EXHIBIT 10.16
MILWAUKEE LAND COMPANY
000 Xxxx Xxxxxxx Xxxxxxxxx
Xxxxxxx, Xxxxxxxx 00000
June 1, 1997
Xx. Xxxxx Xxxxxxxx
0000 Xxxxx Xxxxxxxx Xxxxx
Penthouse A
Xxxxxxx Xxxxx, Xxxxxxx 00000
Re: Second 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 and amended
August 7, 1996 (as so amended, the "Employment Agreement"), the term of which
expires on July 2, 2000. The Company acknowledges and recognizes the value of
your experience and abilities to the Company since the beginning of your
employment with the Company, as well as your increased responsibilities in
connection with the Company's acquisition of substantially all of the assets of
PG Design Electronics, Inc., and the Company desires to continue to retain and
make secure for itself such experience and abilities through May 30, 2002 and to
increase your annual base salary, effective May 30, 1997, to $175,000.
Therefore, as of the date hereof, (i) Section 1 and Section 7(d)(i) of the
Employment Agreement are hereby amended to delete the date "July 2, 2000" and
substitute therefor the date "May 30, 2002" and (ii) Section 3(a) of the
Employment Agreement is hereby amended to delete the sum of "Ninety Thousand
Dollars ($90,000)" and substitute therefor the sum of "One Hundred Seventy-Five
Thousand Dollars ($175,000)." 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/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
Chairman, Executive Committee
ACCEPTED AND AGREED TO:
Xx. Xxxxx Xxxxxxxx
Page 2
ACCEPTED AND AGREED TO:
/s/ Xxxxx Xxxxxxxx
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Xxxxx Xxxxxxxx
