EXHIBIT 10.7
MILWAUKEE LAND COMPANY
000 Xxxx Xxxxxxx Xxxxxxxxx
Xxxxxxx, Xxxxxxxx 00000
August 7, 1996
Xx. Xxxxx Xxxxxxxx
0000 Xxxxx Xxxxxxxx Xxxxx
Penthouse A
Xxxxxxx Xxxxx, Xxxxxxx 00000
Re: First Amendment to Employment Agreement
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Dear Xx. Xxxxxxxx:
We are writing with respect to your employment by Milwaukee
Land Company (the "Company") as President and Chief Executive Officer of the
Company, pursuant to an Employment Agreement, dated June 29, 1993 (the
"Employment Agreement"), the term of which expires on June 29, 1998. The Company
acknowledges and recognizes the value of your experience and abilities to the
Company since the beginning of your employment with the Company, and desires to
continue to retain and make secure for itself such experience and abilities
through July 2, 2000. Therefore, as of the date hereof, Section 1 and Section
7(d)(i) of the Employment Agreement are hereby amended to delete the clause
"fifth anniversary of the date hereof" and substitute therefor the date "July 2,
2000". Except as amended by this letter, the Employment Agreement remains in
full force and effect in accordance with its terms.
If the foregoing is satisfactory, would you please so indicate
by signing and returning to the Company the enclosed copy of this letter
whereupon this will constitute our agreement on the subject.
MILWAUKEE LAND COMPANY
By: /s/ Xxxxxxxx X. Frame
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Xxxxxxxx X. Frame
Chairman of the Board
ACCEPTED AND AGREED TO:
/s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
Xx. Xxxxx Xxxxxxxx
Page 2
ACCEPTED AND AGREED TO:
/s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
