Document:

Exhibit 10.10

                   FIFTH MODIFICATION OF EMPLOYMENT AGREEMENT

      AGREEMENT, made as of the 1st day of January, 2003, by and between
PRESIDENTIAL REALTY CORPORATION, a Delaware corporation having offices at 180
South Broadway, White Plains, New York 10605 (the "Company") and ELIZABETH
DELGADO, residing at 90 Ramsey Avenue, Yonkers, New York 10701 (the "Employee").

                              W I T N E S S E T H:

      WHEREAS, the Company and Employee have entered into an Employment Contract
dated as of January 1, 1989, (the "Employment Agreement"), which Employment
Agreement was modified by a First Modification to Employment Agreement dated
January 1, 1992, a Second Modification to Employment Agreement dated January 1,
1995, a Third Modification of Employment Agreement dated as of January 1, 1998;
and a Fourth Modification Agreement dated as of January 1, 2000; and

      WHEREAS, pursuant to mutual agreement and pursuant to authorization of the
Compensation Committee of the Board of Directors of the Company, the parties
desire to modify the Employment Agreement as of January 1, 2003 as provided for
herein.

      NOW, THEREFORE, in consideration of the mutual promises contained herein
and for other good and valuable consideration, the parties hereto agree that the
Employment Agreement is hereby modified, effective January 1, 2003, to read in
full as follows:

      WHEREAS, Employee has been employed by the Company since 1975 and has
served as Treasurer since June 1, 1986; and

      WHEREAS, the Company and Employee desire that Employee shall continue to
render services to the Company.

      NOW, THEREFORE, in consideration of the premises and mutual covenants
hereinafter contained, the parties hereto agree as follows:

      I. The Company hereby employs the Employee, and the Employee hereby
accepts employment, upon the terms and condition hereinafter set forth.

      II. The Employee is hereby employed for an active period and for a
retirement period, upon the terms and conditions hereinafter set forth.

      III. The Active Period

            A. The active period shall commence on January 1, 2003 and terminate
on December 31, 2005 unless sooner terminated as provided herein or unless such
termination date is postponed by mutual agreement between the Company and the
Employee.

            B. During the fiscal year 2003, the Company agrees to pay to
Employee a salary of $117,503.

            C. During each of the fiscal years included within the active period
subsequent to the fiscal year 2003, the Company shall pay to Employee such
salary as may be authorized and directed by the Company's Board of Directors;
provided, however, that in no event shall the Directors so authorize a salary
less than that established for the fiscal year 2003 as aforesaid. Salary is to
be established each year by the Compensation Committee of the Board of
Directors, taking into account inflation and the general health of the Company.

<PAGE>

      IV. During the Active Period:

            A. In general, Employee shall continue to perform for the Company
services substantially of the same character as those heretofore performed by
her; that is, she shall perform the duties reasonably required to be performed
by the Treasurer and Secretary.

            B. Employee shall travel when necessary on the affairs of the
Company. However, Employee shall continue to be assigned, as heretofore, to the
principal executive offices of the Company. The Company shall maintain and make
available to Employee the free use of a suitable automobile.

            C. Employee shall be furnished with an office and with such other
facilities and services as are suitable to her position and adequate for the
performance of her duties.

            D. The Company shall promptly pay, or reimburse the Employee for,
all reasonable expenses incurred by Employee in connection with the performance
of her duties to the Company hereunder.

            E. Employee shall devote her full time and efforts during normal
business days and hours to the business and affairs of the Company (allowing
reasonable time for vacations). She shall not engage in or render services to or
become associated with any other business; provided, however, that Employee may
in her spare time engage in other business activity which does not interfere
with the performance of her duties hereunder and which is not competitive with,
or does not otherwise adversely affect, the business of the Company. Nothing
contained in this subparagraph E shall be construed to prevent Employee from
absenting herself from the Company's offices, from time to time, during normal
business days and hours, for purposes of engaging in recreational activity,
provided that such absences shall not interfere with the performance by the
Employee of her duties hereunder.

      V. Physical or Mental Incapacity:

            If at any time during the active period, the Employee becomes so
physically or mentally incapacitated as to be unable to attend to her normal
duties, she shall nevertheless continue to receive her full compensation until
such time as said incapacity shall have endured for one year from the onset
thereof, regardless of whether or not the active period of employment shall in
the meantime expire by its terms. Thereafter, during the balance, if any, of the
active period of employment under this contract, Employee shall receive
compensation ("Disability half-pay") at the rate of one-half (1/2) of the full
rate of compensation she was receiving at the onset of her incapacity until such
time as the Employee shall be able and eligible to resume her normal duties at
full compensation with the Company.

<PAGE>

      VI. The Retirement Period

            Except as otherwise provided herein, the retirement period shall
commence on December 31, 2008. The commencement of the retirement period may be
postponed by mutual agreement between the Company and the Employee. The
retirement period shall end on the day of the Employee's death.

      VII. A. During the Retirement Period.

            Subject to the provision of subsection D below, during the
retirement period, the Company agrees to pay to Employee each year an amount
equal to the "Percentage" (as hereinafter defined) times the higher of the two
following alternative figures:

            (1) An average figure which is the result obtained by adding the
three highest amounts of annual total compensation paid, on a fiscal year basis,
to the Employee during Employee's active period of employment and dividing such
addition by three. Annual total compensation for each of such three fiscal years
being averaged as aforesaid shall be deemed (a) to include salary plus the
dollar value of any bonus paid to the Employee on account of (i.e., attributed
to) her services during that fiscal year, even though (in the case of any bonus
paid in stock) delivery of the certificates representing any stock bonus may
have occurred subsequent to the end of said fiscal year. For the purposes of
this Paragraph VII A, the value of any stock bonus shall be its market price as
of the close of business on the date of the receipt of said stock by the
Employee; Or

            (2) $117,503

            The "Percentage" shall be the sum of (i) thirty-one and four tenths
(31.4%) per cent plus (ii) two and six tenths (2.6%) per cent times the number
of years of active employment completed by the Employment subsequent to December
31, 1997.

            B. For purposes of the calculation, as contemplated by subparagraph
A of this Paragraph VII, of payments to Employee during the retirement period,
the first year of physical or mental incapacity, as described in Paragraph V
above, shall be deemed to constitute active period employment hereunder.

            C. Inflation having become a stubbornly pervasive fact of the
American economy, and in a effort to offset partially the hardship caused
thereby, the retirement stipends provided for herein shall be increased yearly
after the first year of retirement by 50% of the increase in the Consumer Price
Index during the prior year (December to December) or by 5%, whichever is less.

            D. Notwithstanding anything else to the contrary contained herein

                  (i) the amount to be paid by the Company to the Employee each
year during the retirement period pursuant to this Section VII shall not exceed
$50,046; and

<PAGE>

                  (ii) any payments to be made to Employee under this Section
VII shall be reduced dollar for dollar by any payments payable to the Employee
as a Participant under the Company's Defined Benefit Pension Plan on the
assumption that the Employee elects to receive the individual benefit payable
only to Employee during the lifetime of Employee (and not a joint and several
benefit or a lump sum payment).

            E. At the commencement of the retirement period, the Company shall
transfer to the Employee the automobile than being made available to Employee by
the Company (if owned by the Company) in accordance with the provisions in
Paragraph IV B, above; provided, however, that if the then undepreciated value
of such automobile on the books of the Company shall exceed $6,000, the Employee
shall pay to the Company, as the sole consideration for such transfer, a cash
amount equal to such excess.

      VIII. Payments Noncontestable. Employee's right to receive the payments
provided for by Paragraph VII above shall not be contestable by the Company.

      IX. Life Insurance and Medical Policies

            At all times during the active period (including in said active
period any periods during which the Employee shall be receiving compensation,
even though incapacitated, as set forth in Paragraph V above), and during the
retirement period, to the extent permitted by the insurance companies, the
Company shall to the extent available maintain in full force and effect, and
upon bases at least as favorable to the Employee as those existing for the
benefit of Employee at the time of retirement, the group policies,
hospitalization insurance policy and the major medical policy.

      X. Miscellaneous.

            A. Cash compensation payable to the Employee hereunder shall be paid
in installments in accordance with the general practice of the Company relating
to the payment of salaries to its employees, but in any event not less often
than monthly.

            B. If the Company shall, at any time, be merged or consolidated into
or with any other corporation or if substantially all the assets of the Company
are transferred to another corporation, the provisions of this Agreement shall
be binding upon and inure to the benefit of the Company resulting from such
merger or consolidation or to which such assets shall be transferred, and this
provision shall apply in the event of any subsequent merger, consolidation or
transfer.

            C. In the event that the Company elects to liquidate its assets and
terminate its business, the Company shall have the right at any time after
implementation of such action on ninety (90) days' prior written notice to
Employee to terminate the active period.

<PAGE>

            D. The rights and benefits of Employee under this Agreement are
personal to her, and no such right or benefit shall be subject to voluntary or
involuntary alienation, assignment or transfer."

      IN WITNESS WHEREOF, the parties hereto have hereunto executed this Second
Modification to Employment Agreement as of the day and year first above written.

                                      BY: /s/ Elizabeth Delgado
                                          -------------------------------
                                          Elizabeth Delgado, Treasurer
                                          PRESIDENTIAL REALTY CORPORATION

                                      BY: /s/ Jeffrey F. Joseph
                                          -------------------------------
                                          Jeffrey F. Joseph, PresidentExhibit 10.12

                           EGTRRA GOOD FAITH AMENDMENT
                                     TO THE
              PRESIDENTIAL REALTY CORPORATION DEFINED BENEFIT PLAN

      WHEREAS, Presidential Realty Corporation (the "Employer") heretofore
established a defined benefit pension plan known as the Presidential Realty
Corporation Defined Benefit Plan (the "Plan") in recognition of the contribution
made to its successful operation by its employees and for the exclusive benefit
of its eligible employees; and

      WHEREAS, the Employer desires to amend the Plan to incorporate certain of
the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001
("EGTRRA"); and

      WHEREAS, under the terms of the Plan, the Employer has the ability to
amend the Plan;

      NOW, THEREFORE, effective as of the first day of the Plan Year commencing
after December 31, 2001, except as otherwise herein provided, the Employer, in
accordance with the provisions of the Plan pertaining to amendments thereof,
hereby amends the Plan to provide as follows:

Section 1: Preamble

1.1 This Amendment of the Plan is adopted to reflect certain provisions of the
Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"), the model
amendment of Revenue Ruling 2001-62 and other relevant federal law. This
Amendment is intended as good faith compliance with the requirements of EGTRRA
and the model amendment provisions of Revenue Ruling 2001-62 and is to be
construed in accordance with EGTRRA, the model amendment of Revenue Ruling
2001-62 and guidance issued thereunder. Except as otherwise provided, this
Amendment shall be effective as of the first day of the first Plan Year
beginning after December 31, 2001.

1.2 This Amendment shall supersede the provisions of the Plan to the extent
those provisions are inconsistent with the provisions of this amendment. The
Articles in this amendment are numbered independently of the Plan document,
except where a reference to the Plan is clearly indicated. Terms referenced in
this Amendment may also be defined independently of the Plan document.

Section 2: Limitations on Benefits

2.1 This Section 2 shall be effective for "limitation years" ending after
December 31, 2001.

2.2 Benefit increases resulting from the increase in the limitations of Code
Section 415(b) will be provided to all current Participants who are actively
employed (with benefits limited by Code Section 415(b)) who have an Accrued
Benefit under the Plan immediately prior to the effective date of this Section
(other than an Accrued Benefit resulting from a benefit increase solely as a
result of the increases in limitations under Code Section 415(b)).

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<PAGE>

2.3 Definitions.

            (a) Defined benefit dollar limitation. The defined benefit dollar
      limitation is $160,000, as adjusted, effective January 1 of each year,
      under Code Section 415(d) in such manner as the Secretary shall prescribe,
      and payable in the form of a straight life annuity. A limitation as
      adjusted under Code Section 415(d) will apply to "limitation years" ending
      with or within the calendar year for which the adjustment applies.

            (b) Maximum permissible benefit. The maximum permissible benefit is
      the lesser of the defined benefit dollar limitation or the defined benefit
      compensation limitation (both adjusted where required, as provided in
      paragraph (1) and, if applicable, in paragraphs (2) or (3) of this
      Amendment subsection 2.3.

            (1) If the Participant has fewer than 10 years of participation in
            the Plan, the defined benefit dollar limitation shall be multiplied
            by a fraction, (i) the numerator of which is the number of years (or
            part thereof) of participation in the Plan and (ii) the denominator
            of which is 10. In the case of a Participant who has fewer than 10
            years of service with the employer, the defined benefit compensation
            limitation shall be multiplied by a fraction, (i) the numerator of
            which is the number of years (or part thereof) of service with the
            employer and (ii) the denominator of which is 10.

            (2) If the benefit of a Participant begins prior to age 62, the
            defined benefit dollar limitation applicable to the Participant at
            such earlier age is an annual benefit payable in the form of a
            straight life annuity beginning at the earlier age that is the
            actuarial equivalent of the defined benefit dollar limitation
            applicable to the Participant at age 62 (adjusted under (1) above,
            if required). The defined benefit dollar limitation applicable at an
            age prior to age 62 is determined as the lesser of (i) the actuarial
            equivalent (at such age) of the defined benefit dollar limitation
            computed using the interest rate and mortality table (or other
            tabular factor) specified in the Plan and (ii) the actuarial
            equivalent (at such age) of the defined benefit dollar limitation
            computed using a 5 percent interest rate and the applicable
            mortality table as defined in the Plan. Any decrease in the defined
            benefit dollar limitation determined in accordance with this
            paragraph (2) shall not reflect a mortality decrement if benefits
            are not forfeited upon the death of the Participant. If any benefits
            are forfeited upon death, the full mortality decrement is taken into
            account.

            (3) If the benefit of a Participant begins after the Participant
            attains age 65, the defined benefit dollar limitation applicable to
            the Participant at the later age is the annual benefit payable in
            the form of a straight life annuity beginning at the later age that
            is actuarially equivalent to the defined benefit dollar limitation
            applicable to the Participant at age 65 (adjusted under (1) above,
            if required). The actuarial equivalent of the defined benefit dollar
            limitation applicable at an age after age 65 is determined as (i)
            the lesser of the actuarial equivalent (at such age) of the defined
            benefit dollar limitation computed using the interest rate and
            mortality table (or other tabular factor) specified in the Plan and
            (ii) the actuarial equivalent (at such age) of the defined benefit
            dollar limitation computed using a 5 percent interest rate
            assumption and the applicable mortality table as defined in the
            Plan. For these purposes, mortality between age 65 and the age at
            which benefits commence shall be ignored.

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<PAGE>

Section 3:  Increase in Compensation Limits

3.1 The annual Compensation of each Participant taken into account in
determining benefit accruals in any Plan Year beginning after December 31, 2001,
shall not exceed $200,000. Annual Compensation means Compensation during the
Plan Year or such other consecutive 12-month period over which Compensation is
otherwise determined under the Plan (the determination period). For purposes of
determining benefit accruals in a Plan Year beginning after December 31, 2001,
Compensation for any prior determination period shall be limited to the
applicable dollar limitation then in effect for such determination period
pursuant to the provisions of Code Section 401(a)(17)(A).

3.2 Cost-of-living adjustment. The $200,000 limit on annual Compensation
described in Section 3.1 hereof shall be adjusted for cost-of-living increases
in accordance with Code Section 401(a)(17)(B). The cost-of-living adjustment in
effect for a calendar year applies to annual Compensation for the determination
period that begins with or within such calendar year.

Section 4:  Modification of Top Heavy Rules

4.1 This Section 4 shall apply for purposes of determining whether the Plan is a
Top Heavy plan under Code Section 416(g) for Plan Years beginning after December
31, 2001, and whether the Plan satisfies the minimum benefits requirements of
Code Section 416(c) for such years.

4.2 Determination of top-heavy status.

            (a) Key Employee. Key Employee means any Employee or former Employee
      (including any deceased Employee) who at any time during the Plan Year
      that includes the determination date was an officer of the Employer having
      annual Compensation greater than $130,000 (as adjusted under Code Section
      416(i)(1) for Plan Years beginning after December 31, 2002), a 5-percent
      owner of the Employer, or a 1-percent owner of the Employer having annual
      Compensation of more than $150,000. For this purpose, annual Compensation
      means compensation within the meaning of Code Section 415(c)(3). The
      determination of who is a Key Employee will be made in accordance with
      Code Section 416(i)(1) and the applicable regulations and other guidance
      of general applicability issued thereunder.

            (b) Determination of present values and amounts. This Amendment
      subsection (b) shall apply for purposes of determining the present values
      of accrued benefits and the amounts of account balances of Employees as of
      the determination date.

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<PAGE>

            (1) Distributions during year ending on the determination date. The
            present values of accrued benefits and the amounts of account
            balances of an Employee as of the determination date shall be
            increased by the distributions made with respect to the Employee
            under the Plan and any plan aggregated with the Plan under Code
            Section 416(g)(2) during the 1-year period ending on the
            determination date. The preceding sentence shall also apply to
            distributions under a terminated plan which, had it not been
            terminated, would have been aggregated with the Plan under Code
            Section 416(g)(2)(A)(i). In the case of a distribution made for a
            reason other than separation from service, death, or disability,
            this provision shall be applied by substituting "5-year period" for
            "1-year period."

            (2) Employees not performing services during year ending on the
            determination date. The accrued benefits and accounts of any
            individual who has not performed services for the Employer during
            the 1-year period ending on the determination date shall not be
            taken into account.

4.3 For purposes of satisfying the minimum benefit requirements of Code Section
416(c)(1) and the Plan, in determining years of service with the Employer, any
service with the Employer shall be disregarded to the extent that such service
occurs during a Plan Year when the Plan benefits (within the meaning of Code
Section 410(b)) no Key Employee or former Key Employee.

Section 5: Direct Rollover of Lump Sum Plan Distributions

5.1 This Amendment Section 5 shall apply to distributions made after December
31, 2001.

5.2 For purposes of the Plan's direct rollover provisions, an eligible rollover
distribution shall also include Participant after-tax contributions, if any, and
an eligible retirement plan shall also mean an annuity contract described in
Code Section 403(b) and an eligible plan under Code Section 457(b) which is
maintained by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and which agrees
to separately account for amounts transferred into such plan from this Plan. The
definition of eligible retirement plan shall also apply in the case of a
distribution to a surviving spouse, or to a spouse or former spouse who is the
alternate payee under a qualified domestic relation order, as defined in Code
Section 414(p).

Section 6: Applicable Mortality Table

6.1 This Amendment Section 6 shall apply to distributions with Annuity Starting
Dates on or after December 31, 2002.

6.2 Notwithstanding any other Plan provisions to the contrary, the Applicable
Mortality Table used for purposes of adjusting any benefit or limitation under
Code Section 415(b)(2)(B), (C), or (D) and the Applicable Mortality Table used
for purposes of satisfying the requirements of Code Section 417(e) is the table
prescribed in Rev. Rul. 2001-62.

6.3 For any distribution with an Annuity Starting Date on or after the effective
date of this Section and before the adoption date of this Section, if
application of the amendment as of the Annuity Starting Date would have caused a
reduction in the amount of any distribution, such reduction is not reflected in
any payments made before the adoption date of this Section. However, the amount
of any such reduction that is required under Code Section 415(b)(2)(B) must be
reflected actuarially over any remaining payments to the Participant.

                                       4
<PAGE>

      IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed
by a duly authorized person this 30th day of December 30, 2002.

                                         PRESIDENTIAL REALTY CORPORATION

                                         By: /s/ Jeffrey F. Joseph
                                             Title: President

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