SEC Contract Filing

Filing Date: 2021-02-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>5
<FILENAME>faf-ex107_467.htm
<DESCRIPTION>EX-10.7
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faf-ex107_467.htm
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.7</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">EMPLOYMENT AGREEMENT</font></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Employment Agreement (&#8220;Agreement&#8221;) dated as of February 11, 2021 is made and entered into by and between Dennis J. Gilmore (&#8220;Executive&#8221;) and First American Financial Corporation (&#8220;Employer&#8221;).&nbsp;&nbsp;In consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Employment of Executive</font>.&nbsp;&nbsp;Subject to the terms and conditions of this Agreement, Employer hereby employs Executive, and Executive hereby accepts employment, as Chief Executive Officer.&nbsp;&nbsp;Executive shall devote Executive&#8217;s entire productive time, effort and attention to the business of Employer during the Term (as defined below).&nbsp;&nbsp;Executive will use his best efforts at all times to promote and protect the good name of Employer and Employer&#8217;s current and future subsidiaries, affiliates and other related companies (together with Employer, each a &#8220;Related Company&#8221; and, collectively the &#8220;Related Companies&#8221;) as well as that of their respective officers, directors, employees, agents, products and services.&nbsp;&nbsp;Executive shall not directly or indirectly render any service of a business, commercial or professional nature to any other person or organization, whether for compensation or otherwise, without the prior written consent of Employer.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Duties To Be Performed</font>.&nbsp;&nbsp;Executive shall perform the duties and have the responsibilities customarily performed and held by a person in a position similar to that set forth in Section 1.&nbsp;&nbsp;Executive shall also perform such other duties as directed by Employer&#8217;s Board of Directors.&nbsp;&nbsp;Any modification made by Employer&#8217;s Board of Directors to the duties of Executive shall not constitute a breach of this Agreement.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Term of Agreement</font>.&nbsp;&nbsp;This Agreement shall become effective on the date of this Agreement and, unless earlier terminated pursuant to the provisions of the Agreement, shall continue through the close of business on December 31, 2023 (the &#8220;Term&#8221;).&nbsp;&nbsp;Unless continued on an &#8220;at-will&#8221; basis by Employer or any other Related Company or pursuant to another agreement, Executive&#8217;s employment shall terminate upon the termination of this Agreement for any reason.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Compensation</font>.&nbsp;&nbsp;In full payment for Executive&#8217;s services, Employer shall provide to Executive compensation and benefits determined in accordance with this Section 4.</p>
<p style="text-align:justify;margin-top:0pt;margin-bottom:0pt;text-indent:15.38%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:23.08%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.1<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Salary.</font>&nbsp;&nbsp;During the Term, Employer shall pay Executive a base annual salary (the &#8220;Base Salary&#8221;), before deducting all applicable withholdings, of One Million Dollars ($1,000,000) per year, payable at the times and in the manner dictated by Employer&#8217;s standard payroll policies, which Base Salary may be increased in the sole and unfettered discretion of the Compensation Committee of the Board of Directors of Employer (the &#8220;Compensation Committee&#8221;) or the Board of Directors of Employer. The Base Salary shall be prorated for any partial pay period that occurs during the Term. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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