Maguire Properties, Inc. Los Angeles, California 90071 July 1, 2008
Exhibit
99.4
Xxxxxxx
Properties, Inc.
000
X. Xxxxx Xxxxxx, Xxx. 0000
Xxx
Xxxxxxx, Xxxxxxxxxx 00000
July 1,
2008
Xx. Xxxxx
Xxxxxxxxxx
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Re: Amendment
to Employment Terms
Dear
Shant:
The following sets forth Amendment No.
1 to the employment letter agreement (the “letter agreement”), dated as of
January 17, 2008, between you and Xxxxxxx Properties, Inc. and Xxxxxxx
Properties, L.P. (together, the “Company”), which amendment shall be effective
as of July 1, 2008. From and after the effective date, you and the
Company agree that the letter agreement shall be subject to the following
terms:
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1.
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Section
2 of the letter agreement is amended to read in its entirety as
follows:
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“Base
Compensation. During your employment with the Company,
the Company will pay you a base salary of $250,000 per year, less payroll
deductions and all required withholdings, payable in accordance with the
Company’s normal payroll practices and prorated for any partial month of
employment. Your base salary may be subject to adjustment
pursuant to the Company’s policies as in effect from time to
time.”
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2.
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Section
3 of the letter agreement is amended to read in its entirety as
follows:
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“Annual
Bonus. In addition to the base salary set forth above,
you will be eligible to participate in the Company’s incentive bonus plan
applicable to similarly situated employees of the Company. The
amount of your annual bonus will be based on the attainment of performance
criteria established and evaluated by the Company in accordance with the
terms of such bonus plan as in effect from time to time, provided that,
subject to the terms of such bonus plan, your target annual bonus will be
60% of your annual base salary for such
year.”
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3.
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Except
as set forth herein, the letter agreement shall remain in full force and
effect.
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[SIGNATURE PAGE
FOLLOWS]
Please
confirm your agreement to the foregoing by signing below.
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Sincerely,
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Xxxxxxx
Properties, Inc.,
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a
Maryland corporation
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By:
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/s/
XXXXXX X. RISING
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Name:
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Xxxxxx
X. Rising
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Title:
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President & CEO | |
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Xxxxxxx
Properties, L.P.,
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a
Maryland limited partnership
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By:
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Xxxxxxx
Properties, Inc.
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Its:
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General
Partner
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By:
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/s/
XXXXXX X. RISING
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Name:
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Xxxxxx
X. Rising
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Title:
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President & CEO | |
Accepted
and Agreed,
This 1st
day of July, 2008.
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By:
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/s/
XXXXX XXXXXXXXXX
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Xxxxx
Xxxxxxxxxx
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