AMENDMENT NO. 1 TO
POST-EMPLOYMENT CONSULTING AGREEMENT
THIS AGREEMENT NO. 1 (the "Amendment") to that certain
Post-Employment Consulting Agreement (the "Agreement") dated
September 4, 1991, by and between Ridgewood Hotels, Inc., a
Delaware corporation (formerly known as Ridgewood
Properties, Inc.) (the "Company"), with offices at 0000
Xxxxx Xxxxx Xxxx, Xxxxx 000, Xxxxxxx, Xxxxxxx 00000 and
Xxxxx X. Xxxxxx, an individual residing at 0000 Xxxxxxxx
Xxx, Xxxxxxxx, Xxxxxxx 00000 (the "Executive").
WHEREAS, Executive is employed by the Company as a
senior executive officer as such term is used in Section
3(b) of the Agreement;
WHEREAS, pursuant to the terms and conditions of the
Agreement, Executive would be entitled to a Consulting
Period (as defined in the Agreement) of twenty-four (24)
months; and
WHEREAS, Executive and the Company desire to amend the
Agreement to reduce the Consulting Period upon the terms and
subject to the conditions set forth in this Amendment,
NOW, THEREFORE, in consideration of the mutual premises
herein set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:
1. Definitions. Unless otherwise defined herein,
capitalized terms used herein shall have the same meaning as
ascribed to them in the Agreement.
2. Reduction of Consulting Period. Commencing on
September 1, 1998, the Consulting Period shall be reduced by
one (1) month for each month that Executive continues to be
employed by the Company, through and including August 31,
1999 (the "Reduction Period"), such that if Executive
remains employed by the Company through the Reduction
Period, thereafter the Consulting Period shall be twelve
(12) months in duration. Effective September 1, 1999, the
Agreement shall be amended by deleting Section 3(b) thereof
in its entirety.
IN WITNESS WHEREOF, the parties hereto have executed
this Amendment as of the 18th day of August, 1998.
EXECUTIVE RIDGEWOOD HOTELS, INC.
By: ____________________________________
___________________________
Xxxxx X. Xxxxxx Its:
