Exhibit 10.6A
AMENDMENT TO XXXXXX X. XXXXXX
JANUARY 1, 1998 EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT is entered into and made effective
as of January 1, 2001 by and among Tanger Properties Limited Partnership a North
Carolina limited partnership (the "Partnership"), Tanger Factory Outlet Centers,
Inc. (the "Company"), a North Carolina corporation and Xxxxxx X. Xxxxxx (the
"Executive").
RECITALS:
A. The Executive is the Chief Operating Officer of the Partnership and an
officer and director of the Company under the terms of an Amended and
Restated Employment Agreement dated as of January 1, 1998 between the
Executive, the Partnership and the Company (the "Existing Employment
Contract").
B. The Company, the Partnership and the Executive intend to modify and amend
the Existing Employment Contract as provided herein.
NOW, THEREFORE, in consideration of the foregoing and of the respective
covenants and agreements set forth below the parties hereto agree that the
Existing Employment Contract shall be modified and amended as follows:
1. The definitions of "Funds from Operations" or "FFO" in Paragraph 1(h) and
"Target FFO Per Share" or "Target" in Paragraph 1(k) are amended to read as
follows:
"(h) "Funds From Operations" or "FFO" with respect to a Contract Year
shall mean the Company's consolidated Funds From Operations
(calculated for these purposes as provided below) before the minority
interest of the limited partners of the Partnership and after
deduction of any Annual Bonus paid to the Executive pursuant to this
Agreement or to Xxxxxxx X. Xxxxxx under similar provisions of his
employment agreement for such Contract Year and deducted in the
calculation of net income. Provided however, for purposes of this
Agreement, funds from operations (i) for the Contract Year for which
the Annual Bonus is being determined and (ii) for each Contract Year
used to determine the "Target" for the Contract Year for which the
Annual Bonus is being determined shall be calculated using the
National Association of Real Estate Investment Trusts (NAREIT)
definition of "funds from operations" in effect for the Contract Year
for which the Annual Bonus is being calculated including the
application of generally accepted accounting principles (GAAP) used in
the preparation of the Company's financial statements for that
Contract Year. For example, in the calculation of the Annual Bonus for
the Contract Year ending December 31, 2001, FFO for 2001 shall be
determined using the NAREIT definition of FFO for 2001 and, in the
calculation of the "Target" FFO for 2001, the FFO for each of Contract
Years 1995 through 2000 shall also be calculated using the NAREIT
definition for 2001 (even though that 0000 XXXXXX definition of FFO
may differ from the FFO definition actually used by the Company for
any of years 1995 through 2000)."
"(k) The "Target FFO Per Share" or "Target" for any Contract Year
shall be the average FFO Per Share for the previous five (5) Contract
Years determined for each such Contract Year using the NAREIT
definition of "funds from operations" in effect for the Contract Year
for which the Annual Bonus is being determined as provided in
paragraph 1(h) above; provided however the Target FFO Per Share shall
not be less than $1.5520."
2. In first paragraph of Section 7(d), $100,000.00 shall be changed to
$115,000.00 and the parenthetical phrase "(which shall not exceed 1.0)"
shall be deleted.
IN WITNESS WHEREOF, the parties have executed this Amendment to Employment
of Xxxxxx X. Xxxxxx effective as of January 1, 2001 in duplicate originals.
TANGER PROPERTIES LIMITED PARTNERSHIP,
a North Carolina Limited Partnership,(Company)
By: Tanger GP Trust, its sole General Partner
By: ___________________________________
XXXXXXXX X. XXXXXXX, Vice President
________________________________ (SEAL)
XXXXXX X. XXXXXX, Executive
