Document:

Exhibit 10.10(b)

 

FOURTH

EXTENSION AND MODIFICATION

OF

EMPLOYMENT AGREEMENT

 

THIS FOURTH EXTENSION AND
MODIFICATION OF EMPLOYMENT AGREEMENT (the “Extension”) is entered into as of July 20,
2005 by and between Hearthside Homes, Inc., a California corporation (“Employer”),
which is an indirect wholly-owned subsidiary of California Coastal Communities, Inc.,
a Delaware corporation (“Parent”), and ED MOUNTFORD (“Executive”).

 

W  I
T  N  E  S  S  E  T  H:

 

WHEREAS, Executive and
Employer have entered into an Employment Agreement dated as of May 1, 1998,
an Extension and Modification of Employment Agreement dated December 7,
1999, a Second Extension and Modification of Employment Agreement dated April 30,
2001, a Third Extension and Modification of Employment Agreement dated March 18,
2003 and a Modification of Employment Agreement dated November 12, 2003 (collectively,
the “Employment Agreement”), through which Executive has provided various
executive capacities to Employer and Employer has obtained various executive
services by Executive; and

 

WHEREAS, Employer desires
to obtain the benefit of continued service from Executive by extending the
Employment Agreement, and Executive desires to render continued services to
Employer by extending the Employment Agreement pursuant to the terms and
conditions of this Extension;

 

NOW, THEREFORE, in
consideration of the foregoing recitals and the mutual promises and covenants
herein contained, the parties agree as follows:

 

SECTION 1.                                CONTINUING
EFFECTIVENESS OF EMPLOYMENT AGREEMENT. Except to the extent of any
modification made pursuant to the terms of this Extension, the Employment
Agreement shall continue to remain in full force and effect following the date
hereof.

 

SECTION 2.                                EXTENSION OF TERM.
Employer and Executive hereby agree to extend the term of the Employment
Agreement until April 30, 2007.

 

SECTION 3.                                BASE SALARY. Effective
June 1, 2005 and until the expiration of the term set forth in Section 2
above, Employer agrees to pay Executive a base salary of at least One Hundred and
Eighty Thousand Dollars ($180,000) per year in semi-monthly installments on the
same dates the other senior officers of Employer are paid.

 

SECTION 4.                                BONUS. From the
date hereof and until the expiration of the term set forth above, Employer
agrees to provide Executive with the opportunity to earn incentive bonuses of (i) up
to Nine Hundred Seventy-Five Thousand Dollars ($975,000) in connection

 

 

with obtaining
entitlements for the Upper Bench of the Bolsa Chica Mesa, based upon the
amounts for each performance target as set forth on Schedule A
attached hereto; (ii) an incentive bonus in the amount of Two Hundred and
Sixty Thousand Dollars ($260,000) in the event the proposed sale of the Lower
Bench of the Bolsa Chica Mesa to the Wildlife Conservation Board for $65 million is
completed; and (iii) the “Oxnard Project Bonus” that may be earned by
Executive in connection with Hearthside Homes Oxnard LLC’s development project
in Oxnard, California (the “Oxnard Project”) under the terms set forth in the
Modification of Employment Agreement dated November 12, 2003.

 

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

 

	
   

  	
  “EMPLOYER”

  
	
   

  	
   

  
	
   

  	
  HEARTHSIDE
  HOMES, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Raymond J. Pacini

  	
   

  
	
   

  	
   

  	
  Raymond
  J. Pacini

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  “EXECUTIVE”

  
	
   

  	
   

  
	
   

  	
  /s/ Ed Mountford

  	
   

  
	
   

  	
   

  
	
   

  	
   Ed
  Mountford

  

 

2

 

Schedule A

 

Target Bonus and Performance Objectives

 

Subject to achieving the
Performance Objectives set forth below during the term of this Agreement,
Employer will pay Executive the Target Bonus amount with respect to each
Objective within five business days after such Objective has been accomplished.

 

	
   

  	
   

  	
   

  	
   

  	
  Target

  	
   

  
	
  Executive

  	
   

  	
  Bolsa Chica Performance Objective

  	
   

  	
  Bonus

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Ed Mountford

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Upper Bench:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Coastal Development Permit (“CDP”) issued by Coastal
  Commission on terms acceptable to the Company

  	
   

  	
  $

  	
  200,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CDP issued by Coastal Commission by December 15,
  2005

  	
   

  	
  500,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  City pre-annexation / water agreement executed by October 31,
  2005

  	
   

  	
  125,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Grading permit issued

  	
   

  	
  100,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Final Map recorded

  	
   

  	
  50,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Total for Upper Bench

  	
   

  	
  $

  	
  975,000

  	
   

  

 

 

	
   

  	
   

  	
  Executive’s initials:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CEO’s initials:

  	
   

  	
   

  	
   

  

 

7/13/2005Exhibit 10.22

 

VIA
TELECOPY and FEDERAL EXPRESS

 

December
30, 2005

 

Ms.
Catharine Newberry

RR#1
Box 1368D Cherry Valley Road

Stroudsburg,
PA 18360

 

Dear
Catharine:

 

It
is my pleasure to submit to you this offer of employment with The Medicines
Company (the “Company”). Everyone with
whom you’ve met is enthusiastic about your joining us and I firmly believe that
your background, qualifications, management and leadership credentials will
strongly contribute to our business.

 

On
behalf of the Company, I have set forth below the terms of your employment.

 

1.                                       You will be employed to serve on a full-time
basis as Senior Vice President responsible for human strategy, reporting to me.
Your anticipated start date is February 1, 2005.

 

2.                                       Your base salary will be $11,354.17 per pay
period (semi-monthly) (annualized rate of $272,500.00).

 

3.                                       You will be granted options to purchase 100,000
shares of Common Stock of the Company at an exercise price equal to the closing
price of the stock on your first day of employment. The options will be subject
to a vesting schedule, with 25% of the options vesting one year from your start
date, and the

 

 

remainder of the options vesting in equal amounts
monthly over the then following 3 years.

 

4.                                       Based on the Company meeting its goals and your
meeting your personal performance goals, and at the sole discretion of the
Board of Directors, your target bonus shall be 40% of your annual base salary.

 

Generally this level of bonus would be anticipated
if you meet all of the goals set for you and if the Company meets all of its
annual business goals. To begin, your individual goals would be set in two
steps. First, a set of “90-day objectives” which we will discuss and agree on
during the first days of your employment. Second, a set of “2006 annual goals”
which we can agree after consideration during the first 90-days of employment. Both
sets of goals will take into account the overall Company goals. In subsequent
years, we anticipate annual appraisal of the Company’s and of your performance
at the end of each calendar year with goal-setting just before the beginning of
each calendar year. We believe this should be a collaborative process. At this
level of employment, we find that dialogue with the Board of Directors is very
useful for performance management.

 

5.                                       You will be entitled to receive on your start
date an agreement from the Company providing severance pay, reimbursement of
health care premiums and accelerated stock option vesting in the event that (i)
the Company terminates your employment without Cause (as defined in the
agreement) or (ii) you terminate your employment for Good Reason (as defined in
the agreement). A form of the agreement is enclosed for your review.

 

2

 

6.                                       You will be entitled to participate in any
and all benefit programs that the Company establishes and makes available to
its employees from time to time, including but not limited to, health
insurance, life insurance and disability insurance, to the extent you meet all
eligibility requirements for participation.

 

You have indicated that, in light of the health care
benefits that are currently available to you and which you anticipate will
remain available, you do not plan to participate in the Company’s health
insurance programs. We have agreed that, as long as that is the case, the
Company will reimburse you the cost of  your
existing physical examination program once every two years. We can revise this
arrangement if circumstances change.

 

7.                                       You will be entitled to four weeks weeks of
paid vacation per calendar year.

 

8.                                       You will be required to abide by the rules
and regulations of the Company. Your employment with the Company will be “at
will;” both the Company and you have the right to terminate the employment at any
time for any lawful reason.

 

9.                                       You will be required to execute two
agreements on or before your start date: (i) an Invention and Non-disclosure
Agreement, and (ii) a Non-Competition and Non-Solicitation Agreement, forms of
both of which are enclosed with this letter.

 

This
offer is contingent upon your successful completion of the Company’s
preliminary drug screen and successful completion of all

 

3

 

other
facets of the Company’s pre-employment screening process. Also, as a condition
of employment you are to present proof of your identity and your eligibility to
work in the United States, as required by United States Immigration and
Naturalization.

 

By
accepting this offer, you confirm that (i) your work for the Company in the
position offered will not violate any non-competition or other agreement with
other employers, and (ii) you will not violate any obligation not to use or
disclose confidential information obtained from other employers.

 

This
offer letter supersedes and cancels all prior oral and written negotiations,
agreements and commitments. This is an offer letter and is not a contract of
employment for a particular duration or period.

 

If
this letter sets forth the terms under which you agree to be employed by the
Company,  please your acceptance and
agreement by signing the enclosed copy of this letter in the space provided
below.

 

Very
truly yours,

 

	
  /s/ Clive Meanwell

  	
   

  
	
   

  
	
  Clive Meanwell

  
	
  Chairman and Chief Executive Officer

  

 

The
foregoing correctly sets forth the terms of my employment by The Medicines
Company.

 

	
  /s/ Catharine Newberry

  	
   

  
	
  CATHARINE NEWBERRY

  

 

4

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