The Company shall employ the Executive as its Senior Vice President of Homebuilding and Development/President - East Region, and the Executive hereby accepts such employment on the following terms and conditions. Subject to the terms and conditions set forth in this Agreement, the Company agrees to employ the Executive and the Executive agrees to be employed by the Company for a term starting on the Effective Date and initially ending on August 31, 2017 (the “ Initial Term ”); provided that sixty (60) days prior to the expiration of the Initial Term and sixty (60) days prior to the expiration of each renewal term thereafter, the Term shall be extended automatically for successive one (1) year periods; provided further that either party may elect not to renew this Agreement by giving written notice thereof to the other party at least sixty (60) days prior to the end of the then current Term. The employment term described in this Paragraph 1, including the Initial Term and any renewals thereafter, is referred to in this Agreement as the “ Term .” The Executive understands and agrees that he is an at-will employee, and the Executive and the Company can, and shall have the right to, terminate the employment relationship at any time for any or no reason, with or without notice, and with or without cause, subject to the payment provisions contained in Paragraph 7 of this Agreement. Nothing contained in this Agreement or any other agreement shall alter the at-will relationship. In the event that the Executive ceases to be employed by the Company for any reason, the Executive shall tender his resignation from all positions he holds with the Company, effective on the date his employment is terminated.