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EXHIBIT 10.12
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (the "Second Amendment")
is made and entered into as of April 30, 1997 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, as amended as of December 1, 1996 (the
"Employment Agreement").
WHEREAS, the parties desire to further 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) for 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
December 31, 1997, which amount shall be paid to Executive in
a single lump sum within ten (10) days of the date of
termination or (b) through the date of termination specified
in the Company's termination notice, if such date of
termination occurs after December 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 and effect.
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IN WITNESS WHEREOF, this Second Amendment has been executed as of the
date specified in the first paragraph.
COMPANY: THE PEREGRINE REAL ESTATE TRUST
By: ___________________________
Name: ___________________________
Its: ___________________________
EXECUTIVE: XXXXXX X. XXXX
______________________________
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