AMENDMENT NUMBER 2 TO MANAGEMENT AGREEMENT
THIS AMENDMENT NUMBER 2 TO MANAGEMENT AGREEMENT (the Amendment") is made
and entered into as of December 31, 1999, 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 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;
WHEREAS, paragraph 6 of the Management Agreement provided that the
Management Agreement would terminate, if not earlier, on December 31, 1998;
WHEREAS, on or by December 31, 1998, by Amendment Number 1 to that
Management Agreement it was extended so that it would terminate, if not earlier,
on December 31, 1999, and
WHEREAS, the Parties desire again to extend the termination date of the
Management Agreement.
NOW THEREFORE, in consideration of the premises and of the mutual covenants
herein contained, the Parties hereby agree as follows:
1. Paragraph 6 of the Management Agreement, as amended, shall be amended in
its entirety to read as follows:
6. Termination. Unless earlier terminated by the parties, this Agreement
shall terminate upon the earliest to occur of (i) December 31, 2000,
(ii) Tutor's inability to perform the services contemplated hereby,
whether because of death, disability or otherwise, (iii) written
notice from Perini to Tutor after, in the determination of a majority
of the Executive Committee of the Board of Directors of Perini, Tutor
has failed to perform his obligations under this Agreement, and (iv)
the reasonable determination by the Board of Directors or Executive
Committee of Perini, and written notice thereof to Tutor, that it
would be inadvisable for Tutor to continue performing the services
contemplated by this Agreement, or
(v) the consummation of a recapitalization of Perini funded by a party
other than Tutor or his affiliates.
2. 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 $250,000 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.
3. Except as specifically amended herein, all other provisions of the
Management Agreement shall remain unchanged and in full force and effect.
4. 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:___________________________
Title: President
XXXXX-XXXXXX CORPORATION
By:___________________________
Title:
XXXXXX X. TUTOR
By:___________________________
Title:
