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Exhibit 10.23
September 25, 1998
Xx. Xxxxxx X. X'Xxxx
000 Xxxxxxxxx Xxxxxxx
Xxxx Xxxx, Xxxx 00000
Dear Xxx:
The purpose of this letter is to set forth our mutual understanding and
agreement concerning the amendment of your Employment Agreement with the
Cleveland Indians Baseball Company Limited Partnership (the "Club") dated as of
February 5, 1998 (the "Employment Agreement"). Pursuant to Paragraph 7 of the
Employment Agreement you have agreed that the Club would not grant permission to
any other Major League Club to discuss with you employment opportunities with
such other Major League Club. However, the Baltimore Orioles have requested
permission to interview you as a candidate for the position of general manager
and we understand that you would like to pursue this opportunity.
The Club is willing to grant permission to the Baltimore Orioles only if
you are willing to agree to amend your contract with the Club to provide the
Club with the flexibility that it needs to maintain continuity and stability in
the Baseball Operations Department. Therefore, the Club will grant permission to
the Baltimore Orioles in consideration for your agreement to amend your
Employment Agreement with the Club as follows:
Paragraph 1 of the Employment Agreement shall be deleted and replaced with
the following new Paragraph 1:
(a) Subject to the terms and conditions set forth below, the Club
agrees to employ you as Vice President of the Club, for the
period commencing on January 1, 1998 and ending December 31,
1999, subject to subsections (b), (c) and (d) below.
(b) The Club shall have the unilateral option to extend the term
of this Agreement through December 31, 2000 at a salary of
$350,000.00 for 2000. Such option may be exercised by written
notice personally delivered or mailed to the Club's offices on
or before November 15, 1999.
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Xx. Xxxxxx X. X'Xxxx
September 25, 1998
Page 2
(c) The Club shall have the unilateral option to extend the term
of this Agreement through December 31, 2001 at a salary of
$375,000.00 for 2001. Such option may be exercised by written
notice personally delivered or mailed to the Club's offices on
or before November 15, 2000.
(d) The Club shall have the unilateral option to extend the term
of this Agreement through December 31, 2002 at a salary of
$400,000.00 for 2002. Such option may be exercised by written
notice personally delivered or mailed to the Club's offices on
or before November 15, 2001.
(e) Your salary shall be payable each calendar year in twenty-four
equal semi-monthly installments.
Paragraph 2(a) shall be deleted and replaced with the following new Paragraph
2(a)"
(a) Salary. Your salary as Vice President during the period of your
employment under this Agreement shall be as follows, less the
amounts deferred pursuant to paragraph (b) of this Section 2:
January 1, 1998 to December 31, 1998 at the rate of $300,000.00 per
year.
January 1, 1999 to December 31, 1999 - $240,000
Option Years
January 1, 2000 to December 31, 2000 - $350,000
January 1, 2001 to December 31, 2001 - $375,000
January 1, 2002 to December 31, 2002 - $400,000
Paragraph 3, relating to Life Insurance, shall be deleted and replaced
with the following new Paragraph 3:
3. JOB TITLE. The Club retains the right to amend your job
description and title at any time; provided that during the term of this
Agreement that you shall retain the title of Vice-President.
Paragraph 7 shall be deleted and replaced with the following new Paragraph
7:
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Xx. Xxxxxx X. X'Xxxx
September 25, 1998
Page 3
7. JOB DESCRIPTION. During the term of your employment, you shall
faithfully perform the duties and have the responsibilities of
Vice-President of the Club, subject to the control and direction of
the President and Chief Executive Officer, if any, the Chairman of
the Board, the Board of Directors, the Executive Vice President and
General Manager of the Club and its General Partner. You agree to
devote your full time, energies, talent, and best efforts
exclusively to your duties as Vice-President and to such other
duties as may be assigned to you as provided above. The Club agrees
that it will grant permission to another Major League Club to
discuss other employment opportunities with you during the term of
this Agreement and in the event that you elect to accept another
employment opportunity any additional options to extend this
Agreement shall terminate and the all of the Club's obligations,
including the obligation to pay the salary and other benefits
described herein, shall terminate as of the date your employment
with the Club terminates.
All other terms and conditions of your Employment Agreement, including but
not limited to, your obligation to maintain the confidentiality of all business
information of the Club which you acquire during your employment, will remain in
full force and effect.
Please indicate your acceptance by executing both copies of this letter
and returning one of the executed copies to me. You may retain the other copy
for your records.
Very truly yours,
CLEVELAND INDIANS BASEBALL COMPANY
LIMITED PARTNERSHIP
By: Its General Partner,
Cleveland Indians Baseball
Company, Inc.
By: /s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
ACCEPTED:
/s/ Xxxxxx X'Xxxx
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Date: 9-25-98
