FORM OF AMENDMENT TO EMPLOYMENT AGREEMENT
Exhibit 10.4
FORM OF AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (this "Amendment") is made as of this 16th day of March, 2001 by and between _______________ (the "Employee") and Gables Residential Trust, a Maryland business trust with its principal place of business in Atlanta, Georgia (the "Company").
WHEREAS, the Company and
the Employee are parties to that certain Employment Agreement dated
______________, ______ (the "Employment Agreement").
WHEREAS, the Company and the Employee
desire to amend the Employment Agreement solely to the extent set forth herein.
NOW, THEREFORE, in consideration of the
mutual promises and covenants set forth in this Amendment and in the Employment
Agreement, the parties mutually agree as follows:
1. Amendment.
Section 10 of the Employment Agreement shall be restated in its entirety to read
as follows (deletions are reflected by strike-through text and additions are
reflected by bold text):
"10. Non-Solicitation. During the Original Term or any Renewal
Term and for a period of twelve months from the date of any termination of
employment (other than pursuant to a Change of Control Event), Employee
covenants and agrees that Employee (a) will not, directly or indirectly, solicit
or induce any present or future employee of the Company or any Subsidiary to
accept employment with Employee or with any business, corporation, partnership,
association, agency, or other person or other entity with which Employee may be
associated, (b) will not employ or cause any business, corporation, partnership,
association, agency or other person or entity with which Employee may be
associated to employ any present or future employee of the Company or any
Subsidiary without providing the Company with ten (10) days' prior written
notice of such proposed employment and (c) will not, directly or indirectly,
either for himself or for any other business, operation, corporation, partnership,
association, agency or other person or entity, call upon, compete for or solicit
the third party property owners with whom the Company or any of its subsidiaries
has or had an existing property management agreement as of the Effective
Date as set forth in any of the schedules to the Contribution Agreement
during the period commencing on the Effective Date and ending on the date on
which the Employee is no longer providing services to the Company or any of its
subsidiaries. This Paragraph 10 shall survive the termination of this
Agreement."
2. Effect
of Amendment. Except as expressly amended hereby, the Employment
Agreement shall remain in full force and effect.
3. Counterparts.
This Amendment may be executed in any number of counterparts, each of which
shall be deemed an original, but all of which together shall constitute one
instrument.
IN WITNESS WHEREOF, this Amendment to
Employment Agreement is entered into as of the date and year first above
written.
GABLES RESIDENTIAL TRUST
By: /s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxxxxx
Chairman and Chief Executive Officer
_______________________________
Name of Employee