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Exhibit 10.16b
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
AMENDMENT NO. 2, dated as of May 2, 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 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 Selective, XXXX and the
Executive, as heretofore amended by Amendment No. 1 thereto dated as of October
31, 1998 (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 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 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 Sixty-Five Thousand and 00/100 ($265,000.00) Dollars per year during
the Renewal Term.
2. The Executive is presently serving as an Executive Vice President
- Insurance Operations 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-Insurance Operations of the Company
(as defined in the Employment Agreement) and Selective.
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
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SELECTIVE INSURANCE COMPANY
OF AMERICA
By:_____________________________________
Name: Xxxxxxx X. Xxxxxx
Title: President and Chief
Executive Officer
________________________________________
Executive
