EXHIBIT 10.6
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (this "Amendment") is
made and entered into as of January 28, 2000, by and between Atlantic Realty
Trust, a Maryland real estate investment trust (the "Company"), whose principal
place of business is 000 Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 and Xxxxx X.
Xxxxxxx ("Employee"), who resides at 00 Xxxxxxxxx Xxxxxx, Xxxxxx Xxxxxx, Xxx
Xxxx 00000.
W I T N E S S E T H:
WHEREAS, the Company and Employee are parties to that certain
Employment Agreement, dated as of June 11, 1998, by and between the Company and
Employee (the "Employment Agreement"); and
WHEREAS, the Company and Employee desire to amend the
Employment Agreement as set forth herein.
NOW, THEREFORE, in consideration of the mutual premises and
agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Company and
Employee do hereby agree as follows:
1. Paragraph 6(b) of the Employment Agreement is hereby
deleted and replaced in its entirety with the following:
"(b) Termination Due to Death or after Change in Control. In
the event that Employee's employment with the Company is terminated (i)
by reason of his death or (ii) for any reason other than Cause (as
defined below) coincident with or after a Change in Control of the
Company, then Employee (or, in the case of Employee's death, his estate
or a beneficiary designated in writing by Employee to receive the
payments provided by this Paragraph 6(b) in the event of Employee's
death) shall be entitled to receive (A) all accrued but unpaid Base
Salary, unpaid bonus, if any, and benefits through the date of
termination and (B) a lump-sum payment equal to 150 percent of
Employee's Base Salary as in effect on the date of termination."
2. Except as amended and modified herein, the Employment
Agreement is in all respects ratified and confirmed, and the terms, covenants
and agreements therein shall remain in full force and effect.
3. This Amendment may be executed in one or more counterparts,
each of which will be deemed an original and all of which, together, will
constitute one and the same instrument.
[signature page follows]
908205.3
IN WITNESS WHEREOF, the Company and Employee have caused this
Amendment to be executed as of the day and year first above written.
COMPANY:
ATLANTIC REALTY TRUST
By: /s/ Xxxx X. Xxxxxxx
-------------------
Name: Xxxx X. Xxxxxxx
Title: President and Chief Executive Officer
EMPLOYEE:
/s/ Xxxxx X. Xxxxxxx
--------------------
Xxxxx X. Xxxxxxx
908205.3
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