EXHIBIT 10.13
AMENDMENT NO. ONE
TO
EMPLOYMENT AGREEMENT
WHEREAS, Home Properties of New York, L.P. (the "Company") and Xxxxxxx X.
Crossed ("Employee") entered into an Employment Agreement, dated January 1,
1996 (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:
1. 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."
2. As amended above, 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/ Xxx X. XxXxxxxxx
-----------------------------------
Xxx X. XxXxxxxxx
Vice President and Secretary
/s/ Xxxxxxx X. Crossed
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-- Xxxxxxx X. Crossed
AMENDMENT NO. TWO
TO
EMPLOYMENT AGREEMENT
WHEREAS, Home Properties of New York, L.P. (the "Company") and Xxxxxxx X.
Crossed ("Employee") entered into an Employment Agreement, dated January 1,
1996, which was subsequently amended by Amendment No. One 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, 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/ Xxx X. XxXxxxxxx
-----------------------------
Xxx X. XxXxxxxxx
Vice President and Secretary
/s/ Xxxxxxx X. Crossed
-----------------------------------
Xxxxxxx X. Crossed
