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10 (s)
SECOND AMENDMENT TO
XXXXX REALTY INVESTORS, INC.
EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is
entered into on the 15th day of December, 1999, by and between XXXXX REALTY
INVESTORS, INC. (the "Company"), a Michigan corporation with its principal place
of business at 00000 Xxxxxxxxx Xxxx, Xxxxxxx Xxxxx, Xxxxxxxx, and XXXXXXX X.
XXXXXX ("Executive"), President and Chief Executive Officer of the Company.
RECITALS
WHEREAS, the Company and Executive entered into a certain Employment
Agreement, dated June 25, 1994 (hereinafter referred to as the "Employment
Agreement"), which Employment Agreement was amended on August 15, 1997, and
WHEREAS, the Company and Executive desire to amend the Employment
Agreement to extend the term of Executive's employment.
NOW, THEREFORE, in consideration of the foregoing and of the mutual
covenants and agreements set forth herein, the parties hereto agree as follows:
1. Paragraph 2 of the Employment Agreement is amended in its entirety
by substituting the following:
"2. TERM OF EMPLOYMENT. Executive's `term of employment,' as this
phrase is used through this Agreement, shall be for a period of
four (4) years beginning January 1, 2000 and ending December 31,
2003, and any extension thereof. The term of employment shall
automatically be extended without further action by the parties
as of December 31, 2003 and each succeeding December 31
thereafter, unless either party shall have served 90 days'
written notice upon the other prior to December 31, 2003 or prior
to December 31 of each succeeding year, as the case may be, of
its intention that the Agreement shall terminate at the end of
the then current term of employment."
2. This Second Amendment is effective January 1, 2000.
3. Except as amended hereby, the Employment Agreement shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment to Employment Agreement or have caused this Amendment to be duly
executed on their behalf, as of the day and year first above written.
XXXXX REALTY INVESTORS, INC.
/s/ Xxxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. Xxxxxx
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Its: President and CEO
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