Amendment to Executive Employment Agreement Between Centerline Capital LLC and Robert L. Levy Dated August 10, 2007
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Summary
This amendment updates the employment agreement between Centerline Capital LLC (and its affiliates) and Robert L. Levy. It adds a provision requiring the company to provide Mr. Levy with supplemental long-term disability insurance, offering a $15,000 monthly benefit after a 90-day waiting period, with salary paid during that period. The insurance will be structured to maximize tax benefits for Mr. Levy, provided he cooperates with the company's plan. All other terms of the original agreement remain unchanged.
EX-10.3 4 ex10-3.htm AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT BETWEEN CENTERLINE CAPITAL LLC AND ROBERT L. LEVY DATED AS OF AUGUST 10, 2007. ex10-3.htm
Exhibit 10.3
July 25, 2007
Robert L. Levy
418 Wastena Terrace
Ridgewood, NJ 07450
RE: Amendment to Executive Employment Agreement
Dear Mr. Levy:
On November 28, 2006, Robert L. Levy (“Executive”), and CharterMac Capital LLC (the “Company”) entered into an Executive Employment Agreement (the “Agreement”). Whereas, pursuant to Section 10(b) of the Agreement, the Agreement may be amended by a written instrument signed by the Executive and the Company. Effective as of the date hereof, the parties hereto wish to amend the Employment Agreement as provided herein.
THEREFORE, the parties, intending to be legally bound, agree as follows:
1. Amendment of Agreement. Section 3, entitled Compensation and Benefits, shall be amended to include the following paragraph and incorporated as section 3(j), entitled, Long Term Disability Insurance, and read as follows:
(j) Long Term Disability Amendment. The Company shall also provide Executive with supplemental long term disability insurance which will provide Executive with a full disability benefit of Fifteen Thousand Dollars ($15,000.00) per month after an exclusion period of ninety (90) days and otherwise on substantially the same terms as are set forth on the attached Exhibit A (the “Disability Coverage”). During the ninety (90) day exclusion period, the Company will pay Executive his full Salary. Disability Coverage shall be provided in a manner which is most tax advantageous to the Executive, provided Executive cooperates fully in the implementation of any reasonable plan proposed by the Company to achieve such results.
Exhibit A attached hereto shall be incorporated as Exhibit A to the Agreement.
2. Effect of Amendment. The parties herby agree and acknowledge that except as provided in this Amendment, the Agreement remains in full force and effect and has not been modified in any other respect.
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IN WITNESS WHEREOF, the parties have executed this Agreement, Centerline Capital Group, Inc. and Centerline Holding Company acting by their respective duly authorized officers, effective as of the Effective Date.
| CENTERLINE CAPITAL GROUP, INC. | EXECUTIVE: | |
| By /s/ Marc D. Schnitzer | /s/ Robert L. Levy | |
| Name: Marc D. Schnitzer | Name: Robert L. Levy | |
| Title: Chief Executive Officer and President |
CENTERLINE HOLDING COMPANY
By /s/ Marc D. Schnitzer
Name: Marc D. Schnitzer
Name: Marc D. Schnitzer
Title: Chief Executive Officer and President
EXHIBIT A
SUMMARY - DISABILITY INSURANCE TERMS
| Total Monthly Benefit (with COLA): | $15,000.00 |
| Beginning Date: | 91st Day |
| Benefit Paid: | to age 65 |
