SEC Contract Filing

Filing Date: 2015-10-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101weberemplagmt.htm
<DESCRIPTION>EX 10.1 WEBER EMPLOYMENT AGREEMENT
<TEXT>
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<a name="s6CFEDCA923F1AB645B1B8BF81D9DF97D"></a><div><div style="line-height:120%;text-align:right;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:right;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">EXECUTION VERSION</font></div></div><br><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">THIS AGREEMENT (&#8220;Agreement&#8221;) is entered into as of October 21, 2015, by and between </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FORESTAR GROUP INC.</font><font style="font-family:inherit;font-size:10pt;">&#32;a Delaware corporation (the &#8220;Company&#8221;), and </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PHILLIP J. WEBER</font><font style="font-family:inherit;font-size:10pt;">&#32;(the &#8220;Executive&#8221;).</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Executive assumed employment as the Chief Executive Officer of the Company (&#8220;Chief Executive Officer&#8221;) effective as of September 25, 2015 (the &#8220;Effective Date&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Executive is party to a Change in Control Agreement with the Company dated October 12, 2009 (the &#8220;Existing CIC Agreement&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the parties intend for the Existing CIC Agreement to continue in effect in accordance with its terms;</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Company desires to continue to employ the Executive as its Chief Executive Officer upon the terms and conditions set forth herein; and</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">WHEREAS, the Executive is willing and able to continue employment with the Company as Chief Executive Officer on the terms and conditions set forth herein.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NOW, THEREFORE, in consideration of the mutual agreements contained herein, the Company and the Executive hereby agree as follows:</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Effective Date; Employment Period</font><font style="font-family:inherit;font-size:10pt;">. Subject to the provisions of Section 4 hereof, the term of this Agreement shall commence as of the date first set forth above and shall end immediately before the second anniversary of the Effective Date (the period during which the Executive is employed hereunder, the &#8220;Employment Period&#8221;). On and following the second anniversary of the Effective Date, Executive&#8217;s employment with the Company (if any) shall be at will and, subject to the terms of the Existing CIC Agreement if still then in effect and any other applicable policies of the Company that may then be in effect, Executive shall not be entitled during such period to severance payments upon termination of employment. The obligations of the Company and the Executive under this Agreement which by their nature may require either partial or total performance after the expiration of the term of this Agreement shall survive such expiration.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Positions and Duties</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(a)&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Position and Reporting</font><font style="font-family:inherit;font-size:10pt;">. During the Employment Period, the Company will employ the Executive, and the Executive agrees to serve, as Chief Executive Officer report