Amendment to Executive Employment Agreement of Paul G. Smyth, dated March 17, 2009

EX-10.1 2 exh10-1.htm AMENDMENT TO EMPLOYMENT AGREEMENT PGS exh10-1.htm

March 17, 2009

Paul Smyth (“Executive”)

5221 North O’Connor Blvd., Suite 600

Irving, TX 75039

RE:

Amendment to Executive Employment Agreement

Dear Paul:

On January 1, 2007, you and Centerline Capital Group, Inc. (the “Company”) entered into an Executive Employment Agreement (the “Agreement”). Pursuant to Section 10(b) of the Agreement, the Agreement may be amended by a written instrument signed by the Executive and the Company. 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 increase base salary from $300,000 to $350,000 effective March 9, 2009. Section 2, entitled Duties, shall be amended to change the title from Senior Managing Director to Executive Managing Director.

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.

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/ Paul Smyth
	Name:	Marc D. Schnitzer	Name:	Paul Smyth
	Title:	President		Executive Managing Director
CENTERLINE HOLDING COMPANY
By	/s/ Marc. D. Schnitzer
	Name:	Marc D. Schnitzer
	Title:	President