Exhibit 10.24
FIRST AMENDMENT TO
EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT (this “First Amendment”) is made this 25th
day of February, 2008 (the “Effective Date”), by and
between Centro US Management Joint Venture 2, LP, successor by name
change to Centro Watt Management Joint Venture 2, LP
(“CUSMJV”), Centro Properties Group (and together with
CUSMJV, the “Company”) and Michael Moss
(“Executive”).
Preliminary
Statement
A.
By a certain employment agreement
dated December 5th, 2007 (the “Agreement”),
Company and Executive entered into a certain agreement regarding
the employment of Executive, as more particularly described in the
Agreement.
B.
Section 6(d) of the
Agreement, Relocation, provides that Company shall financially
assist Executive in the acquisition of a new residence (the
“Assistance”) in connection with Executive working from
Company’s New York, New York office (the “Corporate
Office”) as more particularly described therein. Executive
has entered into a contract to purchase a new construction new
residence (the “New Residence”) and has been working
from the Corporate Office for six months.
Section 6(d) also provides that Company shall give the
Assistance at closing of the purchase on the New Residence.
Section 6(d) did not contemplate that the New Residence
would be new construction and that Executive would be working from
the Corporate Office prior to closing on the purchase of the New
Residence.
C.
Company has previously wired One
Hundred Twenty-One Thousand Three Hundred Thirty-One Dollars
($121,331) on June 18,
