EXHIBIT 10-G
AMBASE CORPORATION
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February 24, 1997
Xx. Xxxxxxx X. Xxxxxx
Chairman, President and Chief Executive Officer
AmBase Corporation
Xxxxxxxxx Xxxxxx Xxxx, Xxxx. 0
00 Xxxxxx Xxxxxx
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Dear Xx. Xxxxxx:
As approved by the Personnel Committee and the Board of Directors of AmBase
Corporation (the "Company") at their respective meetings held on February 24,
1997, the Company hereby agrees to amend your employment agreement dated June 1,
1991 and as amended dated March 30, 1993 (collectively, the "Agreement") as
follows: (i) to serve as Chairman, President and Chief Executive Officer, (ii)
to extend the term of employment for an additional five years to May 31, 2002 or
for such shorter period as may be mutually agreed upon by you and the Company;
and (iii) your participation in the Supplemental Retirement Plan of the Company
(the "SERP") shall be calculated at 4% rather than 3% of the product of your
Final Average Earnings (as defined in the SERP), and you will continue to be
100% vested, as previously approved by the Personnel Committee of the Board of
Directors of the Company on August 29, 1991. Your annual base salary shall
continue to be $500,000.
It is expressly understood that all other provisions of the Original Agreement
will continue in full force and effect in accordance with its original terms and
practices to date.
AmBase Corporation
By: /s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx
Vice President, Chief Financial
Officer, Treasurer and Controller
Accepted and agreed to this 24th day of February, 1997:
/s/ Xxxxxxx X. Xxxxxx
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Xxxxxxx X. Xxxxxx
