AMENDMENT TO EMPLOYMENT AGREEMENT
Amendment made as of the 1st day of July, 2004, by and between Xxxxxx
Xxxxxxx ("Xxxxxxx") and Intervest Mortgage Corporation (formerly known as
Intervest Corporation of New York), a New York corporation (the "Corporation").
WHEREAS, Dansker and the Corporation are parties to that certain Employment
Agreement dated as of July 1, 1995, as amended on August 3, 1998 (the "Original
Employment Agreement"), and
WHEREAS, the parties are desirous of amending the Original Employment
Agreement so as to extend the term thereof,
NOW, THEREFORE, the parties agree as follows:
1. DEFINED TERMS. Capitalized terms used herein shall have the meanings ascribed
to them in the Original Employment Agreement.
2. AMENDMENT. Section 4 of the Original Employment Agreement is hereby deleted
and the following is substituted in its place: "Term. The term of this
----
Employment Agreement (the "Term") shall commence on the effective date and shall
expire June 30, 2014, unless terminated by Dansker upon thirty (30) days prior
notice (in which case the respective obligations of the parties hereunder shall
terminate upon the payment of accrued entitlements and which termination shall
not include Dansker's death, disability or retirement)."
3. SCOPE. Except as expressly amended hereby, the Original Employment Agreement
shall remain in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, the parties have executed this Amendment effective as
of the date first written above.
INTERVEST MORTGAGE CORPORATION
/s/ Xxxxxx X. Xxxxxxx
By: Xxxxxx X. Xxxxxxx
Its: President
/s/ Xxxxxx Xxxxxxx
XXXXXX XXXXXXX
