Document:

Change of Control Plan

  
 Exhibit 10.60

  
 Genworth Financial, Inc. 
 2005 Change of Control Plan 
  
 1. Purpose. The purpose of the Plan is to enable the Company to offer certain protections to a selected group of key employees of the Company if their employment
is terminated in connection with a Change of Control. Capitalized terms and phrases used herein shall have the meanings ascribed thereto in Section 2. 
  
 2. Definitions. 
  
 a. “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the Exchange Act.

  
 b. “Base Salary” shall mean the Participant’s
annual base salary in effect on the date of termination of the Participant’s employment with the Company, including amounts not currently includible in gross income by reason the Participant’s election to defer such amounts under a
cafeteria plan, 401(k) plan, or nonqualified deferred compensation plan of the Company or an Affiliate. 
  
 c. “Basic Severance Benefits” shall mean the severance benefits described in Section 3(a). 
  
 d. “Beneficial Owner” or “Beneficial Ownership” shall
have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
  
 e. “Board” shall mean the board of directors of the Company from time to time. 
  
 f. “Bonus” shall mean the Participant’s target annual cash bonus for the year in which the Participant’s
employment is terminated. 
  
 g. “Cause” shall mean
(with regard to a Participant’s termination of employment with the Company): (i) your willful and continued failure to substantially perform your duties with the Company and its Affiliates as determined by the Committee; (ii) your willful
engagement in conduct (other than conduct covered under clause (i) above) which, in the good faith judgment of the Committee, is injurious to the Company and/or its Affiliates, monetarily or otherwise; or (iii) your material violation of Company or
Affiliate policy, or your breach of noncompetition, confidentiality, or other restrictive covenant with respect to the Company or any of its Affiliates, that applies to you; provided, however, that for purposes of clauses (i) and (ii)
of this definition, no act, or failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that the act, or failure to act, was in the best interests of
the Company and/or its Affiliates. 
  

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 h. “Change of Control” shall mean any of the following events: 
  
 i. Any Person becomes the Beneficial Owner of twenty percent (20%) or more
of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of its directors (the “Outstanding Company Voting Securities”); provided, however, that
for purposes of this Section 2(g), the following acquisitions shall not constitute a Change of Control: (A) any acquisition by General Electric Company or any of its Affiliates, or by any Person who on the Effective Date is the Beneficial Owner of
twenty percent (20%) or more of the Outstanding Company Voting Securities; (B) any acquisition directly from the Company, including without limitation, a public offering of securities; (C) any acquisition by the Company or any of its Affiliates; (D)
any acquisition by any employee benefit plan or related trust sponsored or maintained by the Company or any of its Affiliates; or (E) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B), and (C) of
Section 2(h)(iii); 
  
 ii. Individuals who constitute the Board of
Directors as of the Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director of the Company
subsequent to the Effective Date whose election to the Board of Directors, or nomination for election by the Company’s shareholders, was approved by a vote of (A) at least a majority of the directors then comprising the Incumbent Board, (B) (x)
the holders of the Class B Common Stock (as defined in the Master Agreement), voting as a class, or (y) at least a majority of the directors elected by the holders of the Class B Common Stock, in each case in accordance with Article VII of the
Amended and Restated Certificate of Incorporation of the Company, (C) prior to the Trigger Date (as defined in the Master Agreement), a vote of at least a majority of any nominating committee of the Board of Directors, which nominating committee was
designated by a vote of at least a majority of the directors then comprising the Incumbent Board, or (D) in the case of a director appointed to fill a vacancy in the Board of Directors (other than any vacancy of a director elected by the holders of
the Class B Common Stock), at least a majority of the directors entitled (under Section 6 of Article VII of the Amended and Restated Certificate of Incorporation of the Company) to elect such director (so long as at least a majority of such
directors voting in favor of the director filling the vacancy are themselves members of (or considered to be pursuant to this definition members of) the Incumbent Board) shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election or removal of the directors of the Company or other actual or
threatened solicitation of proxies of consents by or on behalf of a Person other than the Board of Directors; 
  
 iii. Consummation of a reorganization, merger, or consolidation to which the Company is a party or a sale or other disposition of all or substantially all
of the assets of the Company (a “Business Combination”), unless, following such Business Combination: (A) all or substantially all of the individuals and entities who were the Beneficial Owners of Outstanding Company Voting
Securities immediately prior to such 

  

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Business Combination are the Beneficial Owners, directly or indirectly, of more than fifty percent (50%) of the combined voting power of the outstanding
voting securities entitled to vote generally in the election of directors of the corporation resulting from the Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or
substantially all of the Company’s assets either directly or through one or more subsidiaries) (the “Successor Entity”) in substantially the same proportions as their ownership immediately prior to such Business Combination of
the Outstanding Company Voting Securities; (B) no Person (excluding any Successor Entity or any employee benefit plan or related trust of the Company, such Successor Entity, or any of their Affiliates) is the Beneficial Owner, directly or
indirectly, of twenty percent (20%) or more of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the Successor Entity, except to the extent that such ownership existed
prior to the Business Combination; and (C) at least a majority of the members of the board of directors of the Successor Entity were members of the Incumbent Board (including persons deemed to be members of the Incumbent Board by reason of the
proviso of Section 2(h)(ii)) at the time of the execution of the initial agreement or of the action of the Board of Directors providing for such Business Combination; or 
  
 iv. Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 
  
 i. “Change of Control Date” shall mean the date on which the Change
of Control occurs. 
  
 j. “Code” shall mean the Internal
Revenue Code of 1986, as amended. 
  
 k. “Committee”
shall mean a committee appointed or designated by the Board from time to time to administer the Plan. Notwithstanding the foregoing, if, and to the extent that no Committee exists which has the authority to administer the Plan, the functions of the
Committee shall be exercised by the Board, and all references herein to the Committee shall be deemed to be references to the Board. 
  
 l. “Company” shall mean Genworth Financial, Inc., a Delaware corporation, and any successor thereto as provided in Section 12. 
  
 m. “Director” shall mean any individual who is a member of the
Board. 
  
 n. “Disability” shall mean a permanent
disability that would make the Participant eligible for benefits under the long-term disability program maintained by the Company or any of its Affiliates (without regard to any time period during which the disability condition must exist) or in the
absence of any such program, such meaning as the Committee shall determine. 
  
 o. “Effective Date” shall mean February 2, 2005. 
  
 p. “Enhanced Severance Benefits” shall mean the severance benefits described in Section 3(b). 
  

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 q. “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time
to time. 
  
 r. “Exchange Act” shall mean the Securities
Exchange Act of 1934, as amended from time to time, or any successor act thereto. 
  
 s. “Good Reason” shall mean (i) relocation of the Participant’s principal business location to an area outside a 100 mile radius of its current location; (ii) any reduction in the Participant’s
compensation (including Base Salary and Bonus), a substantial reduction in the benefits provided to the Participant, and/or any failure to timely pay any part of the Participant’s compensation when due (including Base Salary and Bonus) or any
benefits due under any benefit plan, program or arrangement; provided, however, that Company-initiated across-the-board reductions in compensation or benefits affecting substantially all Company employees shall alone not be considered Good Reason,
unless the compensation reductions exceed fifteen percent (15%) of pay (Base Salary plus Bonus); or (iii) with respect to Tier I Executives only, any significant and material diminution in the Participant’s duties or responsibilities from that
which exists on the Change of Control Date, excluding for this purpose isolated and inadvertent actions not taken in bad faith and remedied by the Company promptly after the Company receives notice from the Participant; provided, however, that a
change in title or reporting relationship alone shall not constitute Good Reason. For purposes of determining the amount of any cash payment payable to the Participant in accordance with the provisions of Sections 3(a) and 3(b), any reduction in
compensation or benefits that would constitute Good Reason hereunder shall be deemed not to have occurred. 
  
 t. “Master Agreement” shall mean that certain Master Agreement, dated May 24, 2004, among General Electric Company, General Electric Capital
Corporation, GEI, Inc., GE Financial Assurance Holdings, Inc., and the Company. 
  
 u. “Omnibus Plan” shall mean the Genworth Financial, Inc. 2004 Omnibus Incentive Plan, as amended from time to time. With respect to a Participant in this Plan, the provisions of this Plan shall override the
provisions of the Omnibus Plan and award agreements thereunder related to a Change of Control, except the provisions of the Omnibus Plan or related award agreements that apply when, pursuant to a Change of Control, a successor entity does not assume
and maintain an award granted under the Omnibus Plan. 
  
 v.
“Participant” shall mean each key employee of the Company selected by the Committee in its sole discretion and designated in writing as eligible for participation herein. 
  
 w. “Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in
Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 
  
 x. “Plan” shall mean the Genworth Financial, Inc. 2005 Change of Control Plan, as may be amended from time to time. 
  

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 y. “Qualified Termination” shall mean within 36 full calendar months after a Change of Control
as defined in Section 2(h), a termination of the Participant’s employment by the Company without Cause (and not as a result of the Participant’s death or Disability), or by the Participant for Good Reason. The Committee has the discretion
to review any action taken or contemplated by the Company which could reasonably be considered to constitute a Qualified Termination, giving the Company the opportunity to confirm or revise its course of action for purposes of establishing or
avoiding the occurrence of a Qualified Termination. Further, in the event the Company takes action with respect to a Participant that the Participant, in good faith, construes as a potential Qualified Termination, the Participant will promptly
notify the Company, and copy the Committee, in writing for a review of the Company’s action. The Company will have 30 days from the date of the notice to review the situation and take any action it determines is appropriate, whether that action
be to affirm its action previously taken with respect to the Participant or to rectify the matter so as not to constitute a Qualified Termination. If no action is taken by the Company within the 30-day period, it will be deemed to be an affirmation
of the Company’s initial action or decision. 
  
 z.
“Tier I Executives” shall mean the executives determined by the Committee from time to time prior to the Change of Control Date to be Tier I Executives and identified as such in the records of the Plan maintained by the Company at any time
during the period which is 30 days prior to the Change of Control Date. 
  
 aa. “Tier II Executives” shall mean the executives determined by the Committee from time to time prior to the Change of Control Date to be Tier II Executives and identified as such in the records of the Plan maintained by the
Company at any time during the period which is 30 days prior to the Change of Control Date. 
  
 3. Benefits. 
  
 a. Basic
Severance Benefits. Subject to Sections 4, 5, 6 and 7, and unless the Participant makes the election for Enhanced Severance Benefits pursuant to Section 3(b), if the Participant has a Qualified Termination as defined in Section 2(y), the
Participant shall be eligible to receive the following benefits: 
  
 i. a lump sum cash payment of accrued but unpaid salary and accrued but unused vacation as of the Participant’s date of termination; 
  
 ii. a lump sum cash payment of a prorated portion of the Participant’s Bonus (unless the Participant receives his annual cash Bonus for the year of
termination pursuant to another plan, policy or arrangement), determined by calculating the product of (A) the amount of the Participant’s Bonus and (B) a fraction, the numerator of which is the number of days worked in the year in which the
termination of employment occurs and the denominator of which is 365; 
  
 iii. a lump sum cash payment based on the Participant’s position as of the Participant’s date of termination, as follows: 
  

	 	A.	Tier I Executives: 2.00 times Base Salary, plus 2.00 times Bonus; or 

  

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	 	B.	Tier II Executives: 1.50 times Base Salary, plus 1.50 times Bonus; 

  
 iv. a lump sum cash payment of a prorated portion of the Participant’s cash-based long-term incentive compensation opportunities (“Long-Term
Performance Award”) (unless the Participant receives payment of his Long-Term Performance Award in the year of termination pursuant to another plan, policy or arrangement), determined by calculating the product of (A) the amount of the
Participant’s Long-Term Performance Award, assuming such compensation is payable at the target level, and (B) a fraction, the numerator of which is the number of days worked in the year in which the termination of employment occurs and the
denominator of which is 365; 
  
 v. all stock options, restricted
stock units and other equity-based awards granted to the Participant by the Company under the Omnibus Plan, except the portion of any award of restricted stock units that vests upon retirement, shall immediately become vested and exercisable in full
and/or all restrictions on all shares subject to awards shall lapse (regardless of whether such stock options, restricted stock or other equity-based awards were vested and exercisable or subject to restrictions at the time of the termination of the
Participant’s employment or the Change of Control), with any stock options or other equity-based awards remaining exercisable for the remainder of their stated term; 
  
 vi. full and immediate vesting of any supplemental pension benefit under any funded or unfunded or nonqualified pension or
deferred compensation plan now or hereafter maintained by the Company in which the Participant participates, with payment to be made at such time and in accordance with the terms of such plan(s); and 
  
 vii. continued life, medical, dental, and hospitalization coverage for the
Participant and his covered dependents for a period of 24 months (Tier I Executives) or 18 months (Tier II Executives), respectively, as maintained from time to time by the Company, and in each case as provided immediately prior to the termination
of the Participant’s employment with the Company to its employees generally or to the Participant on an individual or group basis, whether maintained pursuant to a plan, policy or other arrangement (written or unwritten), at the same level of
benefits and at the same dollar cost to the Participant as is available generally to employees of the Company at a comparable level. Such coverage will cease if and when the Participant has obtained coverage under one or more welfare benefit plans
of a subsequent employer that provides for equal or greater benefits to the Participant and his dependents with respect to the specific type of benefit. The Participant or his dependents will become eligible for COBRA continuation coverage, as
applicable, at the end of the respective 24-month or 18-month period. If coverage under any one or more of the welfare benefits listed above is not possible under the terms of the welfare plan, or if any provision of law would create an adverse tax
effect for the Participant or the Company due to such continued coverage, the Company, in its discretion, will provide substantially identical benefits directly or through a separate insurance arrangement 

  

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and will pay for 100% of such costs, or provide a cash payment to the Participant equal to the value of such coverage, as reasonably determined by the
Committee in good faith. 
  
 Basic Severance Benefits described in
paragraphs (i) through (iv) above shall be paid within ten (10) business days (or at such earlier time as required by applicable law) following the Participant’s termination of employment in accordance with the provisions of this Section 3(a).

  
 b. Election of Enhanced Severance Benefits. Subject to
the Participant’s election of Enhanced Severance Benefits pursuant to this Section 3(b), and subject to Sections 4, 5, 6, and 7, if the Participant has a Qualified Termination as defined in Section 2(y), the Participant shall be eligible to
receive certain enhancements to the Basic Severance Benefits described in Section 3(a), provided that the Participant enters into a noncompetition agreement described in Section 5(b) with the Company at the time of his termination: 
  
 i. an additional lump sum cash payment, pursuant to Section 3(b)(iv) below,
based on the Participant’s position as of the Participant’s date of termination as follows: 
  

	 	A.	Tier I Executives: 1.00 times Base Salary, plus 1.00 times Bonus; or 

  

	 	B.	Tier II Executives: 0.50 times Base Salary, plus 0.50 times Bonus; 

  
 ii. the restrictions on an award of restricted stock units that vest upon retirement shall immediately lapse; 
  
 iii. the continued life, medical, dental, and hospitalization coverage for
the Participant and his covered dependents described in Section 3(a)(vii) shall be increased by 12 months for Tier 1 Executives and 6 months for Tier II Executives, resulting in coverage available for a total period of 36 months for Tier I
Executives and 24 months for Tier II Executives, respectively; 
  
 iv. The enhanced portion of the lump sum cash payment described in Section 3(b)(i) above shall be paid upon the expiration of the 18-month noncompetition period under the noncompetition agreement described in Section 5(b), provided the
Participant has complied with the terms of such agreement. In all other respects, the Participant will receive the Basic Severance Benefits in accordance with the provisions of Section 3(a), including the applicable lump sum cash payment
amount described in Section 3(a)(iii), and the Enhanced Severance Benefits described in Sections 3(b)(ii) and (iii). 
  
 c. Death Benefits. If a Participant dies after becoming entitled to benefits hereunder but before receiving payment, such benefits will be paid to
the Participant’s estate as soon as practicable after his or her death. If a Participant has elected 

  

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Enhanced Severance Benefits and dies before the expiration of the noncompetition period described in Section 3(b)(iv) above, he or she shall be considered
entitled to the enhanced lump sum cash payment described in Section 3(b)(i), and the payment shall be made to the Participant’s estate. 
  
 4. Excise Taxes. 
  
 a. Excise Tax Gross-Up Payment. If the Participant becomes entitled to Basic Severance Benefits or Enhanced Severance Benefits (collectively,
“Severance Benefits” for purposes of this Section 4) under this Agreement, or under any other agreement with or plan of the Company (in the aggregate, the “Total Payments”), if all or any part of the Total Payments will be
subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (or any similar tax that may hereafter be imposed), the Company shall pay an additional amount (the “Gross-Up Payment”) such that the net amount retained
by the Participant after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax, penalties, interest, and Excise Tax upon the Gross-Up Payment provided for by this Section 4(a) (including FICA and FUTA),
shall be equal to the Total Payments. Such payment shall be made by the Company to the appropriate taxing agency; provided, however, the Participant’s Severance Benefits result in the Participant receiving total “parachute payments,”
within the meaning of Section 280G(b)(2) of the Code, which equal at least one hundred ten percent (110%) of the amount the Participant would be entitled to receive without becoming subject to the Excise Tax under the Code (“Maximum
Amount”). If the Participant’s Severance Benefits under this Agreement would result in less than one hundred ten percent (110%) of the Maximum Amount, the Participant’s Severance Benefits shall be capped at the Maximum Amount that may
be paid without incurring Excise Tax. If the Severance Benefit becomes subject to the cap described above, the amount due to the Participant under Section 3(a)(i), (ii) or (iv) (cash payments), shall be reduced initially; thereafter, the Committee
shall determine how the Severance Benefits subject to the cap shall be paid. 
  
 b. Tax Computation. In determining the potential impact of the Excise Tax, the Company may rely on any advice it deems appropriate, including, but not limited to, the counsel of its independent auditors. All
calculations for purposes of determining whether any of the Total Payments will be subject to the Excise Tax and the amounts of such Excise Tax will be made in accordance with applicable rules and regulations under Section 280G of the Code in effect
at the relevant time. 
  
 For purposes of determining the amount
of the Gross-Up Payment, the Participant shall be deemed to pay Federal income taxes at the highest marginal rate of Federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the
highest marginal rate of taxation in the state and locality of the Participant’s residence on the date of termination of employment, net of the maximum reduction in Federal income taxes which could be obtained from deduction of such state and
local taxes. 
  

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 c. Subsequent Recalculation. If the Internal Revenue Service adjusts the computation of the
Company so that the Participant did not receive the greatest net benefit, the Company shall reimburse the Participant for the full amount necessary to make the Participant whole, plus a market rate of interest, as reasonably determined by the
Committee. 
  
 If, after the receipt by the Participant of an
amount advanced by the Company pursuant to this Section 4, the Participant becomes entitled to receive any refund with respect to such claim due to an overpayment of any Excise Tax or income tax, including interest and penalties with respect
thereto, the Participant shall (subject to the Company’s complying with the requirements of this Section 4(c)) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable
thereto). 
  
 5. Restrictive Covenants. 
  
 a. Confidential Information. During the period of their employment
with the Company, Participants shall hold in a fiduciary capacity for the benefit of the Company and its Affiliates all trade secrets, proprietary or confidential information, knowledge or data relating to the Company, and/or their respective
businesses, which shall have been obtained by the Participant. Trade secret information includes, but is not limited to, customer lists, pricing information, sales reports, financial and marketing data, reserves estimation processes or procedures,
techniques, or processes that: (i) derive independent economic value, actual or potential, from not being generally known to the public or to persons who can obtain economic value from their disclosure or use, and (ii) are the subject of reasonable
efforts under the circumstances to maintain their secrecy. While employed and at any time after termination of the Participant’s employment with the Company, the Participant shall not, without the prior written consent of the Company, use,
communicate or divulge any such information, knowledge or data to anyone at any time. 
  
 b. Covenant Not to Compete. If the Participant elects to receive Enhanced Severance Benefits pursuant to Section 3(b), then at the time of termination of employment with the Company, the Participant shall enter
into an agreement with the Company whereby he or she agrees not to, while employed and during the 18-month period commencing upon a Participant’s Qualified Termination which entitles the Participant to Enhanced Severance Benefits hereunder, (i)
directly or indirectly, individually or as a director, officer, principal, agent, Participant, or in any other capacity or relationship, engage in any business or employment, or aid or endeavor to assist any business or legal entity that Competes
with the Company, (ii) hold, directly or indirectly, more than five percent of any class of stock of any corporation or more than a 5% interest in any partnership or other business or legal entity that Competes with the Company. Entities within the
scope of the term “Competes” shall be up to five financial services industry companies, as designated by the Committee at the time of the Change of Control. 
  
 c. Non-Disparagement. The Participant agrees not to, while employed and during the 18-month period commencing upon a
Qualified Termination, make any 

  

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remarks (whether in public or private) knowingly or intentionally disparaging the Company or its Affiliates, or their respective products, services,
officers, directors or employees, whether past or current, including any present, former or future director, officer, employee or agent of the Company or an Affiliate. 
  
 d. Solicitation of Customers or Clients by Participants. Unless waived in writing by the Company, each Participant
agrees that he will not, directly or indirectly, while employed and during the 18-month period commencing upon a Qualified Termination, solicit or contact, directly or indirectly, the trade or patronage of any of the customers or clients of the
Company, regardless of the location of such customers or clients of the Company with respect to any services, products, or other matters in which the Company is active. 
  
 e. Solicitation of Company Employees. Unless waived in writing by the Company, each Participant agrees that he will
not, directly or indirectly, while employed and during the 18-month period commencing upon a Qualified Termination, solicit or attempt to entice away from the Company any director, agent or employee of the Company. 
  
 f. Remedies. If a Participant breaches any of the provisions of this
Section 5, the Company shall have the right to reduce or offset the Basic or Enhanced Severance Benefits owing to the Participant to the extent of its damages and seek other appropriate relief (including any equitable remedy to which the Company may
be entitled), including attorneys’ fees. 
  
 6. No Duty to
Mitigate/Set-off. No Participant entitled to receive Basic or Enhanced Severance Benefits hereunder shall be required to seek other employment or to attempt in any way to reduce any amounts payable to him or her pursuant to this Plan. Further,
the amount of Basic or Enhanced Severance Benefits payable hereunder shall not be reduced by any compensation earned by the Participant as a result of employment by another employer or otherwise. Except as provided herein, the amounts payable
hereunder shall not be subject to setoff, counterclaim, recoupment, defense or other right which the Company may have against the Participant or others. A Participant entitled to Basic or Enhanced Severance Benefits under this Plan shall not be
eligible for benefits under any severance, layoff or termination benefits provided under any other agreement, plan, program or arrangement maintained or sponsored by the Company. In addition, if any termination payments made to a Participant by the
Company are related to an actual or potential liability under the Worker Adjustment and Retraining Notification Act (WARN) or similar law, such amounts shall reduce (offset) the Participant’s Basic or Enhanced Severance Benefit under this Plan.
In the event of the Participant’s breach of any provision hereunder, including without limitation, Sections 4, 5, 6 or 7, the Company shall be entitled to recover any payments previously made to the Participant hereunder. 
  
 7. Release Required. Any amounts payable pursuant to this Plan shall only be payable
if the Participant delivers to the Company a release of all claims of any kind whatsoever that the Participant has or may have against the Company and its Affiliates 

  

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and their officers, directors and employees known or unknown as of the date of his or her termination of employment (other than claims to payments
specifically provided hereunder, claims under COBRA, claims to vested accrued benefits under the Company’s tax-qualified employee benefit plans, claims for reimbursement under the Company’s medical reimbursement program for any
unreimbursed medical expenses incurred on or before the Participant’s date of termination, claims for unreimbursed business expenses in accordance with the Company’s policy or rights of indemnification or contribution to which the
Participant was entitled under the Company’s By-laws, the Company’s Certificate of Incorporation or otherwise with regard to the Participant’s service as an employee, officer or director of the Company) occurring up to the release
date in such form as reasonably requested by the Company. Notwithstanding the foregoing, the Participant agrees to reasonably cooperate with the Company with respect to any claim, lawsuit, action, proceeding or governmental investigation relating to
the Change of Control. 
  
 8. Funding. Participants shall have no right,
title, or interest whatsoever in or to any investments that the Company and/or its Affiliates may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create
or be construed to create a trust of any kind, or a fiduciary relationship between the Company and any Participant, beneficiary, legal representative, or any other person. To the extent that any person acquires a right to receive payments from the
Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. All payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be
established and no segregation of assets shall be made to assure payment of such amounts except as expressly set forth in the Plan. 
  
 9. Administration of the Plan. 
  
 a. Plan Administrator. The general administration of the Plan on behalf of the Company (as plan administrator under Section 3(16)(A) of ERISA)
shall be placed with the Committee. 
  
 b. Reimbursement of
Expenses of Plan Committee. The Company shall pay or reimburse the members of the Committee for all reasonable expenses incurred in connection with their duties hereunder. 
  
 c. Action by the Plan Committee. Decisions of the Committee shall be made by a majority of its members attending a
meeting at which a quorum is present (which meeting may be held telephonically), or by written action in accordance with applicable law. Subject to the terms of this Plan and provided that the Committee acts in good faith, the Committee shall have
full discretion and authority to determine a Participant’s participation and benefits under the Plan and to interpret and construe the provisions of the Plan. 
  
 d. Delegation of Authority. The Committee may delegate any and all of its powers and responsibilities hereunder to
other persons. Any such delegation shall not be effective until it is accepted by the persons designated and may be rescinded at any time by written notice from the Committee to the person to whom the delegation is made. 
  

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 e. Retention of Professional Assistance. The Committee may employ such legal counsel, accountants
and other persons as may be required in carrying out its duties and responsibilities in connection with the Plan. 
  
 f. Accounts and Records. The Committee shall maintain such accounts and records regarding the fiscal and other transactions of the Plan and such
other data as may be required to carry out its functions under the Plan and to comply with all applicable laws. 
  
 g. Claims/Disputes Procedure. 
  
 i. Prior to paying any benefit under the Plan, the Committee may require the Participant to provide such information or material as the Company, in its
sole discretion, shall deem necessary for it to make any determination it may be required to make under the Plan. The Committee may withhold payments of any benefit under the Plan until it receives all such information and material and is reasonably
satisfied of its accuracy. 
  
 ii. Claims for benefits under the
Plan should be forwarded to the Committee. The Committee shall provide adequate notice in writing to a Participant whose claim for benefits is denied, setting forth the specific reasons for such denial. In the event of the denial of a claim, the
Participant has the right to file a written request for a review of the denial with the Committee within 90 days after the Participant receives written notice of the denial. The Committee will conduct a full and fair review of the claim for
benefits. The Committee will deliver to the Participant a written decision on that claim within 60 days after the receipt for review, unless there are special circumstances requiring an extension of time for processing, the 60-day period may be
extended up to 120 days. 
  
 iii. All acts and decisions of the
Committee shall be final and binding upon the Participant. 
  
 h.
Fees and Expenses. The Company will pay or reimburse the Participant, on a current basis, for all costs and expenses, including without limitation court costs and reasonable attorneys’ fees, incurred by the Participant in seeking to
obtain or enforce any right or benefit provided by this Plan, provided that the Participant is successful on at least one element of his claim. 
  
 i. Indemnification. The Committee, its members and any person designated pursuant to Section 9(d) above shall not be liable for any action or
determination made in good faith with respect to the Plan. The Company shall, to the extent permitted by law, by the purchase of insurance or otherwise, indemnify and hold harmless each member of the Committee and each director, officer and employee
of the Company for liabilities or expenses they and each of them incur in carrying out their respective duties under this Plan, other than for any liabilities or expenses arising out of such individual’s willful misconduct or fraud. 

 

 12 

 10. Continuance of Welfare Benefits Upon Death. If the Participant dies while receiving a welfare continuation
benefit provided under Section 3(a)(vii) or Section 3(b)(iii) of the Plan, the Participant’s spouse and other dependents will continue to be covered under all applicable welfare plans during the remainder of the respective coverage period. The
Participant’s spouse and other dependents will become eligible for COBRA continuation coverage for health and dental benefits at the end of such period. 
  
 11. Amendment and Termination. The Company reserves the right to amend or terminate, in whole or in part, any or all of the provisions of this Plan at any time,
provided that in no event shall any amendment reducing the benefits provided hereunder be effective within 180 days prior to a Change of Control. 
  
 12. Successors. All obligations of the Company under the Plan shall be binding on any successor to the Company, whether the existence of such successor is the
result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. In any such event, the term “Company”, as used in this Plan, shall mean the Company, as
hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound by the terms and provisions of this Plan. 
  
 13. Miscellaneous. 
  
 a. Rights of Participants. Nothing herein contained shall be held or construed to create any liability or obligation upon the Company to retain any
Participant in its service. All Participants shall remain subject to discharge or discipline to the same extent as if this Plan had not been put into effect. 
  
 b. Governing Law. The Plan shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that
might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. 
  
 c. Withholding. The Company shall have the right to make such provisions as it deems necessary or appropriate to satisfy any obligations it may
have to withhold federal, state or local income or other taxes incurred by reason of payments pursuant to this Plan. 
  
 d. Severability. In case any provision of this Plan be deemed or held to be unlawful or invalid for any reason, such fact shall not adversely
affect the other provisions of this Plan unless such determination shall render impossible or impracticable the functioning of this Plan, and in such case, an appropriate provision or provisions shall be adopted so that this Plan may continue to
function properly. 
  

 13 

 e. Assignment and Alienation. The benefits payable to the Participant under the Plan shall not be
subject to alienation, transfer, assignment, garnishment, execution or levy of any kind and any attempt to cause any benefits to be so subjected shall not be recognized. 
  
 f. Communications. All announcements, notices and other communications regarding this Plan will be made by the
Company in writing. 
  
 g. ERISA Plan. The Plan is intended
to be a “top hat” welfare benefit plan within the meaning of U.S. Department of Labor Regulation § 2520.104-24. 
  
 14. Entire Agreement. This Plan sets forth the entire understanding of the Company with respect to the subject matter hereof and supersedes all existing severance
and change of control plans, agreements and understandings (whether oral or written) between the Company and the Participants with respect to the subject matter herein. 
  

 14Amendment No. 2 to Second Amended and Restated Credit Agreement

 Exhibit 10.1 
  
 AMENDMENT NO. 2 TO 
 SECOND AMENDED AND 
 RESTATED CREDIT AGREEMENT 
  
 THIS AMENDMENT NO 2 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into at
Columbus, Ohio, as of February 1, 2005, by and among (a) Dominion Homes, Inc. (the “Company”), (b) the institutions from time to time party to the Credit Agreement (as defined below) signatory hereto (individually a “Lender” and
collectively the “Lenders”), and (c) The Huntington National Bank (“Huntington”) in its separate capacity as administrative agent for the Lenders and issuing banks under the Credit Agreement (with its successors in such capacity,
the “Administrative Agent”). This Amendment further amends and modifies a certain Second Amended and Restated Credit Agreement dated as of December 3, 2003 (as amended, supplemented, restated or otherwise modified from time to time, the
“Credit Agreement”) by and among (a) the Company, as borrower, (b) the Lenders, as lenders, (c) KeyBank National Association, as Syndication Agent, (d) U. S. Bank National Association, as Documentation Agent, and (e) Huntington, as issuing
bank for any Letters of Credit issued pursuant to the Credit Agreement, a Lender and Administrative Agent. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 
  
 RECITALS: 
  
 A. As of December 3, 2003, the Company, the Lenders, the Administrative Agent and the other agents referred to therein
executed and delivered the Credit Agreement setting forth the terms of certain extensions of credit to the Company; and 
  
 B. As of December 3, 2003, and, subsequently, June 30, 2004, in connection with the Credit Agreement, the Company executed and delivered, inter
alia, revolving credit notes and replacement revolving credit notes in favor of the Lenders, in the aggregate original principal sum of Three Hundred Million Dollars ($300,000,000) and a swing note in favor of Huntington in the principal sum of
Fifteen Million Dollars ($15,000,000) (hereinafter collectively, the “Notes”); and 
  
 C. In connection with the Credit Agreement and the Notes, the Company and certain of its Subsidiaries executed and delivered to the Administrative Agent
certain other Loan Documents; and 
  
 D. The Company has requested
that the Lenders and the Administrative Agent amend and modify a certain covenant in the Loan Agreement in order to increase for a limited period of time the maximum permitted inventory of Speculative Homes, and the Required Lenders and the
Administrative Agent are willing to do so upon the terms and conditions contained herein. 

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
  
 1. Section
8.21, “Speculative Homes,” of the Credit Agreement is hereby amended to recite in its entirety as follows: 
  
 8.21 Speculative Homes. 
  
 The Company and its Subsidiaries will not have an inventory of Speculative Homes and other dwellings built for speculation, whether now
owned or hereafter acquired, that exceeds (i) $35,000,000 in the aggregate outstanding for the period beginning December 31, 2004, through and including June 29, 2005, and (ii) $30,000,000 in the aggregate outstanding beginning June 30, 2005, and at
any time thereafter, valued the at the lesser of cost or market. 
  
 2. Conditions of Effectiveness. All provisions of this Amendment shall become effective as of February 1, 2005, upon satisfaction of all of the following conditions precedent: 
  
 (a) The Administrative Agent shall have received: 
  
 (i) duly executed counterparts (with sufficient copies for the
Administrative Agent, each Lender and the Company) of this Amendment executed by the Administrative Agent, the Lenders and the Company; 
  
 (ii) a Closing Certificate by the Company and each Guarantor; and 
  
 (iii) such other certificates, instruments, documents, agreements, and opinions of counsel as may be required by the
Administrative Agent, each of which shall be in form and substance satisfactory to the Administrative Agent and its counsel; and 
  
 (b) The representations contained in the immediately following paragraph shall be true and accurate. 
  
 3. Representations and Warranties. The Company represents and warrants
to the Administrative Agent and each Lender as follows: (a) that after giving effect to this Amendment, each representation and warranty made by or on behalf of the Company in the Credit Agreement and in the other Loan Documents is true and correct
in all respects on and as of the date hereof as though made on and as of such date, except to the extent that any such representation or warranty expressly relates solely to a date prior hereto; (b) the execution, delivery and performance by the
Company and each Restricted Subsidiary, if applicable, of this Amendment and the Loan Documents, as the case may be, have been duly authorized by all requisite corporate or organizational action on the part of each such Person and will not violate
any Constituent Document of such Person; (c) each of this Amendment and the Loan Documents has been duly 
  

 2 

 executed and delivered by the Company and each Restricted Subsidiary, as applicable, and each of this Amendment, the
Credit Agreement as amended hereby and Loan Document constitutes the legal, valid and binding obligation of such Person, enforceable against each such Person in accordance with the terms thereof; and (d) no event has occurred and is continuing, and
no condition exists which would constitute an Event of Default or a Potential Default. 
  
 4. Reference to and Effect on the Loan Documents. (a) Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “Second Amended and Restated Credit Agreement,” “Credit
Agreement,” “Agreement,” the prefix “herein,” “hereof,” or words of similar import, and each reference in the Loan Documents to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended
hereby. (b) Except to the extent amended or modified hereby, all of the representations, warranties, terms, covenants and conditions of the Credit Agreement and the Loan Documents shall remain as written originally and in full force and effect in
accordance with their respective terms and are hereby ratified and confirmed, and nothing herein shall affect, modify, limit or impair any of the rights and powers which the Lenders or the Administrative Agent may have hereunder or thereunder. The
amendment set forth herein shall be limited precisely as provided for herein, and shall not be deemed to be a waiver of, amendment of, consent to or modification of any of the rights of the Lenders or the Administrative Agent under or of any other
term or provisions of the Credit Agreement or any Loan Document, or of any term or provision of any other instrument referred to therein or herein or of any transaction or future action on the part of the Company which would require the consent of
the Lenders or the Administrative Agent. 
  
 5.
Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered, shall be an original, and all of which together will constitute
one and the same instrument. Receipt by the Administrative Agent of a facsimile copy of an executed signature page hereof will constitute receipt by the Administrative Agent of an executed counterpart of this Amendment. 
  
 6. Costs and Expenses. The Company agrees to pay on demand in
accordance with the terms of the Credit Agreement all reasonable costs and expenses of the Administrative Agent in connection with the preparation, reproduction, execution and delivery of this Amendment and all other Loan Documents entered into in
connection herewith, including the reasonable fees and out-of-pocket expenses of the Administrative Agent’s counsel with respect thereto. 
  
 7. Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in
accordance with, the law of the State of Ohio. 
  
 8.
Headings. Section headings in this Amendment are included herein for convenience of reference only and will not constitute a part of this Amendment for any other purpose. 
  

 3 

 9. Patriot Act Notice. The Lenders and the Administrative Agent hereby notify the Company that
pursuant to the requirements of the USA Patriot Act (Title III of Pub.L.10756 (signed into law October 26, 2001)) (the “Act”), they are required to obtain, verify and record information that identifies the Company, which information
includes the name and address of the Company and other information that will allow the Lenders and the Administrative Agent to identify the Company in accordance with the Act. 
  
 [Signature pages follow.] 
  

 4 

 IN WITNESS WHEREOF, the Company, the Administrative Agent and the following Lenders have hereunto set
their hands as of the date first set forth above. 
  

			
	COMPANY:
	
	DOMINION HOMES, INC.
		
	By:	 	 /s/ Terrence R. Thomas

	Its:	 	Senior Vice President and Chief Financial Officer
	
	ADMINISTRATIVE AGENT:
	
	THE HUNTINGTON NATIONAL BANK
		
	By:	 	 /s/ Frederick G. Hadley

	Its:	 	Senior Vice President
	
	THE LENDERS:
	
	THE HUNTINGTON NATIONAL BANK,
	as Lender and Issuing Bank
		
	By:	 	 /s/ Frederick G. Hadley

	Its:	 	Senior Vice President
	
	JPMORGAN CHASE BANK, N.A. (successor by merger to Bank One, NA (Main Office Columbus))
		
	By:	 	 /s/ David A. DeVictor

	Its:	 	First Vice President

  

 5 

			
	KEYBANK NATIONAL ASSOCIATION,
		
	By:	 	 /s/ Andrew D. Stickney

	Its:	 	Vice President
	
	NATIONAL CITY BANK
		
	By:	 	 /s/ Steven A. Smith

	Its:	 	Senior Vice President
	
	THE PROVIDENT BANK
		
	By:	 	 /s/ Michael Martin

	Its:	 	Senior Vice President
	
	COMERICA BANK
		
	By:	 	 /s/ Charles Weddell

	Its:	 	Vice President
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Dean J. VandeWater

	Its:	 	Vice President
	
	FIFTH THIRD BANK (CENTRAL OHIO)
		
	By:	 	  

	Its:	 	  

  

 6 

			
	FLEET NATIONAL BANK
		
	By:	 	 /s/ Mark W. Lariviere

	Its:	 	Senior Vice President
	
	WASHINGTON MUTUAL BANK, FA, a federal association
		
	By:	 	 /s/ Javier Barrera

	Its:	 	Vice President

  
  

 7 

 CONSENT OF GUARANTORS 
  
 The undersigned, each being a guarantor of the Company’s indebtedness to the Lenders pursuant to certain guaranty
agreements executed and delivered to the Administrative Agent, hereby consents and agrees to be bound by the terms, conditions and execution of the above Amendment and hereby further agrees that (i) each of their obligations shall be continuing as
provided in said guaranty agreements, and (ii) said guaranty agreements shall remain as written originally and continue in full force and effect in all respects. 
  

											
	DOMINION HOMES OF KENTUCKY GP, LLC	 	DOMINION HOMES REALTY, LLC
				
	By:	 	 /s/ Terrence R. Thomas

	 	By:	 	 /s/ Terrence R. Thomas

	Its:	 	Vice President and Treasurer	 	Its:	 	Vice President and Treasurer
		
	ALLIANCE TITLE AGENCY OF KENTUCKY, LLC	 	RESOLUTION PROPERTY COMPANY, LLC
				
	By:	 	 /s/ Terrence R. Thomas

	 	By:	 	 /s/ Terrence R. Thomas

	Its:	 	Vice President and Treasurer	 	Its:	 	President	 	 
			
	 	 	 	 	DOMINION HOMES OF KENTUCKY, LTD., a Kentucky limited partnership
	 	 	By:	 	Dominion Homes of Kentucky GP, LLC, a Kentucky limited liability company, its general partner
					
	 	 	 	 	 	 	By:	 	 /s/ Terrence R. Thomas

	 	 	 	 	 	 	Its:	 	Vice President and Treasurer

  

 8

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