Second Amendment to Employment Agreement
Third Amendment to Employment Agreement
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment to Employment Agreement (the
"Amendment") is made and entered into this 5th day of November,
2003, by and between Monmouth Real Estate Investment Corporation,
a Maryland corporation (the "Company") and Eugene W. Landy, an
individual (the "Employee").
W I T N E S S E T H:
WHEREAS, in accordance with the recommendations of the
Compensation Committee of the Company and the approval of the
Board of Directors of the Company at its meeting on September 23,
2003, it was determined to amend the current Compensation
Agreement of Eugene W. Landy.
NOW, THEREFORE, the following amendments are hereby
added to the Amended Employment Agreement dated June 26, 1997, by
and between the Company and Eugene W. Landy.
1. The current Amended Employment Agreement
automatically extends for five years. Thus, the parties have
agreed that the Second Amended Employment Agreement will be for
the period January 1, 2004 to December 31, 2009.
2. The base salary effective January 1, 2004 is
3. The 1997 Bonus Schedule, a copy of which is
attached, will remain in force, including the annual grants of
stock options of 65,000 shares per year.
4. Severance shall be $500,000, payable $100,000 a
year for five years. The transactional severance bonus will
remain the same as currently provided.
5. Eugene W. Landy has elected early payment of the
pension benefits, commencing in 2001. Effective January 1, 2004,
the pension for Eugene W. Landy shall be $50,000 a year for ten
years, an extension of three years from the current pension
payments. On the death of the Employee, the pension funds shall
be paid to the Employee's designated beneficiary.
6. The $500,000 death benefit shall remain in force.
7. The three-year disability payment will remain the
The provision providing that the Employee shall
participate in all health, dental, insurance and similar plans of
the Company shall further provide that the Employee shall
participate during the period he is receiving the pension
benefits provided in Section 7 of the Amended Employment
IN WITNESS WHEREOF, this Second Amendment to Employment
Agreement has been duly executed by the Company and the Employee
on the date first above written.
MONMOUTH REAL ESTATE INVESTMENT
By: /s/ Cynthia J. Morgenstern
Cynthia J. Morgenstern,
Executive Vice President
/s/ Louise Green
Louise Green, Secretary /s/ Eugene W. Landy
Eugene W. Landy,
/s/ Elizabeth Chiarella
EX-99 2 ewlamendmentemploymentmreic.htm EXHIBIT
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
This Third Amendment to Employment Agreement (“the Amendment”) is effective April 1, 2008 by and between MONMOUTH REAL ESTATE INVESTMENT CORPORATION, a Maryland corporation (the “Company”), and EUGENE W. LANDY, an individual (the “Employee”).
WHEREAS, in accordance with the recommendations of the Compensation Committee of the Company at its meeting on March 27, 2008, it was determined to amend the current compensation agreement of the Employee.
NOW, THEREFORE, the following amendment is hereby added to the Employment Agreement dated December 9, 1994, and the Amendment to the Employment Agreement dated June 26, 1997, and the Second Amendment to Employment Agreement dated November 5, 2003, by and between the Company and the Employee.
IN WITNESS WHEREOF, this Amendment has been duly executed by the Company and the Employee on April 14, 2008.