EXHIBIT 10.11
AMENDMENT NO. ONE
TO
EMPLOYMENT AGREEMENT
WHEREAS, Home Properties of New York, L.P. (the "Company") and ▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇▇▇ ("Employee") entered into an Employment Agreement, dated August 4,
1994 (the "Agreement");
WHEREAS, the Agreement provided for incentive compensation pursuant to the
Company's original incentive compensation plan; and
WHEREAS, the Company has changed its incentive compensation plan and the
Company and the Employee have agreed that incentive compensation should be paid
to the Employee pursuant to the Company's current compensation plan rather than
as originally described in the Agreement.
NOW THEREFORE, the parties hereto agree as follows:
1. The first paragraph of Section 3.2 of the Agreement shall be amended and
restated in its entirety to read as follows:
"Employee shall receive incentive compensation pursuant to the Company's
Incentive Compensation Plan as such plan may be amended from time to time.
Initially, the Employee shall have the factor of 10% applied to his base
salary for purposes of determining his share of the bonus pool under the
Incentive Compensation Plan. One-half of the bonus shall be non-
discretionary and the other half shall be payable to the Employee in the
discretion of the Management Committee of the Board of Directors of Home
Properties of New York, Inc. The above is subject to modification upon
the agreement of the Employee and the Management Committee without further
need to modify this Agreement."
2. The above amendment shall apply to the bonus payable in 1998 and
thereafter, but the parties acknowledge that the Employee has voluntary
received his bonus pursuant to the Company's then current incentive
compensation plan rather than as provided in the Agreement since 1996.
3. As amended above, the Agreement remains in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
January 1, 1998.
HOME PROPERTIES OF NEW YORK, L.P.
By: Home Properties of New York, Inc.
By: /s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Vice President and Secretary
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
AMENDMENT NO. TWO
TO
EMPLOYMENT AGREEMENT
WHEREAS, Home Properties of New York, L.P. (the "Company") and ▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇▇▇ ("Employee") entered into an Employment Agreement, dated August 4,
1994, which was subsequently amended by Amended No. One dated as of January 1,
1998 (the "Agreement");
WHEREAS, the Agreement provided for a certain base salary; and
WHEREAS, the Company and the Employee have agreed to a different base salary
than that provided for in the Agreement.
NOW THEREFORE, the parties hereto agree as follows:
Section 3.1 of the Agreement shall be amended and restated in its entirety to
read as follows:
"Effective August 1, 1998 and until further modified by the agreement of the
Company and the Employee, the Employee's annual base salary (the "Base Salary")
shall be $225,000. The Base Salary shall be paid pursuant to the Company's
standard payroll policies and shall be subject to such withholding or
deductions as may be mutually agreed between the Company and Employee or
required by law."
As amended above and by Amendment No. One, the Agreement remains in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
August 5, 1998.
HOME PROPERTIES OF NEW YORK, L.P.
By: Home Properties of New York, Inc.
By: /s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Vice President and Secretary
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
AMENDMENT NO. THREE
TO
EMPLOYMENT AGREEMENT
WHEREAS, Home Properties of New York, L.P. (the "Company") and ▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇▇▇ ("Employee") entered into an Employment Agreement, dated August 4,
1994, which was subsequently amended by Amendment No. One dated as of January
1, 1998 and by Amendment No. Two dated as of August 5, 1998 (the "Agreement");
WHEREAS, the Agreement provided for certain benefits upon the termination of
the Agreement; and
WHEREAS, the Company has adopted an Executive Retention Plan and the Company
and the Employee have agreed that benefits should be paid to the Employee
pursuant to the Executive Retention Plan rather than as originally described in
the Agreement in the event of a change of control and subsequent termination of
the Agreement.
NOW THEREFORE, the parties hereto agree as follows:
The following paragraph 4.6 shall be added to the Agreement after paragraph
4.5:
"4.6 TERMINATION FOLLOWING A CHANGE OF CONTROL. Notwithstanding anything to
the contrary contained above, in the event of a "Change of Control" as defined
in the Company's Executive Retention Plan and a subsequent termination of this
Agreement, the benefits to be paid to the Employee upon such a termination
shall be as provided in the Executive Retention Plan, as the same may be
modified from time to time and not as provided above."
As amended above and by Amendment No. One and Two, the Agreement remains in
full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
February 2, 1999.
HOME PROPERTIES OF NEW YORK, L.P.
By: Home Properties of New York, Inc.
By: /s/ ▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
Vice President and Secretary
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇
