EXHIBIT 10.47
E x e c u t i o n C o p y
As of February 1, 1996
Xx. Xxx Xxxxxx
The Xxxxxx Company
000 Xxxxx Xxxxxxxx
Xxxxx 000
Xxx Xxxxxxx, XX 00000
Dear Xxx:
This letter will confirm our understanding with respect to certain benefits
to be provided to you by Catellus Development Corporation ("Catellus") pursuant
to that certain Employment Agreement between Catellus and you dated as of
February 1, 1996 (the "Employment Agreement"). Capitalized terms used herein
but not defined shall be used as defined in the Employment Agreement.
Section 1.9 of the Employment Agreement provides that the Company will
assume the payment of insurance premiums on your existing life insurance policy.
The current premium on such existing policy is $7,287.76 per year, which premium
may, pursuant to the terms of such existing policy, increase over time. Section
1.9 also provides that the Company will assume the payment of insurance premiums
on your existing disability policy unless comparable insurance may be obtained
under the Company's group disability insurance policy for a lower annual
premium. The current premium on that policy is $7,100 per year.
Section 1.10 of the Employment Agreement provides that you will be entitled
to monthly reimbursement for certain business expenses, including an automobile
allowance comparable to that received by other senior executives. Catellus
agrees that in the event the auto allowance given other senior executives is not
$900 per month, Catellus will enter into an amendment to the Employment
Agreement to provide for an auto allowance of $900 per month or increase your
Base Salary in the amount of the difference between $900 per month and your auto
allowance.
In addition, Catellus and you agree that during the term of the Employment
Agreement Catellus will reimburse you for the annual fees, parking and related
expenses for a season box at the Hollywood Bowl, provided such box is made
available to other employees of Catellus for business-related purposes.
Catellus agrees that you will continue to own the rights to the box and will be
responsible for allocating the use of the box.
Very truly yours,
CATELLUS DEVELOPMENT CORPORATION
By: /s/ Xxxxxx X. Rising
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Title:
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ACKNOWLEDGED AND AGREED TO:
/s/ Xxx Xxxxxx
Xxx Xxxxxx
