July 25, 2007
Exhibit
10.3
July
25, 2007
Xxxxxx
X.
Xxxx
000
Xxxxxxx Xxxxxxx
Xxxxxxxxx,
XX 00000
RE: Amendment
to Executive Employment Agreement
Dear
Xx.
Xxxx:
On
November 28, 2006, Xxxxxx X.
Xxxx (“Executive”), and CharterMac Capital LLC (the
“Company”) entered into an Executive Employment Agreement
(the
“Agreement”). Whereas, pursuant to Section 10(b) of the Agreement,
the Agreement may be amended by a written instrument signed by the Executive
and
the Company. Effective as of the date hereof, the parties hereto wish
to amend the Employment Agreement as provided herein.
THEREFORE,
the parties, intending to be
legally bound, agree as follows:
1. Amendment
of Agreement. Section 3, entitled
Compensation and Benefits, shall be amended to include the following
paragraph and incorporated as section 3(j), entitled, Long Term Disability
Insurance, and read as follows:
(j)
Long Term Disability Amendment. The Company
shall also provide Executive with supplemental long term disability insurance
which will provide Executive with a full disability benefit of Fifteen Thousand
Dollars ($15,000.00) per month after an exclusion period of ninety (90) days
and
otherwise on substantially the same terms as are set forth on the attached
Exhibit A (the “Disability Coverage”). During
the ninety (90) day exclusion period, the Company will pay Executive his full
Salary. Disability Coverage shall be provided in a manner which is
most tax advantageous to the Executive, provided Executive cooperates fully
in
the implementation of any reasonable plan proposed by the Company to achieve
such results.
Exhibit
A attached hereto shall be incorporated as Exhibit
A to the Agreement.
2. Effect
of Amendment. The parties herby agree
and acknowledge that except as provided in this Amendment, the Agreement remains
in full force and effect and has not been modified in any other
respect.
[intentionally
left blank – signature page follows]
IN
WITNESS WHEREOF, the parties have executed this Agreement, Centerline
Capital Group, Inc. and Centerline Holding Company acting by their respective
duly authorized officers, effective as of the Effective Date.
| CENTERLINE CAPITAL GROUP, INC. | EXECUTIVE: | |
| By /s/ Xxxx X. Xxxxxxxxx | /s/ Xxxxxx X. Xxxx | |
| Name: Xxxx X. Xxxxxxxxx | Name: Xxxxxx X. Xxxx | |
| Title: Chief Executive Officer and President |
By
/s/ Xxxx X.
Xxxxxxxxx
Name: Xxxx X. Xxxxxxxxx
Name: Xxxx X. Xxxxxxxxx
Title: Chief
Executive Officer and President
EXHIBIT
A
SUMMARY
- DISABILITY INSURANCE TERMS
|
Total
Monthly Benefit (with COLA):
|
$15,000.00
|
|
Beginning
Date:
|
91st
Day
|
|
Benefit
Paid:
|
to
age 65
|
