period following your termination, and any such benefits actually received by you or your dependents will be reported to the Corpora­tion; and provided, further that any insurance continuation coverage that you may be entitled to receive under the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (“COBRA”), or similar foreign or state laws will commence on the Date of Termination.

For purposes of this Subsection 2(c)(i)(E), “Health Insurance Continuation” means that, if, and to the extent, you or any of your eligible dependents, following the Date of Termination, elect to continue coverage under the Corporation’s group medical and dental insurance plans, in accordance with the requirements of COBRA or similar foreign or state laws, the Manpower Group will pay the total cost of such COBRA coverage for the first eighteen months for which you and/or your eligible dependents are eligible for such coverage; provided, however, that if you, your spouse or any other eligible dependent commences new employment during such eighteen-month period and becomes eligible for health insurance benefits from such new employer, the Corporation’s obligation to provide such Corporation-subsidized COBRA coverage to you or such eligible dependent shall terminate as of the date you or such dependent becomes eligible to receive such health insurance benefits from such new employer.  Immediately following this period of Corporation-subsidized COBRA coverage, you and/or your eligible dependents, as applicable, will be solely responsible for payment of the entire cost of COBRA coverage if such coverage remains available and you and/or your eligible dependents choose to continue such coverage.  Within five calendar days of you or any of your eligible dependents becoming eligible to receive health insurance benefits from a new employer, you agree to inform the Corporation of such fact in writing.  If the Manpower Group determines that the Corporation-subsidized COBRA payments provided by this Subsection 2(c)(i)(E) are taxable, the payments will be grossed-up so that the net amount received by you, after subtraction of all taxes applicable to the payments plus the gross-up amount, will equal the cost of such COBRA coverage; and

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(F)

the Corporation will make available to you, an outplacement service program, chosen by the Corporation, and provided by the Corporation or its subsidiaries or an outplacement service provider selected by the Corporation.  Such outplacement service program will be of a duration chosen by the Corporation but will not, in any instance, end later than one (1) year following the Date of Termination.  Upon completion of the outplacement program specified in this Subsection 2(c)(i)(F), you will be solely responsible for payment of any additional costs incurred as a result of your use of such outplacement services.  The Corporation will not substitute cash or other compensation in lieu of the outplacement service program specified in this Subsection 2(c)(i)(F).

(ii)

If your employment with the Manpower Group is terminated during the Term for any reason not specified in Subsections 2(a) or (b), above, and Subsection 2(c)(i), above, does not apply to the termination, you will be entitled to the following:

(A)

the Corporation will pay you, your full base salary through the Date of Termination at the rate in effect at the time Notice of Termination is given;

(B)

the Corporation will pay you, your unpaid bonus, if any, attributable to any complete fiscal year of the Manpower Group ended before the Date of Termination;

(C)

the Corporation will pay you, a bonus for the fiscal year during which the Date of Termination occurs equal in amount to the bonus you would have received for the full fiscal year had your employment not terminated, determined by the actual financial results of the Corporation at year-end towards any non-discretionary financial goals and by basing any discretionary component at the target level of such component; provided, however, that such bonus will be prorated for the actual number of days you were employed during the fiscal year during which the Date of Termination occurs;

(D)

the Corporation will pay, as a severance benefit to you, a lump sum payment equal to (1) the amount of your annual base salary at the highest rate in effect during the Term plus (2) your target annual bonus for the fiscal year in which the Date of Termination occurs (or, to the extent the Date of Termination occurs prior to the date on which the Executive Compensation Committee of the Board approves a bona fide target annual bonus for you for the fiscal year in which the Date of Termination occurs, your target annual bonus for the fiscal year prior to the fiscal year in which the Date of 

8

Termination occurs);

(E)

for up to a twelve-month period after the Date of Termination, the Corporation will arrange to provide you and your eligible dependents with Health Insurance Continuation (defined below); provided, however, that benefits otherwise receivable by you pursuant to this Subsection 2(c)(ii)(E) will be reduced to the extent other comparable benefits are actually received by you during the twelve-month period following your termination, and any such benefits actually received by you or your dependents will be reported to the Corporation; and provided, further that any insurance continuation coverage that you may be entitled to receive under COBRA or similar foreign or state laws will commence on the Date of Termination.

For purposes of this Subsection 2(c)(ii)(E), “Health Insurance Continuation” means that, if, and to the extent, you or any of your eligible dependents, following the Date of Termination, elect to continue coverage under the Corporation’s group medical and dental insurance plans, in accordance with the requirements of COBRA or similar foreign or state laws, the Manpower Group will pay the normal monthly employer’s cost of coverage under the Corporation’s group medical and dental insurance plans toward such COBRA coverage for the first twelve months for which you and/or your eligible dependents are eligible for such coverage; provided, however, that if you, your spouse or any other eligible dependent commences new employment during such twelve-month period and becomes eligible for health insurance benefits from such new employer, the Corporation’s obligation to provide such Corporation-subsidized COBRA coverage to you or such eligible dependent shall terminate as of the date you or such dependent becomes eligible to receive such health insurance benefits from such new employer.  During this period of Corporation-subsidized COBRA coverage, you will be responsible for paying the balance of any costs not paid for by the Manpower Group under this Subsection 2(c)(ii)(E) which are associated with your participation in the Corporation’s medical and dental insurance plans and your failure to pay such costs may result in the termination of your participation in such plans.  The Corporation may deduct from any amounts payable to you under this Subsection 2(c)(ii) any amounts that you are responsible to pay for Health Insurance Continuation under this Subsection 2(c)(ii)(E).  Immediately following this period of Corporation-subsidized COBRA coverage, you and/or your eligible dependents, as applicable, will be solely responsible for payment of the entire cost of COBRA coverage if such coverage remains available and you and/or your eligible 

9

dependents choose to continue such coverage.  Within five calendar days of you or any of your eligible dependents becoming eligible to receive health insurance benefits from a new employer, you agree to inform the Corporation of such fact in writing.  If the Manpower Group determines that the Corporation-subsidized COBRA payments provided by this Subsection 2(c)(ii)(E) are taxable, the payments will be grossed-up so that the net amount received by you, after subtraction of all taxes applicable to the payments plus the gross-up amount, will equal the cost of such COBRA coverage; and

(F)

the Corporation will make available to you, an outplacement service program, chosen by the Corporation, and provided by the Corporation or its subsidiaries or an outplacement service provider selected by the Corporation.  Such outplacement service program will be of a duration chosen by the Corporation but will not, in any instance, end later than one (1) year following the Date of Termination.  Upon completion of the outplacement program specified in this Subsection 2(c)(ii)(F), you will be solely responsible for payment of any additional costs incurred as a result of your use of such outplacement services.  The Corporation will not substitute cash or other compensation in lieu of the outplacement service program specified in this Subsection 2(c)(ii)(F).

The amounts paid to you pursuant to Subsection 2(c)(i)(D) or 2(c)(ii)(D) will not be included as compensation for purposes of any qualified or nonqualified pension or welfare benefit plan of the Manpower Group.  Notwithstanding anything contained herein to the contrary, the Corporation, based on the advice of its legal or tax counsel, shall compute whether there would be any “excess parachute payments” payable to you, within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), taking into account the total ‘‘parachute payments,” within the meaning of Section 280G of the Code, payable to you by the Corporation under this letter agreement and any other plan, agreement or otherwise.  If there would be any excess parachute payments, the Corporation, based on the advice of its legal or tax counsel, shall compute the net after-tax proceeds to you, taking into account the excise tax imposed by Section 4999 of the Code, as if (i) amount to be paid to you pursuant to Subsection 2(c)(i)(D) were reduced, but not below zero, such that the total parachute payments payable to you would not exceed three (3) times the “base amount” as defined in Section 280G of the Code, less One Dollar ($1.00), or (ii) the full amount to be paid to you pursuant to Subsection 2(c)(i)(D) were not reduced.  If reducing the amount otherwise payable to you pursuant to Subsection 2(c)(i)(D) hereof would result in a greater after-tax amount to you, such reduced amount shall be paid to you and the remainder shall be forfeited by you as of the Date of Termination.  If not reducing the amount otherwise payable to you pursuant to Subsection 2(c)(i)(D) would result in a greater after-tax amount to you, the amount payable to you pursuant to Subsection 2(c)(i)(D) shall not be reduced.

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(d)

Payment.  The payments provided for in Subsection 2(c)(i)(A) or 2(c)(ii)(A), above, will be made no later than required by applicable law.  The bonus payment provided for in Subsection 2(c)(i)(B) or 2(c)(ii)(B) will be made pursuant to the terms of the applicable bonus plan.  The bonus payment provided for in Subsection 2(c)(i)(C) will be paid no later than thirty (30) days after the Date of Termination.  The bonus payment provided for in Subsection 2(c)(ii)(C) will between January 1 and March 15 of the calendar year following the Date of Termination.  The severance benefit provided for in Subsection 2(c)(i)(D) or 2(c)(ii)(D) will be paid in one lump sum no later than thirty (30) days after the Date of Termination.  While the parties acknowledge that the payments in the previous three sentences are intended to be “short-term deferrals” and therefore are exempt from the application of Section 409A of the Code, to the extent (i) further guidance or interpretation is issued by the IRS after the date of this letter agreement which would indicate that the payments do not qualify as “short-term deferrals,” and (ii) you are a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code upon the Date of Termination, such payments shall be delayed and instead shall be paid in one lump sum on the date that is six months after the Date of Termination.  If any of such payment is not made when due (hereinafter a “Delinquent Payment”), in addition to such principal sum, the Corporation will pay you interest on any and all such Delinquent Payments from the date due computed at the prime rate, compounded monthly.  Such prime rate shall be the prime rate (currently the base rate on corporate loans posted by at least 75% of the 30 largest U.S. banks) in effect from time to time as reported in The Wall Street Journal, Midwest edition (or, if not so reported, as reported in such other similar source(s) as the Corporation shall select).

(e)

Release of Claims.  Notwithstanding the foregoing, you will have no right to receive any payment or benefit described in Subsections 2(c)(i)(C)-(F) or 2(c)(ii)(C)-(F), above, unless and until you execute, and there shall be effective following any statutory period for revocation, a release, in a form reasonably acceptable to the Corporation, that irrevocably and unconditionally releases, waives, and fully and forever discharges the Manpower Group and its past and current directors, officers, stockholders, members, partners, employees, and agents from and against any and all claims, liabilities, obligations, covenants, rights, demands and damages of any nature whatsoever, whether known or unknown, anticipated or unanticipated, relating to or arising out of your employment with the Manpower Group, including without limitation claims arising under the Age Discrimination in Employment Act of 1967, as amended, Title VII of the Civil Rights Act of 1964, as amended, and the Civil Rights Act of 1991, but excluding any claims covered under any applicable workers’ compensation act.

(f)

Forfeiture.  Notwithstanding the foregoing, your right to receive the payments and benefits to be provided to you under this Section 2 beyond those described in Subsection 2(a), above, is conditioned upon your performance of the obligations stated in Sections 3-5, below, and upon your breach of any such obligations, you

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will immediately return to the Corporation the amount of such payments and benefits and you will no longer have any right to receive any such payments or benefits.  

3.

Nonsolicitation of Employees.  You agree that you will not, at any time during the term of your employment with the Manpower Group or during the one-year period following your termination, for whatever reason, of employment with the Manpower Group, either on your own account or in conjunction with or on behalf of any other person, company, business entity, or other organization whatsoever, directly or indirectly induce, solicit, entice or procure any person who is a managerial employee of any company in the Manpower Group (but in the event of your termination, any such managerial employee that you have had contact with in the two years prior to your termination) to terminate his or her employment with the Manpower Group so as to accept employment elsewhere or to diminish or curtail the services such person provides to the Manpower Group.

4.

Customer Nonsolicitation.  

(a)

During the term of your employment with the Manpower Group, you will not assist any competitor of any company in the Manpower Group in any capacity anywhere the Manpower Group does business.

(b)

During the one-year period which immediately follows the termination, for whatever reason, of your employment with the Manpower Group, you will not, directly or indirectly, contact any customer of the Manpower Group with whom/which you have had contact on behalf of the Manpower Group during the two-year period preceding the Date of Termination or about whom/which you obtained confidential information in connection with your employment with the Manpower Group during such two-year period so as to cause or attempt to cause such customer not to do business or to reduce such customer’s business with the Manpower Group or divert any business from any company in the Manpower Group.

5.

Noncompetition.  During the one-year period which immediately follows the termination, for whatever reason, of your employment with the Manpower Group, you will not, directly or indirectly, provide services or assistance of a nature similar to the services you provided to the Manpower Group during the two-year period immediately preceding the Date of Termination to any entity (i) engaged in the business of providing temporary staffing services anywhere in the United States or any other country in which the Manpower Group conducts business as of the Date of Termination which has, together with its affiliated entities, annual revenues from such business in excess of US $500,000,000 or (ii) engaged in the business of providing permanent placement, professional staffing, outplacement or human resources consulting services anywhere in the United States or any other country in which the Manpower Group conducts business as of the Date of Termination which has, together with its affiliated entities, annual revenues from such business in excess of US $250,000,000.  You acknowledge that the scope of this limitation is reasonable in that, among other things, providing any such services or assistance during such one-year period would permit you to use unfairly your 

12

close identification with the Manpower Group and the customer contacts you developed while employed by the Manpower Group and would involve the use or disclosure of Confidential Information pertaining to the Manpower Group.

6.

Injunctive and Other Interim Measures.  

(a)

Injunction.  You recognize that irreparable and incalculable injury will result to the Manpower Group and its businesses and properties in the event of your breach of any of the restrictions imposed by Sections 3-5, above.  You therefore agree that, in the event of any such actual, impending or threatened breach, the Corporation will be entitled, in addition to the remedies set forth in Subsection 2(f), above (which the parties agree would not be an adequate remedy), and any other remedies and damages, to, including, but not limited to, provisional or interim measures, including temporary and permanent injunctive relief, without the necessity of posting a bond or other security, from a court of competent jurisdiction restraining the actual, impending or threatened violation, or further violation, of such restrictions by you and by any other person or entity for whom you may be acting or who is acting for you or in concert with you.

(b)

Equitable Extension.  The duration of any restriction in Section 3-5, above, will be extended by any period during which such restriction is violated by you.

(c)

Nonapplication.  Notwithstanding the above, Sections 4 and 5, above, will not apply if your employment with the Manpower Group is terminated by you for Good Reason or by the Corporation without Cause either during a Protected Period or within two years after the occurrence of a Change of Control.

7.

Unemployment Compensation.  The severance benefits provided for in Subsection 2(c)(i)(D) will be assigned for unemployment compensation benefit purposes to the two-year period following the Date of Termination, and the severance benefits provided for in Subsection 2(c)(ii)(D) will be assigned for unemployment compensation purposes to the one-year period following the Date of Termination, and you will be ineligible to receive, and you agree not to apply for, unemployment compensation during such periods.

8.

Nondisparagement.  Upon your termination, for whatever reason, of employment with the Manpower Group, the Corporation agrees that its directors and officers, during their employment by or service to the Manpower Group, will refrain from making any statements that disparage or otherwise impair your reputation or commercial interests.  Upon your termination, for whatever reason, of employment with the Manpower Group, you agree to refrain from making any statements that disparage or otherwise impair the reputation, goodwill, or commercial interests of the Manpower Group, or its officers, directors, or employees.  However, the foregoing will not preclude the Corporation from providing truthful information about you concerning your employment or termination of employment with the Manpower Group in response to an inquiry from a prospective employer in connection with your possible employment, and will not preclude either party from providing truthful testimony pursuant to subpoena or other legal process or in 

13

the course of any proceeding that may be commenced for purposes of enforcing this letter agreement.

9.

Successors; Binding Agreement.  This letter agreement will be binding on the Corporation and its successors and will inure to the benefit of and be enforceable by your personal or legal representatives, heirs and successors.

10.

Notice.  Notices and all other communications provided for in this letter will be in writing and will be deemed to have been duly given when delivered in person, sent by telecopy, or two days after mailed by United States registered or certified mail, return receipt requested, postage prepaid, and properly addressed to the other party.

11.

No Right to Remain Employed.  Nothing contained in this letter will be construed as conferring upon you any right to remain employed by the Corporation or any member of the Manpower Group or affect the right of the Corporation or any member of the Manpower Group to terminate your employment at any time for any reason or no reason, with or without cause, subject to the obligations of the Corporation as set forth herein.

12.

Modification.  No provision of this letter may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing by you and the Corporation.

13.

Withholding.  The Manpower Group shall be entitled to withhold from amounts to be paid to you hereunder any federal, state, or local withholding or other taxes or charges which it is, from time to time, required to withhold under applicable law.  

14.

Applicable Law.  This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York, United States of America, without regard to its conflict of law provisions.

15.

Reduction of Amounts Due Under Law.  You agree that any severance payment (i.e, any payment other than a payment for salary through your Date of Termination or for a bonus earned in the prior fiscal year but not yet paid) to you pursuant to this agreement will be counted towards any severance type payments otherwise due you under law.  By way of illustration, English law requires notice period of one (1) week for every year of service up to a maximum of twelve (12) weeks of notice.  In the event you are terminated without notice and you would otherwise be entitled to a severance payment hereunder, such severance payment will be considered to be payment in lieu of such notice.  

14

16.

Previous Agreements.  To the extent your Date of Termination does not occur prior to the effective date of this letter indicated above and you accept this letter with your signature below, this letter, upon its effective date indicated above, expressly supersedes any and all previous agreements or understandings relating to your employment by the Corporation or the Manpower Group, except for the letter from the Corporation to you dated April 4, 2007, regarding the Corporation’s offer of employment to you (provided this letter will supersede the sections of that prior letter concerning severance protection and restrictive covenants) and the Nondisclosure Agreement between you and the Corporation date May 12, 2007, or the termination of such employment, and any such agreements or understandings shall, as of the date of your acceptance, have no further force or effect.  For the sake of clarification, to the extent your Date of Termination occurs prior to the effective date of this letter indicated above, the provisions of the letter from the Corporation to you dated August 1, 2007 shall control instead of this letter.  

17.

Dispute Resolution.  Section 6 to the contrary notwithstanding, the parties shall, to the extent feasible, attempt in good faith to resolve promptly by negotiation any dispute arising out of or relating to your employment by the Manpower Group pursuant to this letter agreement.  In the event any such dispute has not been resolved within 30 days after a party’s request for negotiation, either party may initiate arbitration as hereinafter provided.  For purposes of this Section 17, the party initiating arbitration shall be denominated the “Claimant” and the other party shall be denominated the “Respondent.”

(a) 

If your principal place of employment with the Manpower Group is outside the United States, any dispute arising out of or relating to this letter agreement, including the breach, termination or validity thereof, shall be finally resolved by arbitration before a sole arbitrator in accordance with the International Institute for Conflict Prevention and Resolution International Rules for Non-Administered Arbitration (the “CPR International Rules”) as then in effect.  If the parties are unable to select the arbitrator within 30 days after Respondent’s receipt of Claimant’s Notice of Arbitration and the 30-day deadline has not been extended by the parties’ agreement, the arbitrator shall be selected by CPR as provided in CPR International Rule 6.  The seat of the arbitration shall be the Borough of Manhattan in the City, County and State of New York, United States of America.  The arbitration shall be conducted in the English language.  Judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof.  Anything in the foregoing to the contrary notwithstanding, the parties expressly agree that at any time before the arbitrator has been selected and the initial pre-hearing conference provided for in International Rule 9.3 has been held, either of them shall have the right to apply to any court located in Milwaukee County, Wisconsin, United States of America, to whose jurisdiction they agree to submit, or to any other court that otherwise has jurisdiction over the parties, for provisional or interim measures including, but not limited to, temporary or permanent injunctive relief.

15

(b)

If your principal place of employment with the Manpower Group is within the United States, any dispute arising out of or relating to this letter agreement, including the breach, termination or validity thereof, shall be finally resolved by arbitration before a sole arbitrator in accordance with the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration (the “CPR Rules”) as then in effect.  If the parties are unable to select the arbitrator within 30 days after Respondent’s receipt of Claimant’s Notice of Arbitration and the 30-day deadline has not been extended by the parties’ agreement, the arbitrator shall be selected by CPR as provided in Rule 6 of the CPR Rules.  The seat of the arbitration shall be Milwaukee, Wisconsin, United States of America.  The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq.  Judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof.  Anything in the foregoing to the contrary notwithstanding, the parties expressly agree that at any time before the arbitrator has been selected and the initial pre-hearing conference has been held as provided in Rule 9.3 of the CPR Rules, either of them shall have the right to apply to any court located in Milwaukee County, Wisconsin, United States of America to whose jurisdiction they agree to submit, or to any other court that otherwise has jurisdiction over the parties, for provisional or interim measures, including, but not limited to, temporary or permanent injunctive relief.

18.

Severability. The obligations imposed by Paragraphs 3-6, above, of this agreement are severable and should be construed independently of each other.  The invalidity of one such provision shall not affect the validity of any other such provision.

16

If you are in agreement with the foregoing, please sign and return one copy of this letter which will constitute our agreement with respect to the subject matter of this letter.

Sincerely,

MANPOWER INC.

By:  /s/ Jeffrey A. Joerres                               

Jeffrey A. Joerres, President and

Chief Executive Officer

Agreed as of the 10th day of November, 2008.

/s/ Darryl Green                                                      

Darryl Green

 

17ex10-1.htm

    EMPLOYMENT
AGREEMENT

    

    THIS EMPLOYMENT AGREEMENT (this “Agreement”) effective
as of December
5, 2008, by and between MID-AMERICA APARTMENT COMMUNITIES,
INC., a Tennessee corporation (the “Company”), and H. ERIC BOLTON (the “Executive”).

    

    WITNESSETH:

    

    WHEREAS, the Company and
Executive entered into that certain employment agreement between Mid-America
Apartment Communities, Inc. and Executive effective as of December __, 1999 (the
“Original Employment
Agreement”);

    

    WHEREAS, the Company and the
Executive desire to enter into this Agreement which supercedes and replaces in
its entirety the Original Employment Agreement;

    

    WHEREAS, the Company desires
to employ the Executive to serve as the President and Chief Executive Officer of
the Company; and

    

    WHEREAS, to the extent this
Agreement provides for any “deferred compensation” within the meaning of Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), the
Agreement will be administered in compliance with Code Section 409A and the
regulations promulgated thereunder; and

    

    WHEREAS, the Company and the
Executive each deem it necessary and desirable to execute a written document
setting forth the terms and conditions of said relationship.

    

    NOW, THEREFORE, in
consideration of the premises and mutual obligations hereinafter set forth the
parties agree as follows:

     

    1. Definitions.  For
purposes of this Agreement, the following terms shall have the following
definitions:

     

    

    “1994 Plan” means the
Company’s Amended and Restated 1994 Restricted Stock and Stock Option
Plan.

    

    “2004 Plan” means the
Company’s 2004 Stock Plan.

    

    “Additional Amount”
means the amount the Company shall pay to the Executive in order to indemnify
the Executive against all claims, losses, damages, penalties, expenses,
interest, and Excise Taxes (including additional taxes on such Additional
Amount) incurred by Executive as a result of Executive receiving Change of
Control Benefits as further described in Section 9(e) of this
Agreement.

    

    “Agreement” has the
meaning set forth in the preamble above.

    

    “Arbitrators” means
the arbitrators selected to conduct any arbitration proceeding in connection
with any disputes arising out of or relating to this Agreement.

    

    “Award Plans” has the
meaning set forth in Section 4(b) of this
Agreement.

    

    “Base Salary” means
the annual salary to be paid to Executive as set forth in Section 4(a) of this
Agreement.

    

    “Benefit Plans” has
the meaning set forth in Section 4(c) of this
Agreement.

    

    “Board” means the
Board of Directors of the Company.

    

    “Change of Control”
means any of the following events which occur during the Term of this
Agreement:

     

    (i) any
“person”, as that term is used in Section 13(d) and Section 14(d)(2) of the
Exchange Act , becomes, is discovered to be, or files a report on Schedule 13D
or 14D-1 (or any successor schedule, form or report) disclosing that such person
is, a beneficial owner (as defined in Rule 13d-3 under the Exchange Act or any
successor rule or regulation), directly or indirectly, of securities of the
Company representing 25% or more of the combined voting power of the Company’s
then outstanding securities entitled to vote generally in the election of
directors, regardless of whether or not the Board shall have approved the
acquisition of such securities by the acquiring person;

     

     

    (ii) individuals
who, as of the effective date of this Agreement, constitute the Board cease for
any reason to constitute at least a majority of the Board, unless any such
change is approved by the vote of at least 80% of the members of the Board in
office immediately prior to such cessation;

     

     

    (iii) the
Company is merged, consolidated or reorganized into or with another corporation
or other legal person, or securities of the Company are exchanged for securities
of another corporation or other legal person, and immediately after such merger,
consolidation, reorganization or exchange less than 80% of the combined voting
power of the then-outstanding securities of such corporation or person
immediately after such transaction are held, directly or indirectly, in the
aggregate by the holders of securities entitled to vote generally in the
election of directors of the Company immediately prior to such
transaction;

     

     

    (iv) the
Company in any transaction or series of related transactions, sells all or
substantially all of its assets to any other corporation or other legal person
and less than a majority of the combined voting power of the then-outstanding
securities of such corporation or person immediately after such sale or sales
are held, directly or indirectly, in the aggregate by the holders of securities
entitled to vote generally in the election of directors of the Company
immediately prior to such sale;

     

     

    (v) the
Company and its affiliates shall sell or transfer (in a single transaction or
series of related transactions) to a non-affiliate business operations or assets
that generated at least two-thirds of the consolidated revenues (determined on
the basis of the Company’s four most recently completed fiscal quarters for
which reports have been filed under the Exchange Act) of the Company and its
subsidiaries immediately prior thereto;

     

     

    (vi) the
Company files a report or proxy statement with the Securities and Exchange
Commission pursuant to the Exchange Act disclosing in response to Form 8-K (or
any successor, form or report or item therein) that a change in control of the
Company has occurred;

     

     

    (vii) the
shareholders of the Company approve any plan or proposal for the liquidation or
dissolution of the Company; or

     

     

    (viii) any other
transaction or series of related transactions occur that have substantially the
effect of the transactions specified in any of the preceding clauses in this
sentence.

     

    

    “Change of Control
Benefits” means the Executive’s receipt of the Termination Payment or any
other payment, benefit or compensation (except for the Additional Amount) which
the Executive receives or has the right to receive from the Company or any of
its affiliates as a result of a Change of Control Termination.

    

    “Change of Control
Termination” means (i) a Termination Without Cause of the Executive’s
employment by the Company, in anticipation of, on, or within three (3) years
after a Change of Control, (ii) the Executive’s resignation for Good Reason on
or within three (3) years after a Change of Control, or (iii) Executive’s giving
of a Termination Notice of Voluntary Termination during the thirty days
immediately following the Change of Control or during the thirty days
immediately following the one year anniversary of the Change of
Control.

    

    “Code” has the meaning
set forth in the recitals above.

    

    “Company” means
Mid-America Apartment Communities, Inc., a Tennessee corporation, and any
successor to its business and/or assets which assumes and agrees to perform this
Agreement by operation of law, or otherwise.

    

    “Company Shares” means
the shares of common stock of the Company or any securities of a successor
company which shall have replaced such common stock.

    

    “Compensation
Committee” means the compensation committee of the Board.

    

    “Excess Parachute
Payments” has the meaning set forth in section 280G of the
Code.

    

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended.

    

    “Excise Tax” means a
tax on Excess Parachute Payments imposed pursuant to Code section
4999.

    

    “Executive” means the
person identified in the preamble paragraph of this Agreement.

    

    “Fair Market Value”
means, on any give date, the closing sale price of the common stock of the
Company on the New York Stock Exchange on such date, or, if the New York Stock
Exchange shall be closed on such date, the next preceding date on which the New
York Stock Exchange shall have been open.

    

    “Good Reason” means
that the Executive terminated his employment because, within the six (6) month
period preceding the Executive’s termination, one or more of the following
conditions arose and the Executive notified the Company of such condition within
90 days of its occurrence and the Company did not remedy such condition within
30 days:

     

    (i) a
material diminution in the Executive’s Base Salary as in effect on the date
hereof or as the same may be increased from time to time;

     

    (ii) a
material diminution in the Executive’s authority, duties, or
responsibilities;

     

    (iii) the
relocation of the Company’s principal executive offices to a location outside a
thirty-mile radius of Memphis, Tennessee or the Company’s requiring the
Executive to be based at any place other than a location within a thirty-mile
radius of Memphis, Tennessee, except for reasonably required travel on the
Company’s business; or

     

    (iv) any other
action or inaction that constitutes a material breach by the Company of this
Agreement.

     

    “Multi-Family Residential
Business” means the business of acquiring, developing, constructing,
owning or operating multi-family residential apartment communities.

    

    “Multi-Family Residential
Property” means any real estate upon which the Multi-Family Residential
Business is being conducted.

    

    “Option(s)” means any
options issued to Executive pursuant to the 1994 Plan, 2004 Plan or any other
equity incentive plan adopted by the Company, any option granted with respect to
Partnership Units, or any option granted under the plan of any successor company
that replaces or assumes the Company’s or the Partnership’s
options.

    

    “Original Employment
Agreement” has the meaning set forth in the recitals.

    

    “Partnership” means
Mid-America Apartments, L.P., a Tennessee limited partnership.

    

    “Partnership Unit(s)”
means limited partnership interests of the Partnership.  The holder
has the option of requiring the Company to redeem such interests.  The
Company may elect to effectuate such redemption by either paying cash or
exchanging Company Shares for such interests.

    

    “Permanent Disability”
means the Executive: (i) is unable to engage in any substantial gainful activity
by reason of any medically determinable physical or mental impairment which can
be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months; or (ii) is, by reason of any
medically determinable physical or mental impairment which can be expected to
result in death or can be expected to last for a continuous period of not less
than twelve (12) months, receiving income replacement benefits for a period of
not less than three (3) months under an accident and health plan covering
employees or directors of the Company.  Medical determination of
Permanent Disability may be made by either the Social Security Administration or
by the provider of an accident or health plan covering employees or directors of
the Company provided that the definition of “disability” applied under such
disability insurance program complies with the requirements of the preceding
sentence.  Upon the request of the Company, the Executive must submit
proof to the Company of the Social Security Administration’s or the provider’s
determination.

    

    “Restricted Stock”
means any share of restricted common stock issued to Executive pursuant to the
1994 Plan, 2004 Plan or any other equity incentive plan adopted by the Company,
any option granted with respect to Partnership Units, or any restricted stock
granted under the plan of any successor company that replaces or assumes the
Company’s or the Partnership’s restricted stock awards.

    

    “Specified Employee”
means a key employee (as defined in Section 416(i) of the Code without regard to
paragraph 5 thereof) of the Company if any stock of the Company is publicly
traded on an established securities market or otherwise.

    

    “Term” has the meaning
assigned to it in Section 3 of this
Agreement.

    

    “Termination Date”
means the date on which the employment of Executive is terminated, which date
shall be (i) in the case of Executive’s Permanent Disability, 30 days after a
Termination Notice is given and Executive does not return to the full-time
performance of his duties within such 30 day period or (ii) in all other
instances, the date specified as the Termination Date in the Termination Notice,
which date shall not be less than thirty nor more than sixty days from the date
the Termination Notice is given.

    

    “Termination of
Employment” means the termination of the Employee’s employment with the
Company for reasons other than death or Permanent Disability.  Whether
a Termination of Employment takes place is determined based on the facts and
circumstances surrounding the termination of the Executive’s employment and
whether the Company and the Executive intended for the Executive to provide
significant services for the Company following such termination.  A
change in the Executive’s employment status will not be considered a Termination
of Employment if:

     

    (i) the
Executive continues to provide services as an employee of the Company at an
annual rate that is twenty percent (20%) or more of the services rendered, on
average, during the immediately preceding three full calendar years of
employment (or, if employed less than three years, such lesser period) and the
annual remuneration for such services is twenty percent (20%) or more of the
average annual remuneration earned during the final three full calendar years of
employment (or, if less, such lesser period), or

     

    (ii) the
Executive continues to provide services to the Company in a capacity other than
as an employee of the Company at an annual rate that is fifty percent (50%) or
more of the services rendered, on average, during the immediately preceding
three full calendar years of employment (or if employed less than three years,
such lesser period) and the annual remuneration for such services is fifty
percent (50%) or more of the average annual remuneration earned during the final
three full calendar years of employment (or if less, such lesser
period).

     

    “Termination Notice”
means a written notice of termination of employment by Executive or the
Company.

    

    “Termination Payment”
has the meaning set forth in Section 9(b)(i) of this
Agreement.

    

    “Termination With
Cause” means the termination of the Executive’s employment by act of the
Board for any of the following reasons:

     

    (i) the
Executive’s conviction for a felony;

     

     

    (ii) the
Executive’s theft, embezzlement, misappropriation of or intentional infliction
of material damage to the Company’s property or business
opportunity;

     

     

    (iii) the
Executive’s intentional breach of the noncompetition provisions contained in
Section 10 of this
Agreement; or

     

     

    (iv) the
Executive’s ongoing willful neglect of or failure to perform his duties
hereunder or his ongoing willful failure or refusal to follow any reasonable,
unambiguous duly adopted written direction of the Board or any duly constituted
committee thereof that is not inconsistent with the description of the
Executive’s duties set forth in Section 2, if such
willful neglect or failure is materially damaging or materially detrimental to
the business and operations of the Company; provided that Executive shall have
received written notice of such failure and shall have continued to engage in
such failure after 30 days following receipt of such notice from the Board,
which notice specifically identifies the manner in which the Board believes that
Executive has engaged in such failure.

     

    

    For
purposes of this subsection, no act, or failure to act, shall be deemed
“willful” unless done, or omitted to be done, by Executive not in good faith,
and without reasonable belief that such action or omission was in the best
interest of the Company.  Executive shall not be deemed to have been
terminated for Cause unless and until there shall have been delivered to
Executive a copy of a resolution duly adopted by the affirmative vote of not
less than three-quarters of the entire membership of the Board at a meeting of
the Board called and held for such purpose (after reasonable notice to Executive
and an opportunity for Executive, together with his counsel, to be heard before
the Board), finding that, in the good faith opinion of the Board, Executive was
guilty of misconduct as set forth above, and of continuing such misconduct after
notice from the Board.

    

    “Termination Without
Cause” means the termination of the Executive’s employment by the Company
for any reason other than Termination With Cause, or termination by the Company
due to Executive’s death or Permanent Disability.

    

    “Uniform Arbitration
Act” means the Uniform Arbitration Act, Tennessee Code Annotated §
29-5-391 et seq., as amended.

    

    “Voluntary
Termination” means the Executive’s voluntary termination of his
employment hereunder for any reason other than Good Reason.  If the
Executive gives a Termination Notice of Voluntary Termination and, prior to the
Termination Date, the Executive voluntarily refuses or fails to provide
substantially all the services described in Section 2 hereof for a
period greater than two consecutive weeks, the Voluntary Termination shall be
deemed to be effective as of the date on which the Executive so ceases to carry
out his duties. Voluntary refusal to perform services shall not include taking
vacation otherwise permitted in accordance with Section 4(d) hereof, the
Executive’s failure to perform services on account of his illness or the illness
of a member of his immediate family, provided such illness is adequately
substantiated at the reasonable request of the Company, or any other absence
from service with the written consent of the Board.

     

    2. Employment; Services.
The Company and the Executive acknowledge and agree that the Original Employment
Agreement is hereby terminated by mutual consent and neither the Company nor the
Executive shall have any continuing obligation to the other pursuant to the
terms of the Original Employment Agreement.  The mutual agreements and
covenants contained in this Agreement shall replace and supercede in their
entirety the provisions of the Original Employment Agreement.  The
Company shall employ the Executive, and the Executive agrees to be so employed,
in the capacity of President and Chief Executive Officer of the Company to serve
for the Term hereof, subject to earlier termination as hereinafter
provided.  The Executive shall devote such amount of his time and
attention to the Company’s affairs as are necessary to perform his duties to the
Company in his capacity as President and Chief Executive Officer.  The
Executive shall have authority and responsibility with respect to the day-to-day
management of the Company, consistent with direction from the Company’s
Board.

     

     

    3. Term;
Termination.

     

     

    (a) The term
of the Executive’s employment hereunder shall be one year and shall commence on
the date hereof and shall be extended automatically, for so long as the
Executive remains employed by the Company hereunder, the first day of each month
beginning June 1, 2008, for an additional one-month period (such period, as it
may be extended from time to time, being herein referred to as the “Term”), unless
terminated earlier in accordance with the terms of this Agreement, to the effect
that on the first day of each month, the remaining term of this Agreement and
the Executive’s employment hereunder shall be one year.

     

     

    (b) Any
purported termination of employment by Executive or the Company shall be
communicated by a Termination Notice.  The Termination Notice shall
indicate the specific termination provision in this Agreement relied upon and
set forth the facts and circumstances claimed to provide a basis for
termination.  If the party receiving the Termination Notice notifies
the other party prior to the Termination Date that a dispute exists concerning
the termination, the Termination Date shall be extended until the dispute is
finally determined, either by mutual written agreement of the parties, by a
binding arbitration award, or by a final judgment, order or decree of a court of
competent jurisdiction.  The Termination Date shall be extended by a
notice of dispute only if such notice is given in good faith and the party
giving such notice pursues the resolution of such dispute with reasonable
diligence.  Notwithstanding the pendency of any such dispute, the
Company will continue to pay Executive his full compensation in effect when the
notice giving rise to the dispute was given and Executive shall continue as a
participant in all Award Plans and Benefit Plans in which Executive participated
when the Termination Notice giving rise to the dispute was given, until the
dispute is finally resolved in accordance with this
subsection.  Amounts paid under this subsection are in addition to all
other amounts due under this Agreement and shall not be offset against or reduce
any other amounts due under this Agreement.

     

     

    4. Compensation.

     

     

    (a) Base
Salary.  During the Term, the Company shall pay the Executive
for his services a “Base Salary” of
$407,753, to be paid in accordance with customary Company policies, such Base
Salary being subject to any increases approved by the Compensation Committee or
the Board, as the case may be.

     

     

    (b) Award
Plans.  During the Term, the Executive shall also be eligible
for additional compensation in the form of a cash bonus, shares of stock in the
Company, Partnership Units, or Options, and shall be eligible to participate the
1994 Plan, 2004 Plan, and any other stock option, incentive compensation, profit
participation, bonus or extra compensation plan that is adopted by the Company
and in which the Company’s executive officers generally participate
(collectively, “Award
Plans”).

     

     

    (c) Benefit
Plans.  During the Term, Executive shall be entitled to
participate in, and to all rights and benefits provided by, each and every
health, life, medical, dental, disability, insurance and welfare plan maintained
by the Company including, without limitation, the benefits contemplated by Section 4 of this
Agreement, that are maintained from time to time by the Company for the benefit
of Executive, the executives of the Company generally or for the Company’s
employees generally, provided that Executive is eligible to participate in such
plan under the eligibility provisions thereof that are generally applicable to
the participants thereof (collectively, “Benefit
Plans”).

     

     

    (d) Vacation. The
Executive shall be entitled each calendar year to vacation time, during which
time his compensation shall be paid in full. The time allotted for such vacation
shall be three (3) weeks.

     

     

    (e) Overall
Qualification.  Nothing in this Agreement shall be construed as
preventing the Company from modifying, suspending, discontinuing or terminating
any of the Benefit Plans or Award Plans without notice or liability to Executive
so long as (i) the modification, suspension, discontinuation or termination of
any such plan is authorized by and performed in accordance with the specific
provisions of such plan and (ii) such modification, suspension, discontinuation
or termination is taken generally with respect to all similarly situated
employees of the Company and does not single out or discriminate against
Executive.

     

     

    5. Expenses. The Company
recognizes that the Executive will have to incur certain out-of-pocket expenses,
including but not limited to travel expenses, related to his services and the
Company’s business and the Company agrees to reimburse the Executive for all
reasonable expenses necessarily incurred by him in the performance of his duties
upon presentation of a voucher or documentation indicating the amount and
business purposes of any such expenses; provided that Executive complies with
the Company’s policies and procedures regarding business expenses.

     

     

    6. Voluntary Termination;
Termination With Cause.  Except as otherwise provided in Section 9 of this
Agreement, if (i) the Executive shall cease being an employee of the Company on
account of a Voluntary Termination or (ii) there shall be a Termination With
Cause, the Executive shall not be entitled to any compensation after the
Termination Date of such Voluntary Termination or Termination With Cause (except
Base Salary and vacation accrued but unpaid on the Termination Date of such
event). In the event of a Voluntary Termination or Termination With Cause, the
Executive shall continue to be subject to the noncompetition covenant contained
in Section 10.

     

     

    7. Death or Disability.
In the event of the Executive’s death or Permanent Disability, the Company shall
continue to pay the Executive or his heirs, devisees, executors, legatees or
personal representatives, as appropriate, the semi-monthly payments of the Base
Salary then in effect for one year from the Executive’s death or Termination
Date following determination of Permanent Disability, as
applicable.  The Company shall also pay any amounts due pursuant to
the terms of any Benefit Plans and Award Plans in which Executive was a
participant, including, without limitation, the pro rata amount of any bonus to
be paid to Executive for the fiscal year in which Executive was
terminated.  Further, if Executive’s employment is terminated due to
Executive’s Permanent Disability and if Executive is no longer eligible to
participate in one or more of the Benefit Plans because of such termination,
then within thirty (30) days of the Executive’s Termination Date the Company
shall pay to Executive a lump sum in an amount equal to twelve (12) months of
COBRA continuation coverage under the Company’s group health plan and twelve
(12) months of insurance coverage which is substantially equivalent to the
remaining Benefit Plans to which Executive was entitled immediately prior to
such termination.

     

     

    8. Termination Without Cause;
Resignation for Good Reason.  The Company may terminate
Executive for any reason, or no reason at all, at any time and Executive may
terminate this Agreement at any time for Good Reason, provided that, upon
termination of this Agreement by the Executive for Good Reason or in the event
of a Termination Without Cause, except as otherwise provided in Section 9 of this
Agreement, the Company shall provide the compensation and benefits set forth in
this Section 8.  Executive
may terminate this Agreement for Good Reason notwithstanding any incapacity due
to physical or mental illness.  Executive’s continued employment shall
not constitute consent to, or a waiver of, rights with respect to any
circumstances constituting Good Reason hereunder.

     

     

    (a) Base Salary, Benefit and
Award Plans.  The Company shall continue to pay the Executive
the semi-monthly payments of the Base Salary then in effect for one year after
the Termination Date.  The Company shall also pay on the Termination
Date any amounts due pursuant to the terms of any Benefit Plans and Award Plans
in which Executive was a participant, including, without limitation, the pro
rata amount of any bonus to be paid to Executive for the fiscal year in which
Executive was terminated.  In addition, if Executive is no longer
eligible to participate in one or more of the Benefit Plans because of
termination of employment, then within thirty (30) days of the Executive’s
Termination Date the Company shall pay to Executive a lump sum in an amount
equal to twelve (12) months of COBRA continuation coverage under the Company’s
group health plan and twelve (12) months of insurance coverage which is
substantially equivalent to the remaining Benefit Plans to which Executive was
entitled immediately prior to such termination. All payments under this Section 8(a) shall be
made no later than the last day of the second calendar year following the year
in which the Executive incurs a Termination of
Employment.  Notwithstanding the foregoing, if the Executive is a
Specified Employee and the total of the payments under this Section 8(a) exceeds
the limit set forth in Treas. Reg. §1.409A-1(b)(9)(iii)(A) (related to
separation pay), then, the amount in excess of such limit shall be delayed for
six (6) months following the Executive’s Termination Date.  The
delayed amount shall be paid in a lump sum after the end of the six-month
delay.

     

     

    (b) Stock Options; Restricted
Stock.  All Options and Restricted Stock granted to Executive
shall become fully vested at the Termination Date.  In lieu of Company
Shares issuable upon exercise of any outstanding and unexercised Options granted
to Executive, Executive may, at Executive’s option, receive an amount in cash
equal to the product of (i) the Fair Market Value of Company Shares on the
Termination Date over the per share exercise price of each Option held by
Executive, times (ii) the number of Company Shares covered by each such
Option.   In the event Executive does not elect to receive a cash
payment for any outstanding and unexercised Options granted to Executive,
Executive shall have the right to exercise such Options in accordance with the
terms and conditions provided in the applicable stock option plans as if
Executive had continued his employment with the Company, notwithstanding
Executive’s termination.

     

     

    (c) Legal
Fees.  The Company shall also pay to Executive all legal fees
and expenses incurred by Executive as a result of a Termination Without Cause or
Executive’s resignation for Good Reason (including all such fees and expenses,
if any, incurred in contesting or disputing any such termination or in seeking
to obtain or enforce any right or benefit provided by this
Agreement).

     

     

    9. Change of
Control.

     

     

    (a) Termination in Connection
with a Change of Control.  Notwithstanding any other provision
in this Agreement, in the event of a Change of Control Termination, the Company
shall, on the Termination Date, pay the Executive, in addition to any Base
Salary earned but not paid through the Termination Date and any amounts due
pursuant to Award Plans and Benefit Plans including, without limitation, the pro
rata amount of Executive’s anticipated bonus for the fiscal year in which
Executive is terminated, the compensation and benefits set forth in Section 9(b).

     

     

    (b) Compensation and
Benefits.

     

     

    (i) A
Termination Payment shall be paid which is equal to the sum of two and 99/100
(2.99) times the Executive’s annual base salary in effect on the Termination
Date plus two and 99/100 (2.99) times the average annual cash bonus paid to the
Executive for the two immediately preceding fiscal years, under this Agreement
or otherwise (but not including compensation under the Company’s Shareholder
Value Plan) (“Termination
Payment”); provided, however, that in no event shall the amount of the
Termination Payment exceed the amount that would be payable to Executive as Base
Salary and bonus compensation (based on the average annual bonus compensation
paid to Executive for the two immediately preceding fiscal years under this
Agreement or otherwise) between the Termination Date and the date upon which the
Executive and the Compensation Committee of the Board have mutually agreed that
the Executive will retire.  Notwithstanding Section 9(a), the
Termination Payment shall be calculated and paid immediately prior to the
closing of the transactions constituting a Change of Control if the Executive
receives notice prior to the Change of Control that his employment will be
terminated on or after the Change of Control.

     

     

    (ii) If
Executive is no longer eligible to participate in one or more of the Benefit
Plans because of termination of employment, then within thirty (30) days of the
Executive’s Termination Date the Company shall pay to Executive a lump sum in an
amount equal to eighteen (18) months of COBRA continuation coverage under the
Company’s group health plan, six (6) months of coverage under an individual
health insurance policy reasonably equivalent to the Company’s group health
plan, and twenty-four (24) months of insurance coverage which is substantially
equivalent to the remaining Benefit Plans to which Executive was entitled
immediately prior to such termination.

     

     

    (iii) In lieu
of Company Shares issuable upon exercise of any outstanding and unexercised
Options granted to Executive, Executive may, at Executive’s option, receive an
amount in cash equal to the product of (i) the excess of the higher of the Fair
Market Value of Company Shares on the Termination Date, or the highest per share
price for Company Shares actually paid in connection with any Change of Control
of the Company, over the per share exercise price of each Option held by
Executive, times (ii) the number of Company Shares covered by each such Option.
In the event Executive does not elect to receive a cash payment for any
outstanding and unexercised Options granted to Executive, Executive shall have
the right to exercise such Options in accordance with the terms and conditions
provided in the applicable stock option plans.

     

     

    (iv) The
Company shall also pay to Executive all legal fees and expenses incurred by
Executive as a result of a termination described in Section 9(a) of this
Agreement (including all such fees and expenses, if any, incurred in contesting
or disputing any such termination or in seeking to obtain or enforce any right
or benefit provided by this Agreement or in connection with any tax audit or
proceeding to the extent attributable to the application of Section 4999 of the
Code to any payment or benefit provided hereunder).

     

     

    (c) Certain Transactions.
Notwithstanding the provisions of subparagraphs (i) or (vi) in the definition of
change of control, unless otherwise determined in a specific case by majority
vote of the Board, a Change of Control shall not be deemed to have occurred for
purposes of this Agreement solely because (i) an entity in which the Company
directly or indirectly beneficially owns 50% or more of the voting securities or
(ii) any Company-sponsored employee stock ownership plan, or any other employee
benefit plan of the Company, either files or becomes obligated to file a report
or a proxy statement under or in response to Schedule 13D, Schedule 14D-l, Form
8-K or Schedule 14A (or any successor schedule, form or report or item thereon)
under the Exchange Act, disclosing beneficial ownership by it of shares of stock
of the Company, or because the Company reports that a Change of Control of the
Company has or may have occurred or will or may occur in the future by reason of
such beneficial ownership.

     

     

    (d) Escrow
Arrangement.  If within thirty (30) days after the effective
date of a Change of Control Executive’s employment has not been terminated, the
Company shall deposit with an escrow agent, pursuant to an escrow agreement
between the Company and such escrow agent, a sum of money, or other property
permitted by such escrow agreement, which is substantially sufficient in the
opinion of the Company’s management to fund the amounts due to Executive set
forth in Section
9(b) of this
Agreement.  The escrow agreement shall provide that such agreement may
not be terminated until the earlier of (i) Executive’s employment has terminated
and all amounts due to Executive as set forth in this Agreement have been paid
to Executive or (ii) three (3) years after the effective date of the Change of
Control.

     

     

    (e) Tax Matters. If the
Excise Tax on Excess Parachute Payments will be imposed on the Executive under
Code section 4999 as a result of the Executive’s receipt of the Change of
Control Benefits, the Company shall indemnify the Executive and hold him
harmless against all claims, losses, damages, penalties, expenses, interest, and
Excise Taxes. To effect this indemnification, the Company shall pay to the
Executive the Additional Amount which is sufficient to indemnify and hold the
Executive harmless from the application of Code sections 280G and 4999,
including the amount of (i) the Excise Tax that will be imposed on the Executive
under section 4999 of the Code with respect to the Change of Control Benefits;
(ii) the additional (A) Excise Tax under section 4999 of the Code, (B) hospital
insurance tax under section 3111(b) of the Code and (C) federal, state and local
income taxes for which the Executive is or will be liable on account of the
payment of the amount described in subitem (i); and (iii) the further excise,
hospital insurance and income taxes for which the Executive is or will be liable
on account of the payment of the amount described in subitem (ii) and this
subitem (iii) and any other indemnification payment under this Section 9(e). The
Additional Amount shall be calculated and paid to the Executive at the time that
the Termination Payment is paid to the Executive. In calculating the Additional
Amount, the highest marginal rates of federal and applicable state and local
income taxes applicable to individuals and in effect for the year in which the
Change of Control occurs shall be used. Nothing in this paragraph shall give the
Executive the right to receive indemnification from the Company for federal,
state or local income taxes or hospital insurance taxes payable solely as a
result of the Executive’s receipt of (a) the Change in Control Benefits, or (b)
any additional payment, benefit or compensation other than the Additional
Amount.  As specified in items (ii) and (iii), above, all income,
hospital insurance and additional Excise Taxes resulting from additional
compensation in the form of the Excise Tax payment specified in item (i), above,
shall be paid to the Executive.

     

    

    The provisions of this Section 9(e) are
illustrated by the following example:

    

    Assume that the Termination Payment and
all other Change of Control Benefits result in a total federal, state and local
income tax and hospital insurance tax liability of $180,000; and an Excise Tax
liability under Code section 4999 of $70,000. Under such circumstances, the
Executive is solely responsible for the $180,000 income and hospital insurance
tax liability; and the Company must pay to the Executive $70,000, plus an amount
necessary to indemnify the Executive for all federal, state and local income
taxes, hospital insurance taxes, and Excise Taxes that will result from the
$70,000 payment to the Executive and from all further indemnification to the
Executive of taxes attributable to the initial $70,000 payment.

     

    10. Noncompetition.
During the Term, the Executive shall not, other than through the Company or
affiliates of the Company, own any interest in any Multi-Family Residential
Property (other than Multi-Family Residential Property in which the Company or
the Partnership has an ownership interest), as partner, shareholder or
otherwise, or engage in the Multi-Family Residential Business, directly or
indirectly, for his own account or for the account of others, either as an
officer, director, shareholder, owner, partner, promoter, employee, consultant,
advisor, agent, manager, or in any other capacity.  For a period of
two (2) years after a Change of Control Termination, Executive shall not own any
interest in any Multi-Family Residential Property as partner, shareholder or
otherwise, or directly or indirectly, for his own account or for the account of
others, either as an officer, director, promoter, employee, consultant, advisor,
agent, manager, or in any other capacity, engage in the Multi-Family Residential
Business within 5 miles of any Multi-Family Residential Property owned by the
Company or the Partnership at the time of termination of
employment.

     

    

    The Executive agrees that damages at
law for violation of the restrictive covenant contained herein would not be an
adequate or proper remedy to the Company, and that should the Executive violate
or threaten to violate any of the provisions of such covenant, the Company, its
successors or assigns, shall be entitled to obtain a temporary or permanent
injunction, as appropriate, against the Executive in any court having
jurisdiction over the person and the subject matter, prohibiting any further
violation of any such covenants. The injunctive relief provided herein shall be
in addition to any award of damages, compensatory, exemplary or otherwise,
payable by reason of such violation.

    

    Furthermore, the Executive acknowledges
that this Agreement has been negotiated at arms’ length by the parties, neither
being under any compulsion to enter into this Agreement, and that the foregoing
restrictive covenant does not in any respect inhibit his ability to earn a
livelihood in his chosen profession without violating the restrictive covenant
contained herein. The Company by these presents has attempted to limit the
Executive’s right to compete only to the extent necessary to protect the Company
from unfair competition. The Company recognizes, however, that reasonable people
may differ in making such a determination. Consequently, the Company agrees that
if the scope or enforceability of the restricted covenant contained herein is in
any way disputed at any time, a court or other trier of fact may modify and
enforce the covenant to the extent that it believes to be reasonable under the
circumstances existing at the time.

     

    11. Employment
Status.  The parties acknowledge and agree that Executive is an
employee of the Company, not an independent contractor.  Any payments
made to Executive by the Company pursuant to this Agreement shall be treated for
federal and state payroll tax purposes as payments made to a Company employee,
irrespective whether such payments are made subsequent to the Termination
Date.

     

     

    12. Notices.  All
notices or deliveries authorized or required pursuant to this Agreement shall be
deemed to have been given when in writing and personally delivered or when
deposited in the U.S. mail, certified, return receipt requested, postage
prepaid, addressed to the parties at the following addresses or to such other
addresses as either may designate in writing to the other party:

     

    

    
      	
              To
      the Company:

            	
              6584
      Poplar Avenue, Suite 340

              Memphis,
      Tennessee 38128

              Attn:  Chief
      Financial Officer

               

            
	
              To
      the Executive:

            	
              H.
      Eric Bolton

              3290
      Kenny Drive

              Germantown,
      Tennessee 38139

            

    

    

     

    13. Entire Agreement.
This Agreement contains the entire understanding between the parties hereto with
respect to the subject matter hereof and shall not be modified in any manner
except by instrument in writing signed, by or on behalf of, the parties hereto;
provided, however, that any amendment or termination of the covenant of
noncompetition in Section 10 must be approved by a majority of the Directors of
the Company other than the Executive, if the Executive is then a director of the
Company. This Agreement shall be binding upon and inure to the benefit of the
heirs, successors and assigns of the parties hereto.

     

     

    14. Arbitration.  Any
controversy concerning or claim arising out of or relating to this Agreement
shall be settled by final and binding arbitration in Memphis, Shelby County,
Tennessee at a location specified by the party seeking such
arbitration.

     

     

    (a) The
Arbitrators.  Any arbitration proceeding shall be conducted by
three (3) Arbitrators and the decision of the Arbitrators shall be binding on
all parties.  Each Arbitrator shall have substantial experience and
expert competence in the matters being arbitrated.  The party desiring
to submit any matter relating to this Agreement to arbitration shall do so by
written notice to the other party, which notice shall set forth the items to be
arbitrated, such party’s choice of Arbitrator, and such party’s substantive
position in the arbitration.  The party receiving such notice shall,
within fifteen (15) days after receipt of such notice, appoint an Arbitrator and
notify the other party of its appointment and of its substantive
position.  The Arbitrators appointed by the parties to the Arbitration
shall select an additional Arbitrator meeting the aforedescribed
criteria.  The Arbitrators shall be required to render a decision in
accordance with the procedures set forth in Subparagraph (b) below within thirty
(30) days after being notified of their selection.  The fees of the
Arbitrators shall be equally divided amongst the parties to the
arbitration.

     

     

    (b) Arbitration
Procedures.  Arbitration shall be conducted in accordance with
the Uniform Arbitration Act, except to the extent the provisions of such Act are
modified by this Agreement or the subsequent mutual agreement of the
parties.  Judgment upon the award rendered by the Arbitrator(s) may be
entered in any court having jurisdiction thereof.  Any party hereto
may bring an action, including a summary or expedited proceeding, to compel
arbitration of any controversy or claim to which this provision applies in any
court having jurisdiction over such action in Shelby County, Tennessee, and the
parties agree that jurisdiction and venue in Shelby County, Tennessee are
appropriate and approved by such parties.

     

     

    15. Applicable Law. This
Agreement shall be governed and construed in accordance with the laws of the
State of Tennessee.

     

     

    16. Assignment. The
Executive acknowledges that his services are unique and personal. Accordingly,
the Executive may not assign his rights or delegate his duties or obligations
under this Agreement, except with respect to certain rights to receive payments
as described in Section 7.

     

     

    17. Headings.  Headings
in this Agreement are for convenience only and shall not be used to interpret or
construe its provisions.

     

     

    18. Successors; Binding
Agreement.   The Company will require any successor to all
or substantially all of the business and/or assets of the Company to expressly
assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place.  Failure of the Company to obtain such assumption and
agreement prior to the effectiveness of any such succession shall be a beach of
this Agreement and shall entitle Executive to compensation from the Company in
the same amount and on the same terms as Executive would be entitled to
hereunder if Executive terminates his employment for Good Reason.  The
Company’s rights and obligations under this Agreement shall inure to the benefit
of and shall be binding upon the Company’s successors and assigns.

     

    

    

    

    [The
remainder of this page is intentionally left blank.]

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement effective as of the date first above
written.

    

    MID-AMERICA APARTMENT

    COMMUNITIES, INC.

    

    

    By: /s/Simon R.C.
Wadsworth___________

    Name: Simon R.C.
Wadsworth___________

    Title:  EVP and
CFO___________________

    

    

    

    EXECUTIVE:

    

    

    /s/H. Eric
Bolton______________________

    H. Eric
Bolton

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