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EXHIBIT 10.2
SOTHEBY’S
27 April 2009
Mr Robin
Woodhead
Sotheby’s
34-35 New Bond
Street
London
W1A 2AA
Re: Amendment to Employment
Agreement
Dear
Robin
I write further
to your conversation with Patrick Van Maris earlier this month to
confirm what we have agreed with you in relation to your
remuneration going forward in response to the current challenges
facing Sotheby’s business in this difficult economy. As you
are aware, Sotheby’s highly compensated executive employees
are being asked to agree to have their salary reduced effective 1
May 2009 as part of the Company’s initiatives to best
position the organisation to address these challenges.
Your employment
agreement dated 15 August 2006, as amended 7 March 2008,
(“the Agreement”) is therefore further amended with
effect from 1 May 2009 as follows:
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1
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Your basic salary
will be reduced from GBP £300,000 to
£250,000;
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2
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Your current
salary of £300,000 will be used as the basis for calculating
any amounts owed to you under the following paragraphs of the
Agreement: 2.1 (Notice – but only if the Company gives you
notice and not if you give the Company notice), 7.1, 7.2,
(Benefit
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