Wellsford Real Properties, Inc.
32 Rip Road, Hanover, NH 03755
Ph: 603-643-4102; Fax: 603-643-9021
E-mail: Rodney.DuBois@valley.net
March 10, 2001
Mr. Jeffrey H. Lynford, Chairman
Mr. Edward Lowenthal, President
Wellsford Real Properties, Inc.
535 Madison Avenue
New York, NY 10022
Dear Jeff and Ed,
As we have discussed, we have decided to extend the term of the Employment
Agreement dated May 3, 1999 so that the term will be through December 31, 2001.
I understand that in the event of a "change of control" transaction prior to the
end of the term, you would intend to terminate the employment sooner, in accord
with the change of control provisions of the contract. My Cash Compensation
shall be $16,667 per month for the extension period, plus bonus for 2001 at the
rate of the average bonus award paid with respect to the first 20 months of the
contract (1999 and 2000), subject of course to such bonus being approved by the
Board. There will be no further stock awards in connection with the extension of
the term.
I look forward to working with you on these strategic issues in the months
ahead. Please confirm your agreement with these modifications to the Employment
Agreement by signing and returning a copy of this letter to me.
Sincerely,
/s/ Rodney F. Du Bois
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Rodney F. Du Bois
AGREED AND ACCEPTED:
/s/ Jeffrey H. Lynford 3/10/01 /s/ Edward Lowenthal 3/10/01
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Jeffrey H. Lynford, Chairman date Edward Lowenthal, President date
Wellsford Real Properties, Inc. Wellsford Real Properties, Inc.