AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
Exhibit
99.1
AMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT
The following sets forth Amendment No.
1 to the Employment Agreement (the “Agreement”), dated as
of May 17, 2008, between Xxxxxxx Properties, Inc. and Xxxxxxx Properties, L.P.
(together, the “Company”) and Xxxxxxx
X. Xxxxxxx (“Executive”), which
Amendment shall be effective as of December 31, 2008. Capitalized terms used and
not otherwise defined herein shall have the meanings ascribed to such terms in
the Agreement.
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1.
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Section
2(b)(i) of the Agreement is hereby amended by substituting the following
for the first sentence thereof:
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“For the
period commencing on the Effective Date and ending on December 31, 2008, the
Executive shall receive a base salary (the “Base Salary”) of
$450,000 per annum. For the period commencing on January 1, 2009 and
ending on the last day of the Employment Period, the Executive’s Base Salary
shall be $400,000 per annum, as the same may be increased thereafter pursuant to
the Company’s normal practices for its Executive Vice-Presidents.”
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2.
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The
Base Salary reduction set forth in this Amendment is pursuant to
Executive’s request. Executive hereby consents to the Base
Salary reduction and hereby acknowledges that such reduction does not
constitute “Good Reason” for purposes of the
Agreement.
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3.
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This
Amendment shall be and is hereby incorporated in and forms a part of the
Agreement.
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4.
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Except
as set forth herein, the Agreement shall remain in full force and
effect.
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[Signature page
follows]
Xxxxxxx
Properties, Inc.,
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a
Maryland corporation
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By:
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/s/ XXXXXX X. RISING
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Name:
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Xxxxxx
X. Rising
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Title
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President
& Chief Executive Officer
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Xxxxxxx
Properties, L.P.,
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a
Maryland limited partnership
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By:
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Xxxxxxx
Properties, Inc.
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Its:
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General
Partner
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By:
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/s/ XXXXXX X. RISING
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Name:
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Xxxxxx
X. Rising
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Title
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President
& Chief Executive Officer
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“Executive”
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By:
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/s/ XXXXXXX X. XXXXXXX
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Xxxxxxx
X. Xxxxxxx
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