Document:

Exhibit 10.8

 

AMENDMENT
TO EMPLOYMENT AGREEMENT

 

THIS
AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made as of May 15,
2005, by and between BRAM GOLDSMITH (“Goldsmith”), on the one hand, and CITY
NATIONAL CORPORATION, a Delaware corporation (“CNC”) and CITY NATIONAL BANK, a
national banking association (“CNB”), on the other hand.

 

WHEREAS,
the parties have entered into that certain Employment Agreement, dated as of
May 15, 2003 (the “Existing Agreement”);

 

WHEREAS,
the initial term of the Existing Agreement commenced on May 15, 2003 and
terminates two years thereafter;

 

WHEREAS,
the parties wish to amend the Existing Agreement to extend the term for an
additional two years until May 15, 2007 and the Board of Directors of CNB and
CNC have approved the extension of the term of the Existing Agreement for an
additional two years on the same terms and conditions as the Existing
Agreement;

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and promises
contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows:

 

1.             All capitalized terms used herein
and not otherwise defined herein shall have the meanings set forth in the Existing
Agreement.

 

2.             Section 3 of the Existing Agreement
is hereby amended by substituting for the words “commence on May 15, 2003 and
terminate two (2) years thereafter” the words “commence on May 15, 2003 and terminate
four (4) years thereafter.”

 

3.             Section 5 of the Existing Agreement
is hereby amended by substituting for the words “fiscal years 2003 and 2004,”
in the first line, the words “fiscal years 2003, 2004, 2005 and 2006,”.

 

3.             Except as amended hereby, the
Existing Agreement shall remain in full force and effect.

 

4.             This Amendment shall be governed
by, and construed in accordance with, the laws of the State of California.

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment to Employment
Agreement as of the date first written above.

 

	
  /s/ Bram Goldsmith

  	
   

  	
   

  
	
  Bram Goldsmith

  	
   

  
	
   

  	
   

  
	
  CITY NATIONAL CORPORATION

  	
  CITY NATIONAL BANK

  
	
   

  	
   

  
	
  By:

  	
  /s/ Christopher Carey

  	
   

  	
  By:

  	
   /s/

  	
  Christopher Carey

  	
   

  
	
  Name: Christopher Carey

  	
  Name:

  	
  Christopher Carey

  
	
  Title: EVP and CFO

  	
  Title:

  	
  EVP and CFOExhibit
10.9

 

Resolution

of the

Board of Directors

of

City National Corporation

 

WHEREAS,
the Corporation has previously adopted the City National Corporation Amended
and Restated 2002 Omnibus Plan (the “Plan”) and the Plan was approved by the
shareholders of the Corporation on April 28, 2004;

 

WHEREAS,
the Board has been advised that section 409A of the Internal Revenue Code,
enacted as part of the American Jobs Creation Act of 2004, prohibits the grant
of discounted stock options;

 

WHEREAS,
the purpose of the First Amendment to the Plan is to conform the Plan to the
requirements of Section 409A of the Internal Revenue Code;

 

WHEREAS,
the Board is authorized to amend the Plan pursuant to Section 6.6(a) thereof;

 

WHEREAS,
the Compensation, Nominating & Governance Committee (the “Committee”) has
recommended approval by the Board of the First Amendment to the Plan to eliminate
any grant or award of equity compensation to Non-Employee Directors;

 

NOW,
THEREFORE BE IT RESOLVED, pursuant to Section 6.6(a) of the Plan, the Plan is
hereby amended, as provided in the attached Exhibit A, to eliminate the grant of
equity compensation under the Plan to Non-Employee Directors.

 

RESOLVED FURTHER, Provisions of
the Plan not specifically amended by these Resolutions shall remain in full
force and effect.

 

RESOLVED FURTHER, All
capitalized terms which are used herein shall have the same definitions which
are contained in the Plan, unless otherwise defined herein.

 

 

EXHIBIT
A

 

1.  Section
1.1, Purpose, of the Plan is amended by
deleting “, and to motivate and reward Non-Employee Directors with grants of Director
Stock Options”.

 

2.  Section
1.2, Definitions, of the Plan is amended by
deleting subsections (n) and (aa) and replacing them with the following:

 

(n)     Reserved

 

(aa)   “Participant” shall mean an Eligible Employee
who has been granted an Award under this Plan.

 

3. Section 1.4, Participation,  of the Plan is amended by deleting the final
sentence of such section:

 

“Non-Employee Directors
shall be eligible to receive Awards under this Plan only as specified in
Section 2.8 .”

 

4.  Section
1.5(a), Shares Available for Awards, Number of
Shares, of the Plan is amended by:

 

(a) deleting, in the first
sentence, “and grants of Director Stock Options to Non-Employee Directors”.

 

5.  Section
1.5(d), Shares Available for Awards, Reissue of Awards, of the Plan is amended by deleting the last sentence of such subsection and
replacing it with the following:

 

Only Shares which were
originally awarded as Director Stock Options or Restricted Stock may be
reissued as Restricted Stock.

 

6.  Section
2.8.,  Special
Requirements for Director Stock Options, of the Plan is amended by
deleting the section in its entirety and replacing it with the following:

 

Section 2.8.,  Reserved.Exhibit 10.1

 

FIRST
AMENDMENT TO

AMENDED
AND RESTATED

EMPLOYMENT
AGREEMENT

 

This First
Amendment to Amended and Restated Employment Agreement (this “Amendment”) is
entered into as of this 30th day of June, 2005, by and between
Equity Residential, a Maryland real estate investment trust (“Company”), and
Bruce W. Duncan (the “Executive”).

 

RECITALS

 

WHEREAS,
the Executive is currently employed by the Company as Chief Executive Officer
of the Company on the terms and conditions set forth in that certain Amended
and Restated Employment Agreement dated as of March 28, 2005 (the “A&R
Agreement”); and

 

WHEREAS,
the Executive and the Company desire to make certain changes in the terms of
the A&R Agreement and have agreed to amend the A&R Agreement to
implement such changes.

 

NOW
THEREFORE, in consideration of the mutual covenants
contained herein, and intending to be legally bound, Company and the Executive
hereby agree as follows:

 

1.                                       Other
than with respect to the third sentence of Section 4(b) and the first
sentence of Section 4(c) of the A&R Agreement, which are amended
as set forth below, the A&R Agreement is hereby amended by replacing each
and every reference to “January 2, 2006” with “December 31, 2005.”

 

2.                                       The
third sentence of Section 4(a) of the A&R Agreement is hereby
deleted and replaced in its entirety with the following:

 

“Notwithstanding
any other provision of this Agreement to the contrary, on January 2, 2006,
provided that Executive’s employment has not been terminated for Cause prior to
December 31, 2005 or Executive has not voluntarily terminated his
employment prior to December 31, 2005 for other than Good Reason,
Executive shall be entitled to the following compensation in addition to all
other compensation and benefits described in this Agreement: (i) $30,000
in cash and (ii) a fully vested award of 17,239 shares under the Company’s
2002 Share Incentive Plan (the “Plan”) made on January 2, 2006 and (iii) a
grant under the Plan on January 2, 2006 of a fully vested option expiring
on the tenth (10th) anniversary of the date of grant to purchase
42,614 shares at Fair Market Value on January 2, 2006 , as defined in the
Plan.”

 

3.                                       The
third sentence of Section 4(b) of the A&R Agreement is hereby
deleted and replaced in its entirety with the following:

 

 

“Provided
Executive’s employment has not been terminated for Cause prior to December 31,
2005 or Executive has not voluntarily terminated his employment prior to December 31,
2005 for other than Good Reason, Executive’s annual cash bonus for 2005 shall be
100% of the Target Bonus, except as provided herein in the event of Executive’s
death or Disability prior to December 31, 2005, payable on January 2,
2006.”

 

4.                                       The
first sentence of Section 4(c) of the A&R Agreement is hereby
deleted and replaced in its entirety with the following:

 

“In addition
to other compensation to be paid under this Section 4, provided Executive’s
employment has not been terminated for Cause prior to December 31, 2005 or
Executive has not voluntarily terminated his employment prior to December 31,
2005 for other than Good Reason, the Executive will be eligible to receive an
annual long term incentive award of stock options, restricted stock and/or
performance units under the Company’s long term incentive plans for 2005, to be
received on January 2, 2006.”

 

5.                                       The
A&R Agreement, as amended by this Amendment, is hereby ratified, approved
and confirmed in all respects.

 

[signature page follows]

 

2

 

IN WITNESS
WHEREOF, the parties have executed this Amendment as
of the day and year first above written.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  EQUITY
  RESIDENTIAL, a Maryland real

  estate investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/      Samuel Zell

  
	
   

  	
  Name:

  	
  Samuel Zell

  	
   

  
	
   

  	
  Title:

  	
  Chairman of
  the Board

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/      Bruce W. Duncan

  
	
   

  	
  Name:

  	
  Bruce W.
  Duncan

  	
   

  
						

 

3

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