Amendment to Severance Agreement between Sotheby’s and Patrick S. McClymont (December 19, 2013)
This amendment, effective January 1, 2014, modifies the Severance Agreement between Sotheby’s and Patrick S. McClymont. It removes Section (1)(a)(iv) from the original agreement, while all other terms remain unchanged. Both parties have agreed to this change, as confirmed by their signatures.
Exhibit 10.3
[Letterhead of Sotheby’s]
Severance Agreement Amendment
December 19, 2013
Patrick S. McClymont
c/o Sotheby’s
1334 York Avenue
New York, New York 10021
Dear Patrick:
This letter agreement hereby amends your Severance Agreement dated September 22, 2013 (the “Agreement”) with Sotheby’s effective January 1, 2014.
Section (1)(a)(iv) of the Agreement is hereby deleted in its entirety. All other provisions of the Agreement remain valid and binding.
| Very truly yours, | ||
| SOTHEBY’S | ||
| By: | /s/ Gilbert L. Klemann, II | |
| Gilbert L. Klemann, II Executive Vice President and Worldwide General Counsel and Secretary | ||
| SOTHEBY’S, INC. | ||
| By: | /s/ Gilbert L. Klemann, II | |
| Gilbert L. Klemann, II Executive Vice President and Worldwide General Counsel and Secretary | ||
| Read, accepted and agreed to this 19th day of December, 2013 |
| /s/ Patrick McClymont |
Patrick McClymont
| Cc: | Kenneth A. Lefkowitz, Esq. |
Hughes Hubbard & Reed LLP
