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Exhibit 10.23
AMENDMENT AGREEMENT
Effective February , 1999, BridgeStreet Accommodations, Inc., a
Delaware corporation ("BridgeStreet"), and Xxxx X. Xxxxx, of Hudson, Ohio (the
"Executive") hereby act and agree as follows:
1. Reference is made to the Employment Agreement dated as of January 2,
1997 by and between BridgeStreet and the Executive (the "Agreement").
2. The Agreement is hereby amended to replace in Section 2 the words
"May 31, 2000" with the words "May 31, 2001".
3. The Agreement is hereby further amended to add the following Section
4(h):
"Severance. If BridgeStreet does not offer to extend this
Agreement on substantially the same terms and conditions upon
expiration of the term hereof, BridgeStreet shall pay to the Executive
within thirty (30) days following expiration of the term hereof the sum
of seventy-five thousand dollars ($75,000)."
4. The Agreement is hereby further amended to replace Section 6(d)(i)
with the following.
"(i) BridgeStreet shall pay to the Executive within thirty
(30) days following the date of termination the sum of seventy-five
thousand dollars ($75,000) and, in addition, shall continue to pay to
the Executive his Base Salary as of the date of termination for the
term of this Agreement or twelve months, whichever is longer."
5. The Agreement is hereby further amended to replace Section 5(d)(i)
with the following:
"(i) BridgeStreet shall continue to pay to the Executive his
Base Salary as of the date of the Change of Control for twelve months
from the date of termination and shall pay the Executive seventy-five
thousand dollars ($75,000) within thirty (30) days following the
effective date of termination."
6. Except as hereby amended, the Agreement shall continue in full force
and effect.
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WITNESS the execution hereof under seal effective as of the day and
year first above written.
BRIDGESTREET ACCOMMODATIONS, INC.
By/s/ Xxxx X. Xxxxxxxxx
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Its President
/s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx
