Exhibit 99.5
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment (this "First Amendment") is dated effective July
1, 2002 by and among Kramont Operating Partnership, L.P., a Delaware limited
partnership (the "Company"), Kramont Realty Trust, a Maryland real estate
investment trust ("Kramont") and Xxxx X. Xxxxx ("Executive").
BACKGROUND
WHEREAS, the parties hereto entered into an Employment Agreement
effective as of March 21, 2002 (herein referred to as "Employment Agreement"),
wherein the parties agreed to the terms and conditions of Executive's employment
with the Company; and
WHEREAS, the parties hereto desire to further amend certain of the
terms and conditions of the Employment Agreement.
NOW THEREFORE, in consideration of the mutual promises and covenants
herein contained, and intending to be legally bound hereby, the parties hereto
agree as follows:
1. All capitalized terms used herein, but not otherwise defined,
shall have the meanings ascribed in the Employment Agreement.
2. Paragraph 4 (a) of the Employment Agreement is hereby amended
to show that the Base Salary of Executive is increased to $200,000.00, effective
July 1, 2002.
3. This First Amendment and the Employment Agreement represent
the entire understanding between the parties and supercede all other oral or
written agreements between the parties. The Employment Agreement, as amended by
this First Amendment, is hereby ratified and confirmed and remains in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
First Amendment as of the date and year first above written,
KRAMONT OPERATING PARTNERSHIP, L.P. KRAMONT REALTY TRUST
By: /s/ Xxxxx X. Xxxxxx, Xx. By: /s/ Xxxxx X. Xxxxxx, Xx.
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Xxxxx X. Xxxxxx, Xx. Xxxxx X. Xxxxxx, Xx.
President President
EXECUTIVE:
/s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
