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AMENDMENT NO. 1 TO
EXECUTIVE MANAGEMENT AGREEMENT
This Amendment No. 1 to Executive Management Agreement (this "Amendment") is
made and entered into as of June 30, 2000, by and between MagneTek, Inc. (the
"Company"), a Delaware corporation, and The Spectrum Group, Inc.
("Spectrum"), a California corporation.
WITNESSETH
WHEREAS, the Company and Spectrum entered into a five-year Executive
Management Agreement dated as of July 1, 1994 (the "Agreement") which would
have expired by its terms on July 1, 1999; and
WHEREAS, the Board of Directors of the Company adopted certain
resolutions as of May 5, 1999 extending the Agreement through June 30, 2000;
and
WHEREAS, the Company and Spectrum at this time desire to amend the
Agreement so as to extend it through December 31, 2002.
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the Company and Spectrum agree as
follows:
1. Section 1.A of the Agreement is hereby amended by deleting the words
"July 1, 1999" and replacing them with the words "December 31, 2002".
2. Section 3 of the Agreement is hereby amended by deleting the words
"July 1, 1999" and replacing them with the words "December 31, 2002".
3. Section 5.A of the Agreement is hereby amended by deleting the
addresses and replacing them with the following:
"If to the Company:
MagneTek, Inc.
26 Century Boulevard
Suite 600
Nashville, TN 37214
Attention: General Counsel
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If to Spectrum:
The Spectrum Group, Inc.
11050 Santa Monica Boulevard
2nd Floor
Los Angeles, CA 90025
Attention: Chairman"
4. Except as amended hereby, the Agreement remains in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment
No. 1 to Executive Management Agreement as of the date first above written.
MAGNETEK, INC.
By:----------------------
THE SPECTRUM GROUP, INC.
By:----------------------
