Letter Agreement Regarding Resignation Benefits and Office Lease Assumption between Price Legacy Corporation and Mark Burton
This letter agreement between Price Legacy Corporation and Mark Burton confirms that if Mark Burton resigns from the company, he will receive the protections and benefits outlined in paragraph 6(d) of his April 7, 2003 employment contract. Additionally, he will be allowed to take over all obligations related to the office lease at the Utah office in West Bountiful. The agreement is effective as of October 15, 2003, and is acknowledged by both parties.
Exhibit 10.7
October 15, 2003
Mark Burton
Price Legacy Corporation
801 North 500 West, #210
West Bountiful, UT 84010
Re: Employment Issue
Dear Mark:
This letter will serve to confirm our mutual agreement that in the event you resign your employment with the Company, you will: (1) be afforded the protection and benefits provided under paragraph 6(d) of your employment contract with the Company dated April 7, 2003, and (2) be permitted to assume all obligations under your office lease at the Utah office in West Bountiful, including the assumption of obligations related to the Utah office.
| Very truly yours, | |
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| /s/ Jack McGrory |
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| Jack McGrory | |
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| JM:bjj | |
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| Acknowledged and agreed this | |
| 15th day of October, 2003 | |
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| /s/ Mark Burton |
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| Mark Burton | |
