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EXHIBIT 10(bb)*
Amendment No. 7 dated June 1, 1996 to Employment Agreement
between the Registrant and Xxxxx X. Xxxxxx.
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AMENDMENT NO. 7 TO
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EMPLOYMENT AGREEMENT
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This Amendment No. 7 to Employment Agreement made as of June 1,
1996 between REALTY ReFUND TRUST, an unincorporated association in the form of a
business trust organized under the laws of the State of Ohio having its
principal business address at 0000 Xxxxx Xxxxxx, Xxxxxxxxx, Xxxx 00000 (the
"Trust") and XXXXX X. XXXXXX ("Employee").
R E C I T A L S
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The Trust and Employee entered into an Employment Agree ment dated
as of January 22, 1990. As of June 1, 1995, the Employment Agreement was amended
to extend its term to January 21, 2006 (subject to the provisions for earlier
termination contained at Section 5 of the Employment Agreement). The January 22,
1990 Employment Agreement, as amended, is herein referred to as the "Employment
Agreement".
The parties desire to extend the term of the Employment Agreement
by re-establishing the expiration date thereof.
A G R E E M E N T S
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NOW, THEREFORE, in consideration of the foregoing, and
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their mutual covenants and agreements herein contained, the parties hereto do
hereby agree as follows:
1. The Trust and Employee agree to and do hereby amend the
Employment Agreement so that:
(a) Section 2 on page 3 of the Employment Agreement
stating:
"2. Term
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. . . this Agreement shall commence upon the
execution hereof and shall continue through
and including the 21st day of January, 2006."
is replaced in its entirety as though originally set forth therein with:
"2. Term
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. . . this Agreement shall commence upon the
execution hereof and shall continue through
and including the 21st day of January, 2007."
and,
b) Section 6 on page 5 of the Employment
Agreement stating:
"6. Covenant Against Competition
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(A) During the period commencing with the
date hereof and continuing until the latter of
the expiration of the term of this Agreement or
until January 21, 2006 if this Agreement shall be
terminated for the reasons specified in Section
5(a)(i) hereof . . . ."
is replaced in its entirety as though originally set forth
therein with:
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"6. Covenant Against Competition
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(A) During the period commencing with the date
hereof and continuing until the latter of the expiration of
the term of this Agreement or until January 21, 2007 if
this Agreement shall be terminated for the reasons
specified in Section 5(A)(i) hereof . . ."
2. Except as herein specifically amended, all of the terms and
conditions of the Employment Agreement are hereby ratified and confirmed and the
Employment Agreement is hereby incorporated to the same extent as if fully
rewritten herein.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment
No. 7 to Employment Agreement to be duly executed as of June 1, 1996.
REALTY ReFUND TRUST
By: /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx,
Chairman
And: /s/ Xxxxxxxxx Xxxx
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Xxxxxxxxx Xxxx,
Secretary
THE TRUST
/s/ Xxxxx X. Xxxxxx
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XXXXX X. XXXXXX
EMPLOYEE
