Second Amendment to Employment Agreement between CMC Heartland Partners and Edwin Jacobson

Summary

This document is the second amendment to the employment agreement between CMC Heartland Partners and Edwin Jacobson. It allows the company to deduct 40% from any incentive compensation payments owed to Mr. Jacobson and apply that amount to any debt he owes the company. All other terms of the original employment agreement remain unchanged. The amendment is effective upon Mr. Jacobson's acceptance and signature.

EX-10.32 4 0004.txt EMPLOYMENT AGREEMENT - MR. JACOBSON CMC Heartland Partners Exhibit 10.32 330 North Jefferson Court, Suite 305 Chicago, Illinois 60661 October 17, 2000 Mr. Edwin Jacobson 161 East Chicago Avenue Apartment 43H Chicago, Illinois 60611 Re: Second Amendment to Employment Agreement Dear Mr. Jacobson: This letter constitutes the Second Amendment to your Employment Agreement with CMC Heartland Partners dated December 20, 1999 and heretofore amended by the First Amendment(the Employment Agreement as heretofore amended is referred to herein as the "Employment Agreement"). The following Section 3(b)(iii) hereby is added to the Employment Agreement immediately following Section 3(b)(ii): "(iii)Notwithstanding any provision herein to the contrary, whenever the Company is to make an incentive compensation payment to you under Section 3(b), the Company shall have the right to deduct forty percent (40%) of that payment (the "Off-Set Amount") and apply the Off-Set Amount to indebtedness from you to the Company." 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, please indicate your agreement by signing and returning to the Company the enclosed copy of this letter whereupon this will constitute the Second Amendment of the Employment Agreement. ACCEPTED AND AGREED TO: CMC HEARTLAND PARTNERS By: Heartland Technology, Inc. as General Managing Partner By: - ------------------------------------ --------------------------------------- Edwin Jacobson Name: Richard P. Brandstatter Title:Vice President-Finance Secretary and Treasurer -1- L:\Share\HPLP\EJ empl agrmnt amend 2000.wpd