EXHIBIT 10.10
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT dated this ____ day of
March 1999, effective as of March 1, 1999, by and between KONOVER PROPERTY
TRUST, INC. (formerly FAC Realty Trust, Inc.) (the "Company") and XXXXXXXXXXX X.
XXXXXXXX (the "Executive").
RECITALS
A. The Company and the Executive entered into that certain Employment
Agreement with an Effective Date of December 15, 1995 (the "Agreement") which
was amended by a First Amendment to Employment Agreement dated as of May 30,
1997.
B. The Company and the Executive desire to amend the Agreement, to,
among other things, extend the term thereof.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows.
AGREEMENT
1. All capitalized terms shall be deemed to have the meaning ascribed to
them in the Agreement.
2. Section 2(a) of the Agreement is hereby deleted and is replaced by
the following: "Subject to the provisions for extension or termination
hereinafter stated, the term of this Employment Agreement shall begin on
December 15, 1995 (the "Effective Date") and shall continue through February 28,
2002 (the "Expiration Date"). As of March 1, 2000 and each successive
anniversary thereof, such term automatically shall be extended for one (1)
additional year unless this Employment Agreement is terminated as provided in
Paragraph 5(ii) either the Company or the Executive shall give written notice to
the other at least thirty (30) days before the first anniversary thereof, that
this Employment Agreement shall not be so extended but shall terminate upon the
expiration of the then existing term (for example, unless such written notice of
non-extension is given on or prior to January 28, 2000, the term of this
Employment Agreement automatically will be extended, effective March 1, 2000,
until February 28, 2003). In the event of a "change of control" (as hereinafter
defined) the term of this Employment Agreement shall automatically be extended
for a term of two (2) years from the then existing Termination Date".
3. Section 2(e)(ii) and Section 2(e)(iii) of the Agreement shall be
amended by deleting, in each section "twenty percent (20%)" and substituting
fifty percent (50%) in its place and stead.
4. Except as otherwise noted herein, all other provisions of the
Agreement are hereby ratified and affirmed.
IN WITNESS WHEREOF, the parties hereto set their hand and seal as of the
effective date hereof.
KONOVER PROPERTY TRUST, INC.
By: -----------------------------
X. Xxxxxxx Xxxxxx
President and Chief Executive Officer
---------------------------------
XXXXXXXXXXX X. XXXXXXXX
