Amendment to Employment Agreement between Insignia Financial Group, Inc. and James A. Aston

Summary

This amendment updates the employment agreement between Insignia Financial Group, Inc. and James A. Aston. It extends the term of Mr. Aston's employment to December 31, 2003, and increases his base salary to $550,000 per year starting January 1, 2002. All other terms of the original agreement remain unchanged. The amendment is effective as of August 3, 2001, and is signed by both parties.

EX-10.2(A) 3 file002.txt AMENDMENT TO EMPLOYMENT AGREEMENT - JAMES ASTON AMENDMENT TO EMPLOYMENT AGREEMENT This AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment"), effective as of August 3, 2001, is made by and among Insignia Financial Group, Inc., a Delaware Corporation (the "Company"), and James A. Aston ("Executive"). WHEREAS, Executive is presently employed by the Company pursuant to an Employment Agreement, entered into as of August 3, 1998, by and between Executive and Insignia/ESG Holdings, Inc. (the Company's predecessor in interest) (the "Agreement"); and WHEREAS, Executive and the Company desire to amend the Agreement as hereinafter set forth. NOW, THEREFORE, for good and valuable consideration, Executive and the Company agree as follows: 1. DEFINED TERMS. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Agreement. 2. AMENDMENT TO SECTION 1. Section 1 of the Agreement is amended to replace the phrase "three years from the Commencement Date" with the phrase "on December 31, 2003", thereby causing the term of the Agreement to end on December 31, 2003, subject to earlier termination as set forth in the Agreement. 3. AMENDMENT TO SECTION 4(a). As of January 1, 2002, Section 4(a) of the Agreement is amended to replace "$400,000" with "$550,000", thereby setting the Base Salary at the rate of $550,000 per annum. 4. AFFIRMATION. Except as amended hereby, the Agreement shall remain in full force and effect. 5. COUNTERPARTS. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written. INSIGNIA FINANCIAL GROUP, INC. By: /s/ Adam B. Gilbert --------------------------- Name: Adam B. Gilbert --------------------------- Its: Executive Vice President --------------------------- /s/ James A. Aston --------------------------------- JAMES A. ASTON