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Exhibit 10.47
AGREEMENT
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THIS AGREEMENT MADE AND ENTERED INTO at Cleveland, Ohio this 31st day
of May, 1999, by and between FOREST CITY ENTERPRISES, INC., an Ohio corporation,
of Terminal Tower, 00 Xxxxxx Xxxxxx, Xxxxx 0000, Xxxxxxxxx, Xxxx 00000-0000,
hereinafter referred to as "Company", and XXXXXX X. XXXXXX of 0000 Xxxxx Xxxxxxx
Xxxxx, Xxxxxxxxx, Xxxx, hereinafter referred to as "Employee".
WHEREAS, the Company and the Employee desire to terminate the
Employment Agreement effective as of September 25, 1989 and enter into a new
Employment Agreement to be effective as of January 1, 1999, and
WHEREAS, the Compensation Committee of this Company has recommended a
change in salary for the Employee to be effective as of January 1, 1999.
NOW, THEREFORE, it is agreed that:
1. That the Employment Agreement dated September 25, 1989 is hereby
terminated as of January 1, 1999, and that the effective date of this Employment
Agreement is January 1, 1999.
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 January 1, 1999, 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 thereof, the company promises and agrees to pay the
Employee a base salary of FOUR HUNDRED SEVENTY-FIVE THOUSAND AND 00/100 DOLLARS
($475,000.00) 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, one hundred
percent (100%) of the base salary stated above for a period 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.
The parties hereto have set their hands the day and year first above
written.
FOREST CITY ENTERPRISES, INC.
By: /s/ Xxxxxxx X. Xxxxxx
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XXXXXXX X. XXXXXX, President
By: /s/ Xxxxxx X. Xxxxx
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XXXXXX X. XXXXX, Secretary
/s/ Xxxxxx X. Xxxxxx
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XXXXXX X. XXXXXX, Employee
