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Exhibit 10.20
AGREEMENT
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THIS AGREEMENT MADE AND ENTERED INTO at Cleveland, Ohio this 6th day of
April, 1998, by and between FOREST CITY ENTERPRISES, INC., an Ohio corporation,
of 0000 Xxxxxxxx Xxxxx, 00 Xxxxxx Xxxxxx, Xxxxxxxxx, Xxxx 00000-0000,
hereinafter referred to as "Company", and XXXXXX X. XXXXXX of 00000 Xxxxxxxx
Xxxxx, Xxxxxx Xxxxxxx, Xxxx, hereinafter referred to as "Employee".
WHEREAS, the Company and the Employee desire to terminate the
Employment Agreement dated March 30, 1993 and enter into a new Employment
Agreement to be effective as of February 1, 1997, and
WHEREAS, the Compensation Committee of this Company has recommended a
change in salary for the Employee to be effective as of February 1, 1997.
NOW, THEREFORE, it is agreed that:
1. That the Employment Agreement dated March 30, 1993 is hereby
terminated as of February 1, 1997, and that the effective date of this
Employment Agreement is February 1, 1997.
2. The Employee, in consideration of the promises and agreements of the
Company herein contained, hereby promises to continue in the employ of the
Company for a period of one (1) year from the date of February 1, 1997, as an
Executive and Officer of the Company and to perform such duties as may be
required of him in such capacities by the Company, faithfully, honestly,
diligently and to the satisfaction of the Company. Said employment shall
continue for additional periods of one (1) year each until termination by mutual
consent, death, or by either party giving ninety (90) days written notice to
either amend or terminate this Employment Agreement to the other party prior to
the termination of any such one (1) year period.
3. In consideration whereof, the company promises and agrees to pay the
Employee a base salary of THREE HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS
($325,000.00) per year, payable from time to time during each employment year.
4. In consideration of this Employment Agreement, if the Employee dies
while in the employ of the Company, the Company agrees to pay to the
beneficiaries of the Employee as stipulated in his Will, or designated by
written notice to the Company from the Employee during his lifetime, or
designated by operation of law if the Employee dies intestate, fifty percent
(50%) of the base salary stated above of said Employee plus fifty percent (50%)
of the average bonuses granted to the Employee during the five (5) calendar
years preceding his death. Such payment to be of five (5) years following the
decease of said Employee; said sum to be payable in quarterly installments to
said beneficiaries of said deceased Employee.
5. It is mutually agreed by and between the parties hereto that the
Company may cancel or terminate this Employment Agreement at any time prior to
the expiration of said one (1) year period, or any renewal thereof, without
notice, for any conduct on the part of the Employee which injures the Company's
business, such as, but not limited to, intemperance, negligence, failure to
follow instructions or perform and fulfill the obligations on the Employee's
part to be performed hereunder to the satisfaction of the Company.
IN WITNESS WHEREOF, the parties hereto have set their hands the day
and year first above written.
FOREST CITY ENTERPRISES, INC.
By:____________________________
XXXXXXX X. XXXXXX,
President
By:_____________________________
XXXXXX X. XXXXX, Secretary
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XXXXXX X. XXXXXX, Employee
