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EXHIBIT 10.16i
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 1, dated as of October 31, 1998 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 XXXXX XXXXXXXXX, III,
having an address at 00 Xxxxxxx Xxxxx, Xxxxxx, Xxx Xxxxxx 00000 (the
"Executive"), to Employment Agreement dated as of October 31, 1995 among
XXXX and the Executive (the "Employment Agreement").
WHEREAS, 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 amend the Employment Agreement to
modify the description of the duties of the Executive as set forth in
Section 4(a) of 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 three (3) years commencing October 31, 1998 (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 during the Renewal Term
at a rate of not less than One Hundred Ninety Seven Thousand Six Hundred
Dollars ($197,600.00) per year.
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3. The Executive is presently serving as an Executive Vice President of
XXXX and Selective, and all references in the Employment Agreement to
Executive serving as Senior Vice President of the Company (as defined in the
Employment Agreement) are hereby amended to refer to the Executive as an
Executive Vice President of the Company (as defined in the Employment
Agreement) and Selective.
4. 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.
5. 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:/S/ Xxxxx X. Xxxxxxxxx
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Name: Xxxxx X. Xxxxxxxxx
Title: Chairman and Chief
Executive Officer
SELECTIVE INSURANCE COMPANY
OF AMERICA
By:/s/ Xxxxx X. Xxxxxxxxx
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Name: Xxxxx X. Xxxxxxxxx
Title: Chairman and Chief
Executive Officer
/s/ Xxxxx Xxxxxxxxx, III
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Executive
