EXHIBIT 10.87
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment (this "First Amendment") is dated effective July
1, 2003 by and among Kramont Operating Partnership, L.P., a Delaware limited
partnership (the "Company"), Kramont Realty Trust, a Maryland real estate
investment trust ("Kramont") and Xxxxxx X. Xxxxxx ("Executive").
BACKGROUND
WHEREAS, the parties hereto entered into an Employment Agreement
effective as of July 1, 2001, as amended by First Amendment dated July 1, 2002,
(herein referred to as "Employment Agreement"), wherein the parties agreed to
the terms and conditions of Executive's employment with the Company; and
WHEREAS, the parties hereto desire to further amend certain of the
terms and conditions of the Employment Agreement.
NOW THEREFORE, in consideration of the mutual promises and covenants
herein contained, and intending to be legally bound hereby, the parties hereto
agree as follows:
1. All capitalized terms used herein, but not otherwise defined,
shall have the meanings ascribed in the Employment Agreement.
2. Paragraph 4 (a) of the Employment Agreement is hereby amended
to show that the Base Salary of Executive is increased to $206,000.00, effective
July 1, 2003.
3. Paragraph 5 (c) of the Employment Agreement is hereby amended
to show that in accordance with the Kramont 2000 Incentive Plan, the Company
hereby grants the Executive 5,981 restricted shares of common stock under the
terms and conditions contained in a share grant letter agreement (the "Share
Grant Agreement"), the form of which is attached hereto and made a part hereof
as Exhibit "A". Simultaneous with the execution of this Second Amendment,
Executive agrees to execute and deliver to the Company the Share Grant
Agreement.
4. This Second Amendment and the Employment Agreement represent
the entire understanding between the parties and supercede all other oral or
written agreements between the parties. The Employment Agreement, as amended by
this Second Amendment, is hereby ratified and confirmed and remains in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Second Amendment as of the date and year first above written.
KRAMONT OPERATING PARTNERSHIP, L.P.
By: ________________________________________
Xxxxx X. Xxxxxx, Xx.
President
KRAMONT REALTY TRUST
By: ________________________________________
Xxxxx X. Xxxxxx, Xx.
President
Executive
By: ________________________________________
Xxxxxx X. Xxxxxx