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EXHIBIT 10.3
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AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT
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AMENDMENT NO. 3, dated as of May 1, 1998 among SELECTIVE INSURANCE
GROUP, INC., a New Jersey corporation ("Selective"), having an xxxxxx xx
Xxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxx Xxxxxx 00000, SELECTIVE INSURANCE COMPANY
OF AMERICA, a New Jersey corporation ("XXXX"), having an xxxxxx xx
Xxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxx Xxxxxx 00000, and XXXXX X. XXXXXXXXX having
an address at X.X. Xxx 0000, Xxxxxxxxxxx, Xxx Xxxxxx 00000 (the
"Executive"), to Employment Agreement dated as of September 1, 1993
among Selective, XXXX and the Executive as heretofore amended by Amendment
No. 1 thereto dated as of January 31, 1994 and Amendment No. 2 thereto
dated as of June 6, 1996 (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.
THEREFORE, in consideration of the premises and the mutual
covenants hereinafter set forth, the parties hereto agree as follows:
1. The Executive is presently serving as Chairman and Chief
Executive Officer of XXXX and Selective, and all references in the
Employment Agreement to the Executive serving as Chairman, President and
Chief Executive Officer of the Company (as defined in the Employment
Agreement) are hereby amended to refer to the Executive as Chairman and
Chief Executive Officer of the Company (as defined in the Employment
Agreement) and Selective.
2. 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.
3. 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/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxx X. Xxxxxx
Title: President and Chief
Operating Officer
SELECTIVE INSURANCE COMPANY
OF AMERICA
By:/s/ Xxxxxxx X. Xxxxxx
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Name: Xxxxxxx X. Xxxxxx
Title: President and Chief
Operating Officer
/s/ Xxxxx X. Xxxxxxxxx
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Executive
