1
Exhibit 10.16c
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 1, dated as of May 1, 2000, 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 X. XXXXXXX XX., having an address at 00
Xxxx Xxxxxx, Xxxxxxxxxx, Xxx Xxxxxx 00000 (the "Executive"), to Employment
Agreement dated as of May 1, 1997 among Selective, XXXX and the Executive, (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 description of the duties
of the Executive, as set forth in Section 4(a) of the Employment Agreement, 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 May 1, 2000 (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 Thirty Thousand and 06/100 ($230,000.06) Dollars per year during the
Renewal Term.
3. The Executive is presently serving as an Executive Vice
President-Diversified Insurance Services of XXXX and Selective, and all
reference to 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-Diversified
Insurance Services 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:_____________________________________
Name: Xxxxxxx X. Xxxxxx
Title: President and Chief
Executive Officer
2
SELECTIVE INSURANCE COMPANY
OF AMERICA
By:_____________________________________
Name: Xxxxxxx X. Xxxxxx
Title: President and Chief
Executive Officer
________________________________________
Executive
