Exhibit 10.94
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment (this "First Amendment") is dated effective July 1,
2004 by and between Kramont Realty Trust, a Maryland real estate investment
trust ("Kramont"), and Xxxxx X. Xxxxxx, Xx. ("Executive").
BACKGROUND
WHEREAS, the parties hereto entered into an Employment Agreement effective
as of June 16, 2000 (herein referred to as "Employment Agreement"), wherein the
parties agreed to the terms and conditions of Executive's employment with the
Company; and
WHEREAS, by the terms of the Employment Agreement, the Board of Trustees
of the Company may, in their sole discretion, at any time, increase the Base
Salary or other compensation of the Executive; and
WHEREAS, the Executive Compensation Committee of the Board of Trustees has
recommended to the Board of Trustees, and the Board of Trustees has concurred
that the Employment Agreement be amended to reflect increased compensation to
the Executive; and
WHEREAS, the parties hereto desire to 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
indicate that the Base Salary of Executive is increased to $400,000.00,
effective July 1, 2004, through the remainder of the term of the Employment
Agreement.
3. Paragraph 4(c) of the Employment Agreement is hereby amended to insert
the following language after the first paragraph of Paragraph 4(c) and before
the paragraph defining "FFO Per Share" appearing at the top of page three of the
Employment Agreement:
"Executive shall be entitled to earn a Performance Bonus for the period
January 1, 2004 through June 30, 2004 in accordance with the provisions provided
in the foregoing paragraph relating to payment for a partial year. For the
period July 1, 2004 through the remainder of the term of employment, or until
further amended, the Performance Bonus due to Executive shall be due and payable
on a quarterly basis, after the filing of the Company's quarterly Form 10-Q and
review of the quarterly financial statements by the Company's independent
auditor and the Audit Committee of the Board of Trustees of the Company. Such
Performance Bonus shall be in the amount of $100,000.00 per quarter if the FFO
Per Share of the Company for that quarter is calculated to be the sum of $.36
per share or greater. If for any given quarter, the FFO Per Share is less than
the sum of $.36 per share, no Performance Bonus shall be due to Executive for
that quarter."
4. 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 REALTY TRUST
By: /s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
Senior Vice President
EXECUTIVE:
/s/ Xxxxx X. Xxxxxx, Xx.
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Xxxxx X. Xxxxxx, Xx.
