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EXHIBIT 10.11
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the "First Amendment")
is made and entered into as of December 1, 1996 by and between THE PEREGRINE
REAL ESTATE TRUST ("Company") and XXXXXX X. XXXX ("Executive").
WHEREAS, the Company and Executive are parties to an Employment
Agreement dated as of June 1, 1996 (the "Employment Agreement").
WHEREAS, the parties desire to amend the Employment Agreement as it
relates to compensation payable by the Company to Executive upon termination of
employment without cause.
NOW, THEREFORE, the parties agree as follows:
1. Section 8.1 of the Employment Agreement is hereby amended and
restated to read in its entirety as follows:
"8.1 Upon Termination Without Cause. In the event of
termination by Company pursuant to Section 7.1 of this
Agreement ("Termination by Either Party Without Cause"), the
Executive shall be entitled to receive Salary (a) through the
period ending on the date which is three months after the date
of termination specified in the Company's termination notice,
provided that such date of termination occurs on or before May
31, 1997 or (b) through the date of termination specified in
the Company's termination notice, if such date of termination
occurs after May 31, 1997. In the event of termination by
Executive pursuant to Section 7.1 of this Agreement, Executive
shall receive Salary through the effective date of such
termination."
2. As amended hereby, the Employment Agreement shall remain in
full force in effect.
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IN WITNESS WHEREOF, this First Amendment has been executed as of the
date specified in the first paragraph.
COMPANY: THE PEREGRINE REAL ESTATE TRUST
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By: ______________________
Name: ______________________
Its: ______________________
EXECUTIVE: XXXXXX X. XXXX
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