AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this "Amendment"), dated as of
April 19, 1999, by and between MILESTONE PROPERTIES, INC., a Delaware
corporation (the "Company"), and XXXXXX XXXXX (the "Executive").
W I T N E S S E T H
WHEREAS, the Executive is currently serving as the Secretary and a
Senior Vice President of the Company pursuant to that certain Employment
Agreement, dated as of January 1, 1999, by and between the Company and the
Executive (the "Employment Agreement");
WHEREAS, the Executive has assumed additional duties and responsibilities not
anticipated to be performed by the Executive at the time the Employment
Agreement was entered into;
WHEREAS, the Board of Directors of the Company (the "Board") has determined that
the Executive's base salary should be increased as a result of such additional
duties and responsibilities and such increase in salary requires an amendment to
the Employment Agreement.
NOW, THEREFORE, the parties hereto agree as follows:
1. Section 2.1 is hereby deleted in its entirety, and a new Section 2.1 shall be
inserted in lieu thereof to read as follows:
2.1 Base Salary. During the Term, the Executive shall
receive a base salary subject to adjustments as
hereinafter provided (the "Base Salary") at the
annual rate of $177,184.34. During the Term, the
Board, or an appropriate committee thereof, shall
review no less frequently than annually and at such
other times as the Board or committee thereof deems
appropriate, the Base Salary payable to the Executive
and adjust the same in its sole discretion; provided,
however, that the Base Salary at any time may not be
less than $177,184.34 per annum. In connection with
making adjustments to the Base Salary as provided for
in this Section 2.1, the Board, or an appropriate
committee thereof, will consider the contributions of
the Executive to the Company's efficiency, growth,
productivity and profitability, the expansion of the
Executive's duties, if any, the level of the
Executive's responsibilities, the Executive's tenure
with the Company,
and such other factors as they deem relevant. The Base
Salary shall be payable in substantially equal installments
consistent with the Company's normal payroll schedule,
subject to applicable withholding and other taxes.
2. The Employment Agreement is, and shall continue to be, in full force and
effect, except as otherwise provided in this Amendment and except that all
references to the Employment Agreement set forth in the Employment Agreement
shall mean the Employment Agreement, as amended by this Amendment.
3. This Amendment shall be effective as of the date hereof.
4. This Amendment may be executed in one or more counterparts, each of which
shall be deemed an original and all of which taken together shall constitute one
and the same amendment.
IN WITNESS WHEROF, this Amendment has been duly signed by the parties hereto as
of the day and year first above written.
MILESTONE PROPERTIES, INC.
By /s/ Xxxxxx X Xxxxxx
Xxxxxx X. Xxxxxx, President
/s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx
