AMENDMENT NUMBER 7 TO MANAGEMENT AGREEMENT
Exhibit 10.2
AMENDMENT NUMBER 7 TO MANAGEMENT AGREEMENT
THIS AMENDMENT NUMBER 7 TO MANAGEMENT AGREEMENT (the “Amendment”) is made and entered into as of September 15, 2004 (the “Effective Date”), by and between Perini Corporation, a Massachusetts corporation (“Perini”), Xxxxx-Xxxxxx Corporation, a California corporation (“Xxxxx-Xxxxxx”) and Xxxxxx X. Tutor (“Tutor”), an individual and President of Xxxxx-Xxxxxx (Perini, Xxxxx-Xxxxxx and Tutor collectively, the “Parties”).
RECITALS
WHEREAS, Perini, Xxxxx-Xxxxxx and Tutor entered into a Management Agreement as of January 17, 1997 (the “Management Agreement”), whereby, among other things, Xxxxx-Xxxxxx agreed to provide certain services of Tutor to Perini;
NOW THEREFORE, in consideration of the premises and of the mutual covenants herein contained, the Parties hereby agree as follows:
- Section 3(b) of the Management Agreement shall be amended in its entirety to read as follows:
(b) Beginning on the Effective Date, Perini shall pay a fee to Xxxxx-Xxxxxx at the rate of $600,000 per year, such amount to be paid in twelve equal monthly installments in arrears on the 15th of each month, or as the parties hereto shall otherwise agree in writing.
- Except as specifically amended herein, all other provisions of the Management Agreement as amended shall
remain unchanged and in full force and effect.
- This Amendment may be executed in several counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument.
IN WITNESS HEREOF, each of the parties hereto have caused a counterpart of this Amendment to be executed and delivered as of the date first above written by their duly authorized representatives.
PERINI CORPORATION By:/s/Xxxxxx Band Title: President & Chief Operating Officer
XXXXX-XXXXXX CORPORATION
By:/s/Xxxxxx X. Tutor
Title: President
XXXXXX X. TUTOR
By:/s/Xxxxxx X. Tutor
Title:
