FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT dated this ____ day of
March 1999, effective as of March 1, 1999, by and between KONOVER PROPERTY
TRUST, INC. (formerly FAC Realty Trust, Inc.) (the "Company") and X. XXXXXXX
XXXXXX (the "Executive").
RECITALS
A. The Company and the Executive entered into that certain Employment
Agreement with an Effective Date of March 1, 1997 (the "Agreement").
B. The Company and the Executive desire to amend the Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows.
AGREEMENT
1. All capitalized terms shall be deemed to have the meaning ascribed to
them in the Agreement.
2. Section 2(e)(ii) and Section 2(e)(iii) of the Agreement shall be
amended by deleting, in each section "twenty percent (20%)" and substituting
fifty percent (50%) in its place and stead.
3. Except as otherwise noted herein, all other provisions of the
Agreement are hereby ratified and affirmed.
IN WITNESS WHEREOF, the parties hereto set their hand and seal as of the
effective date hereof.
KONOVER PROPERTY TRUST, INC.
By: /s/ Xxxxxxx X. Xxxxxxxx
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Xxxxxxx X. Xxxxxxxx
Executive Vice President and
Chief Financial Officer
/s/ X. Xxxxxxx Xxxxxx (SEAL)
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X. XXXXXXX XXXXXX
