Amendment to Employment Agreement between United Dominion Realty Trust, Inc. and John P. McCann

Summary

This amendment updates the employment agreement between United Dominion Realty Trust, Inc. and John P. McCann, originally signed on December 8, 1998. The changes increase the severance compensation and incentive compensation if the agreement is terminated under certain conditions, specifically providing 104 weeks of base salary and benefits, and doubling the average annual incentive compensation. All other terms of the original agreement remain unchanged.

EX-10.I 4 0004.txt AMENDED EMPLOYMENT AGREEMENT EXHIBIT 10(i) ------------- AMENDMENT TO ------------ EMPLOYMENT AGREEMENT -------------------- THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment"), dated as of December 5, 2000, between UNITED DOMINION REALTY TRUST, INC., a Virginia corporation (the "Company") and JOHN P. McCANN (the "Executive") recites and provides as follows: R E C I T A L S On December 8, 1998, the Company and the Executive entered into an employment agreement (the "Employment Agreement"). The Company and the Executive now wish to amend the Employment Agreement as set forth herein. A M E N D M E N T NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 1. Defined Terms. Capitalized terms in this Amendment shall have the same ------------- meaning as set forth in the Agreement, unless otherwise modified hereby. All references in the Agreement to the Agreement shall be references to such document as modified hereby. 2. Severance Compensation. Section 4(c)(i) of the Agreement is hereby amended ---------------------- by adding the following sentence at the end thereof: Notwithstanding the above, in the event that this Agreement is terminated in accordance with Section 4(b) hereof, then the Executive shall be paid one-hundred and four (104) weeks of base salary and shall receive the other benefits described in this Section 4(c)(i) for a period of one-hundred and four (104) weeks. 3. Incentive Compensation. Section 4(c)(ii) of the Agreement is hereby ---------------------- amended by adding the following sentence at the end thereof: Notwithstanding the above, in the event that this Agreement is terminated in accordance with Section 4(b) hereof, then the "Average Annual Incentive Compensation" shall mean the Average Annual Incentive Compensation multiplied by two. 4. Agreement. Except as herein amended, the Employment Agreement remains in --------- full force and effect. [Signatures appear on the following page.] WE AGREE TO THIS: UNITED DOMINION REALTY TRUST, INC., a Virginia corporation By: _______________________________ Its: ________________________________ EXECUTIVE ___________________________________ JOHN P. McCANN