1
EXHIBIT 10.16aa
AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 3, dated as of September 1, 1999, among
SELECTIVE INSURANCE GROUP, INC., a New Jersey corporation ("Selective"), having
an office at 00 Xxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxx Xxxxxx 00000, SELECTIVE
INSURANCE COMPANY OF AMERICA, a New Jersey corporation ("XXXX"), having an
office at 00 Xxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxx Xxxxxx 00000, and THORNTON R.
LAND, having an address at 00 Xxxxxxxxx Xxxx, Xxxxxxx, Xxx Xxxx 00000 (the
"Executive"), to Employment Agreement dated as of September 1, 1993 among
Selective, XXXX and the Executive, as heretofore amended by Amendment No. 1
thereto dated as of January 31, 1994 and Amendment No. 2 thereto dated as of
June 6, 1996 (as so amended, the "Employment Agreement").
WHEREAS, Selective, XXXX and the Executive have executed and
delivered the Employment Agreement, and Selective has guaranteed all of the
obligations of XXXX as the Employer under the Employment Agreement; and
WHEREAS, the parties hereto desire to further amend the
Employment Agreement to extend the term thereof and to modify the Salary (as
defined in Section 3 of the Employment Agreement) provided for therein.
THEREFORE, in consideration of the premises and the mutual
covenants hereinafter set forth, the parties hereto agree as follows:
1. The term of employment under the Employment Agreement is
hereby extended for a period of two (2) years commencing September 1, 1999 (the
"Renewal Term"), and all references in the Agreement to the term thereof or the
Executive's term of employment thereunder shall include the Renewal Term.
2. The Salary, as defined and provided for in Section 3 of the
Employment Agreement, shall be paid to the Executive at a rate of not less than
Two Hundred Forty Thousand Dollars ($240,000.00) per year during the Renewal
Term.
3. Selective reaffirms that it guarantees to the Executive the
full performance by XXXX of all of its obligations under the Employment
Agreement as amended herein.
4. Except as amended herein, the Employment Agreement shall
continue in full force and effect on and after the date hereof.
IN WITNESS WHEREOF, this Amendment has been duly executed by
the Executive and on behalf of Selective and XXXX by their duly authorized
officers as of the date and year first above written.
SELECTIVE INSURANCE GROUP, INC.
BY:____________________________
Name: Xxxxxxx X. Xxxxxx
Title: President and Chief
Executive Officer
SELECTIVE INSURANCE COMPANY
OF AMERICA
BY:____________________________
Name: Xxxxxxx X. Xxxxxx
Title: President and Chief
Executive Officer
____________________________
Executive
90
