Document:

hme10q3qex101.htm

    Exhibit
10.1

     

    Home
Properties, L.P.

    Amendment
No. Ninety-Seven to

    Second
Amended and Restated

    Agreement
of Limited Partnership

     

    

    The
Second Amended and Restated Agreement of Limited Partnership of Home Properties,
L.P. (the “Partnership Agreement”) is hereby amended effective August 13, 2008
to substitute the “Schedule A” attached hereto for the “Schedule A” currently
attached to the Partnership Agreement.  “Schedule A” is hereby amended
to reflect various changes.

    

    GENERAL
PARTNER

    Home
Properties, Inc.

    

    

    /s/ Ann M. McCormick                

    Ann M.
McCormick

    Secretary

    

    

    LIMITED
PARTNERS LISTED ON ATTACHED SCHEDULE A

    By: Home
Properties, Inc.

          as
attorney-in-fact

    

    

    /s/ Ann M. McCormick                

    Ann M.
McCormick

    Secretaryhme10q3qex102.htm

    Exhibit
10.2

      HOME
PROPERTIES, INC.

      HOME
PROPERTIES, L.P.

       

      AMENDMENT
NUMBER ONE TO EMPLOYMENT AGREEMENT

       

      WHEREAS,
Home Properties, L.P., a New York limited partnership (the "Company"), Home
Properties, Inc., a Maryland corporation ("HME") and Edward J. Pettinella (the
“Employee”) entered into that certain Amended and Restated Employment Agreement,
dated November 20, 2006 (the “Agreement”); and

       

      WHEREAS,
the Company and the Employee want to amend the Agreement to take into account
federal tax law changes under Section 409A of the Internal Revenue Code of 1986,
as amended, and the regulations thereunder.

       

      NOW
THEREFORE, the Company and Employee hereby agree to the following amendments,
which shall be effective as of the effective date of the Agreement:

       

      1.           Section
4.3 (Definition of Good Reason) is amended by deleting this paragraph in its
entirety and replacing it with the following:

       

      4.3           Definition
of Good Reason.  As used herein, "Good Reason" shall mean: (a)
a material breach of this Agreement by the Company or HME that is not cured
within 60 days after receiving notice of such breach, which notice must be
provided within 90 days of the initial existence of the Good Reason condition,
with the determination as to whether there has been a breach and whether the
breach is material to be determined by the Corporate Governance/Nominating
Committee in the reasonable and good faith exercise of its discretion; or (b)
any requirement by the Company that the Employee relocate to a principal place
of business outside of the Rochester, New York metropolitan area.  In
no event will Employee have Good Reason to resign if the Employee resigns more
than one year following the initial existence of the Good Reason
condition.

       

      2.           Section
4.5.2 (Additional Separation Pay) is amended by deleting this paragraph in its
entirety and replacing it with the following:

       

      4.5.2                      Additional
Separation Pay.  In the event of a termination of this
Agreement described in Section 4.5.1 of this Agreement, if the Employee executes
the release and waiver under Section 4.5.3 of this Agreement and such release is
not revoked, and the Employee has complied with Section 4.9 of this Agreement,
then in addition to the payments to be made pursuant to Section 4.5.1 of this
Agreement: (i) the Company shall pay to the Employee within 20 business days
after termination (but no earlier than the expiration of the revocation period
for the release, and in no event later than the date that is 2 1/2 months after
the end of the year in which the termination occurred), a lump sum equal to the
greater of 2.9 multiplied by (x) the Employee's Base Salary, and (y) incentive
compensation determined in accordance with Section 3.2 of this Agreement for the
year preceding the date of termination; (ii) the Company shall pay to the
Employee prior to March 15th of the year following termination, the incentive
compensation that the Employee would have earned based on his targeted bonus as
provided in Section 3.2 of this Agreement pro-rated for the portion of the year
that the Employee was an employee; (iii) all restrictions on restricted stock
held by the Employee shall lapse; (iv) all options previously issued to the
Employee shall vest and remain exercisable until the earlier of their expiration
date or one year following the date of termination; and (v) the fringe benefits
provided to the Employee during the Term of this Agreement pursuant to Section
3.4 of this Agreement shall continue until the earlier to occur of (A) December
31, 2010, or (B) the Employee receives substantially equivalent benefits from a
subsequent employer. In the event that the termination occurs before the amount
of the incentive compensation for services rendered in the year preceding the
date of termination has been finally determined, then the payment to the
Employee shall be an estimate based on the Employee's targeted bonus with an
adjustment to be made promptly upon the determination of the actual amount
pursuant to the Company's Incentive Compensation Plan.

       

      3.           Section
4.8.1 (Section 409A of the Code) is amended by adding the following new sentence
to the end thereof:

       

      In
accordance with and to the extent required by Section 409A, all reimbursement
and in-kind post-employment benefits provided under the Agreement will be
subject to the following rules:

       

      
        	
                 
      

              	
                §

              	
                The
      amount of expenses eligible for reimbursement, or in-kind benefits
      provided, during a calendar year may not affect the expenses eligible for
      reimbursement, or in-kind benefits to be provided, in any other calendar
      year.

              

      

       

      
        	
                 
      

              	
                §

              	
                The
      reimbursement of an eligible expense will be made on or before the last
      day of the calendar year following the calendar year in which the expense
      was incurred.

              

      

       

      
        	
                 
      

              	
                §

              	
                The
      right to reimbursement or in-kind benefits is not subject to liquidation
      or exchange for another benefit.

              

      

       

      

       

      IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the
respective dates set forth below,

       

      [Signature
Page Follows]

       

      
        
           

        

        
          
            

          

        

        
           

          
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2 -

            

          

        

      

       

      HOME
PROPERTIES, L.P.

      By: Home
Properties, Inc.

      Its:
General Partner

      

      

      Date:
October 29,
2008                                                     By:  /s/ David P. Gardner                    

      David P.
Gardner

      Executive
Vice President and Chief Financial Officer

      

      

      HOME
PROPERTIES, INC.

      

      

      Date:  October
29,
2008                                    By:  /s/ Leonard F. Helbig,
III                   
   

      Leonard
F. Helbig, III

      Chair of
Compensation

      Committee
of the Board of Directors

      

      

      Date: October
29, 2008                             By:    /s/ Edward J.
Pettinella                    

      Edward J.
Pettinellahme10q3qex103.htm

    Exhibit
10.3

      AMENDMENT
NUMBER THREE

      TO

      HOME
PROPERTIES, INC.

      AMENDED
AND RESTATED

      STOCK
BENEFIT PLAN

      

      

      The
Amended and Restated Stock Benefit Plan (the “Plan”) of Home Properties, Inc.
(the “Company”) as amended by Amendment No. One and Amendment No. Two is hereby
amended as described below:

      

      1.           Limitations on Amendments to
Outstanding Grants.  The following language shall be added at
the end of Section 2.2(b) of the Plan:

      

      “In
no event and notwithstanding anything to the contrary herein, the Committee may
not extend the exercise period of any Director’s Options, Stock Options or SARs
or otherwise amend any of the terms of an outstanding Director’s Option, Stock
Option or SAR if such extension or amendment would result in a violation of Code
Section 409A or if such extension would cause such Director’s Option, Stock
Option or SAR to no longer be exempt from the provisions of such Section
409A.”

      

      2.           Amendment of
Plan.  Section 2.6 shall be deleted in its entirety and
replaced with the following:

      

      “The
Plan may be suspended, terminated or reinstated, in whole or in part, at any
time by the Board of Directors.  The Board of Directors may from time
to time make such amendments to the Plan as it may deem advisable, including
amendments deemed necessary or desirable to comply with Section 409A of the
Code, Section 422 of the Code with respect to Inventive Stock Options and Rule
16b-3 or any successor or replacement provisions and any regulations issued
thereunder; provided, however, that no amendment shall be made without the
approval of the Company’s shareholders if such approval is required in the
determination of the Board of Directors in order to preserve the intended
benefits of the Plan to the Company and the Participants under applicable laws,
rules or regulations of any governmental authorities, stock exchange or other
body and no amendment shall be made if it would result in a violation of Section
409A of the Code.

      

      Except
as otherwise provided herein, termination or amendment of the Plan shall not,
without the consent of a Participant, affect such Participant’s rights under any
award previously granted to such Participant.”

      

      3.           Termination of
Employment.  Section 3.7 shall be amended by adding the
following new Subsection (f) to the end thereof:

      

      “Notwithstanding
the foregoing provisions of this Section 3.7, if a Stock Option is intended to
be an Incentive Stock Option, in no event may the time for exercise be later
than three (3) months after the Participant’s termination of employment;
provided, however, in the case of a Participant’s Total Disability or death
within three (3) months after the termination of employment, the Stock Option
may be exercised within one (1) year after the date of the Participant’s
termination of employment, but in no event after the date of expiration of the
term of the Stock Option.”

      

      4.           Adjustments Upon Changes in
Capitalization.  Section 7.1 is revised by deleting the first
two sentences therein and replacing them with the following:

      

      “In
the event of changes to the outstanding shares of Common Stock of the Company
through reorganization, merger, consolidation, recapitalization,
reclassification, stock split-up, stock dividend, stock consolidation or
otherwise, or in the event of a sale of all or substantially all of the assets
of the Company, an appropriate and proportionate adjustment shall be made in the
number and kind of shares as to which Awards or Director’s Options may be
granted to prevent enlargement or dilution of rights.  A corresponding
adjustment changing the number or kind of

      shares
and/or the purchase price per share of unexercised Stock Options or portions
thereof which shall have been granted prior to any such change shall likewise be
made to prevent enlargement or dilution of rights.”

      

      5.           Interpretation of
Plan.  The following sentence shall be added at the end of
Section 7.9 of the Plan:

      

      “The
Plan and awards hereunder are intended to be exempt from Section 409A and shall
be interpreted consistently with such intention.”

      

      6.           Expiration of Directors’
Options.  The following language shall be added to the end of
the last sentence of Section 4.6(d) of the Plan:

      

      “or
on the stated expiration date, whichever is earlier.”

      

      7.           Effective
Date.  This Amendment Number Three shall become effective upon
its adoption by the Board of Directors.

       

       

      

        Approved by Board of
Directors

        October 29, 2008

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