MODIFICATION AGREEMENT
Exhibit 10.1
THIS MODIFICATION AGREEMENT (this “Agreement”) is made at Cleveland, Ohio, this 3rd day of
April, 2006, between PARAGON REAL ESTATE EQUITY AND INVESTMENT TRUST, a Maryland business trust
(the “Trust”), and XXXXX X. XXXXXXXXXX, 0000 Xxxxxxx Xxxx, Xxxxx Xxxx, Xxxx 00000 (“Xxxxxxxxxx”).
WITNESSETH:
WHEREAS, the Trust previously entered into an Employment Agreement dated March 4, 2003
(“Employment Agreement”) with Xxxxxxxxxx;
WHEREAS, at the time set forth herein, Xxxxxxxxxx holds the offices of Chairman of the Board
of Trustees, Chief Executive Officer and President of the Trust;
WHEREAS, Xxxxxxxxxx is expected to devote time to the business and objectives of the Trust;
and
WHEREAS, the Trust and Xxxxxxxxxx desire to enter into this Agreement pursuant to which the
Trust will continue to employ Xxxxxxxxxx and Xxxxxxxxxx will serve the Trust;
NOW, THEREFORE, the Trust and Xxxxxxxxxx, in consideration of the premises and the mutual
covenants herein contained, agree as follows:
Sections 2(c) and 2(d) shall be deleted from the Employment Agreement and the following
substituted:
2. POSITION, DUTIES, RESPONSIBILITIES.
(c) At all times during the Contract Period, Xxxxxxxxxx shall use his
best efforts to direct the business and objectives of the Trust. Nothing in
this Agreement shall preclude Xxxxxxxxxx from devoting time to charitable and
community activities, service on boards of other companies (public or
private), or any other business or personal investment.
(d) The duties to be performed by Xxxxxxxxxx under this Agreement shall
be performed primarily in the United States, except for travel outside the
United States incident to his performance of services hereunder.
The remaining provisions of the Employment Agreement shall remain unchanged.
IN WITNESS WHEREOF, this Agreement has been signed by the Trust and Xxxxxxxxxx as of the date
first above written.
| PARAGON REAL ESTATE EQUITY AND INVESTMENT TRUST | ||||
By:
|
/s/ Xxxxx X. Xxxxxx | |||
Title:
|
Trustee | |||
By:
|
/s/ Xxxxx X. Xxxxxxxxxx | |||
| Xxxxx X. Xxxxxxxxxx | ||||
