Exhibit 10.16
AMENDMENT TO SUPPLEMENTAL RETIREMENT AGREEMENT
This Amendment is made the 23rd day of January, 1997, by and between
Seafield Capital Corporation, a Missouri corporation ("Employer") and P.
Xxxxxxx Xxxxxx ("Employee").
WHEREAS, the parties entered into a Supplemental Retirement Agreement,
dated June 3, 1991 ("Supplemental Retirement Agreement"), which was
intended to be the embodiment of the supplemental retirement arrangement
between the parties as approved by the Employer's Board of Directors in
February, 1991, and
WHEREAS, a review of the Supplemental Retirement Agreement and the
resolution of Employer's Board of Directors respecting the supplemental
retirement arrangement between the parties has revealed that there is an
inconsistency, and
WHEREAS, for purposes of ensuring that the Supplemental Retirement
Agreement incorporates the concept intended in the resolution, the parties
desire to amend the Supplemental Retirement Agreement as herein provided,
NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the parties acknowledge and agree as follows:
1. Paragraph numbered 2 of the Supplemental Retirement Agreement is
hereby deleted and in its place is substituted the follows:
"2. SUPPLEMENTAL BENEFIT. Effective immediately, Employer shall
establish and maintain on its books a Supplemental Retirement
Account (the "Account") to which it shall credit as of the first
day of each fiscal year, commencing January 1, 1991, the sum of
Twelve Thousand Dollars ($12,000), until the earlier of Employee's
attainment of age 65, the date Employee's employment with Employer
terminates or the date the parties agree in writing to terminate
this Agreement. The Account also shall be credited, as of the
last day of each of Employer's fiscal years ending prior to the
year in which the amounts credited to the Account are distributed
to Employee hereunder and as of the date of such distribution,
with interest at the rate of nine percent (9%) per annum.
The obligation of Employer to credit the Account and to make
payment hereunder is merely a contractual obligation, and neither
Employee nor any beneficiary or heir, nor any person claiming any
right on Employee's behalf, shall have any interest in the Account
or in any asset of Employer or otherwise, other than the right to
receive the benefits as set forth herein. Any and all such claims
shall be limited to the amount then credited to the Account at the
time of any claim. No amount credited to the Account or paid
hereunder shall be included as compensation to Employee for any
purpose, including any pension or profit sharing plan maintained
by Employer. Neither this Agreement nor the creation of the
Account hereunder is intended to be the creation or establishment
of a trust. Amounts credited to the Account hereunder shall
remain unfunded and unsecured and Employer shall be under no
obligation to invest or in any way accumulate or segregate monies
to fund the same."
2. Except to the extent modified and amended hereby, all of the terms
and provisions of the Supplemental Retirement Agreement shall remain in
effect and the Supplemental Retirement Agreement as amended shall be and
remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have signed this Amendment as
of the date first above written.
SEAFIELD CAPITAL CORPORATION
By /S/ W. Xxxxxx Xxxxx XX
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Authorized Officer
EMPLOYER
/s/ P. Xxxxxxx Xxxxxx
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P. Xxxxxxx Xxxxxx,
EMPLOYEE
