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EXHIBIT 10(b)(iii)
NEW VALLEY CORPORATION
000 X.X. XXXXXX XXXXXX, 00XX XXXXX
XXXXX, XXXXXXX 00000
January 1, 1998
Xx. Xxxxxx X. Xxxxxx
000 X.X. Xxxxxx Xxxxxx, 00xx Xxxxx
Xxxxx, Xxxxxxx 00000
Dear Xx. Xxxxxx:
This letter sets forth an amendment to the Employment Agreement (the
"Agreement") dated as of January 1, 1995, as amended effective as of January 1,
1996, between New Valley Corporation and you.
1. The Agreement is amended by inserting the following as clause (iii)
of Section 3(a) thereof:
(iii) In addition to the foregoing, commencing January 1,
1998, the Company shall pay Executive an additional bonus on or prior
to April 1st in each year during the Employment Period. The additional
bonus shall be in an amount equal to the amount, if any, necessary to
reimburse Executive, on an after-tax basis, for all applicable federal,
state and self employment taxes actually incurred by Executive as a
result of the grant or vesting of any award of the Company's common or
preferred shares or options to acquire the Company's common or
preferred shares during the prior calendar year.
2. This letter agreement constitutes an amendment to and a modification
of the Agreement and shall for all purposes be considered a part of the
Agreement. Except as amended hereby, the Agreement is confirmed and ratified in
all respects and shall remain in full force and effect.
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Xx. Xxxxxx X. Xxxxxx
January 1, 1998
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Please indicate your agreement with the foregoing by countersigning two
copies of this letter agreement in the space provided below and returning one of
such copies to us.
Very truly yours,
NEW VALLEY CORPORATION
By: /s/ XXXXXXX X. XXXXX
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Xxxxxxx X. XxXxx
Chairman and Chief Executive Officer
AGREED TO AND ACCEPTED:
By: /s/ XXXXXX X. XXXXXX
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Xxxxxx X. Xxxxxx