AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN RICHARD A. BIANCO AND AMBASE CORPORATION
AMENDMENT TO EMPLOYMENT AGREEMENT BETWEEN XXXXXXX X. XXXXXX AND AMBASE CORPORATION
THIS AMENDMENT is entered into this 27th day of March 2018 by and between Xxxxxxx X. Xxxxxx (the "Executive" or "Xx. Xxxxxx") and AmBase Corporation, a Delaware corporation (the "Company").
WHEREAS, the Company and the Executive entered into an employment agreement dated March 30, 2006 as amended (the "2007 Employment Agreement"), pursuant to which the Executive is employed by the Company as Chairman, President and Chief Executive Officer for an employment period ending May 31, 2018; and
WHEREAS, the parties hereto desire by this writing to amend the Employment Agreement to extend the term of Xx. Xxxxxx'x employment to May 31, 2023, or such shorter period as mutually agreed to.
NOW, THEREFORE, it is AGREED that the Employment Agreement shall be amended as follows:
| 1. |
The 2007 Employment Agreement as amended currently provides for an employment period ending May 31, 2018. Section 1(a) of the Employment Agreement, first sentence, currently states as follows:
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(1) Term of Employment. (a) The Company hereby agrees to continue its employment of Executive and Executive hereby agrees to continue his employment as Chairman, President and Chief Executive Officer of the Company for an additional period ending on May 31, 2018, or for such shorter period as may be mutually agreed upon by the Company and Executive (the "Employment Period"), subject to the terms and conditions of this Agreement."
| 2. |
Pursuant to this Amendment, the term of the 2007 Employment Agreement shall be extended for five (5) additional years to May 31, 2023, or such shorter periods as may be mutually agreed upon by the Company and Executive. Therefore, pursuant to this Amendment, Section 1 (a) of the Employment Agreement, first sentence as currently stated shall be deleted in its entirety and replaced with the following:
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(1) Term of Employment. (a) The Company hereby agrees to continue its employment of Executive and Executive hereby agrees to continue his employment as Chairman, President and Chief Executive Officer of the Company for an additional period ending on May 31, 2023, or for such shorter period as may be mutually agreed upon by the Company and Executive (the "Employment Period"), subject to the terms and conditions of this Agreement."
All defined terms used without definitions shall have the meanings provided in the Employment Agreement. Except as herein amended, all other terms and conditions of the Employment Agreement shall remain the same and the Employment Agreement as herein amended shall remain in full force and effect.
IN WITNESS WHEREOF, the Employment Agreement is hereby amended effective as of March 27, 2018.
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Accepted and Agreed:
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AmBase Corporation
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/s/ Xxxxxxx X. Xxxxxx
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By:
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/s/ Xxxx Xxxxxxx
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Xxxxxxx X. Xxxxxx
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Name:
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Xxxx Xxxxxxx
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Title:
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Vice President & Chief Financial Officer
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