Form 8-K for TOUSA INC
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27-Dec-2007
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective December 21, 2007, George Yeonas was appointed Executive Vice President -Chief Operating Officer, Homebuilding Operations of TOUSA, Inc.(the "Company"). Mr. Yeonas' appointment is part of the Company's restructuring of its operations to a divisional from a regional structure to reflect reduced deliveries and make operations more cost effective.
Mr. Yeonas became an Executive Vice President of the Company's TOUSA Homes, Inc. subsidiary in May 2005. Between November 2004 and May 2005, Mr. Yeonas provided consulting services to the Company. Prior to joining TOUSA Homes, Inc., Mr. Yeonas was a Partner and Chief Operating Officer of Rocky Gorge Homes. From 1997 to 2002, he was Chief Operating Officer, a Board Director and Chief Executive Officer of The Fortress Group, Inc. Before the Fortress Group, Inc., he held executive level positions with Arvida, NVR, Inc., and Trammell Crow Company.
Mr. Yeonas and the Company have agreed to a new compensation package consisting of a base annual salary of $750,000. It is anticipated that Mr. Yeonas' employment agreement will contain confidentiality, non-solicitation of employees and non disparagement obligations in the event of termination. Consistent with Mr. Yeonas' current agreements with the Company, termination of the agreement by the Company "without cause" or by Mr. Yeonas for "good reason" will result in Mr. Yeonas receiving his compensation for the remainder of the term of the agreement.
