Exhibit 99.3
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment (this "First Amendment") is dated effective July 1,
2001 by and among Kramont Operating Partnership, L.P., a Delaware limited
partnership (the "Company"), Kramont Realty Trust, a Maryland real estate
investment trust ("Kramont") and Xxxx X. Xxxxxxx ("Executive").
BACKGROUND
WHEREAS, the parties hereto entered into an Employment Agreement (the
"Employment Agreement") dated June 28, 2000, wherein the parties agreed to the
terms and conditions of Executive's employment with the Company; and
WHEREAS, the parties hereto desire to amend certain of the terms and
conditions of the Employment Agreement.
NOW THEREFORE, in consideration of the mutual promises and covenants
herein contained, and intending to be legally bound hereby, the parties hereto
agree as follows:
1. All capitalized terms used herein, but not otherwise defined,
shall have the meanings ascribed in the Employment Agreement.
2. Subject to the provisions contained in Paragraph 3 of the
Employment Agreement, the Term of Employment is hereby extended to June 30, 2002
(the "Extended Term of Employment").
3. During the Extended Term of Employment, Executive's Base Salary
shall be $150,000.00 payable in equal bi-weekly installments in accordance with
the Company's normal payroll practices.
4. Subject to the provisions contained in Paragraph 5 of the
Employment Agreement, it is agreed and understood that that Executive shall be
entitled to 3 weeks of vacation.
5. In accordance with the Kramont 2000 Incentive Plan, the Company
hereby grants the Executive 2,353 restricted shares of common stock under the
terms and conditions contained in a share grant letter agreement (the "Share
Grant Agreement"), the form of which is attached hereto and made a part hereof
as Exhibit "A". Simultaneous with the execution of this First Amendment,
Executive agrees to execute and deliver to the Company the Share Grant
Agreement.
6. This First Amendment and the Employment Agreement represent the
entire understanding between the parties and supersede all other oral or written
agreements between the parties. The Employment Agreement, as amended by this
First Amendment, is hereby ratified and confirmed and remains in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
First Amendment as of the date and year first above written.
KRAMONT OPERATING PARTNERSHIP, L.P.
By: /s/ XXXXX X. XXXXXX, XX.
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Xxxxx X. Xxxxxx, Xx.
President
KRAMONT REALTY TRUST
By: /s/ XXXXX X. XXXXXX, XX.
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Xxxxx X. Xxxxxx, Xx.
President
Executive
By: /s/ XXXX X. XXXXXXX
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Xxxx X. Xxxxxxx
