MIDDLEBY CORP
EXHIBIT 10.16
<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>5
<FILENAME>d50212ex_10-16.htm
<DESCRIPTION>EXHIBIT 10.16
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by HTML Ease (HTML Ease Pro 1.0 (0.9md)) -->
     <!-- Project:        X:\JOBS\02-50212\d50212.hep                                      -->
     <!-- Control Number: 50212                                                            -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    ADP - The Middleby Corp                                          -->
     <!-- Project Name:   Form 10-K Exhibit 10.16                                          -->
     <!-- Firm Name:      CCH                                                              -->
     <TITLE>ADP - The Middleby Corp Form 10-K Exhibit 10.16</TITLE>
</HEAD>
<BODY>





<!-- *************************************************************************** -->

<!-- MARKER FORMAT-SHEET="Page Width Begin Rule" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Right 10" -->
<P ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
10.16 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center 10" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>AMENDMENT NO. 3 TO
<BR>AMENDED AND RESTATED EMPLOYMENT AGREEMENT <BR>OF DAVID P. RILEY </FONT></P>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Amendment No. 3 is made and entered into as of this 20th day of June, 2001 by and among
THE MIDDLEBY CORPORATION, a Delaware corporation (&#147;TMC&#148;), MIDDLEBY MARSHALL
INC., a Delaware corporation (&#147;MMI&#148;), (TMC and MMI collectively, the &#147;Employer&#148;)
and DAVID P. RILEY (&#147;Riley&#148;). </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Center 10" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>R&nbsp;E&nbsp;C&nbsp;I&nbsp;T&nbsp;A&nbsp;L </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 10" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Employer and Riley are
parties to that certain Amended and Restated Employment Agreement dated as of
January 1, 1995 (the &#147;<I>1995 Agreement</I>&#148;) as amended by Amendment
No. 1 dated as of January 1, 1998, and by Amendment No. 2 dated as of December
4, 2000. The 1995 Agreement as so amended is sometimes referred to herein below
as the &#147;<I>Employment Agreement</I>&#148;. The parties now wish to further
amend the Employment Agreement to provide for a lump sum payment in full
satisfaction of Riley&#146;s annual retirement benefits. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Center 10" -->
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>A&nbsp;G&nbsp;R&nbsp;E&nbsp;E&nbsp;M&nbsp;E&nbsp;N&nbsp;T </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" -->
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10 In 1" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=6%>&nbsp;</TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
NOW
THEREFORE the parties agree as follows: </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
or before July 1, 2001 Employer shall pay to Riley the sum of $1,830,000, and in
consideration thereof Riley hereby releases and discharges Employer from all liability
under Subsection 6(a) of the Employment Agreement for annual retirement benefits becoming
due after May 31, 2001. Riley shall bear and be legally responsible to pay 100% of all
income and other taxes with respect to such payment. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Riley&#146;s
rights to health and medical benefits as provided in Subsection 6(b) of the Employment
Agreement shall continue at the expense of the Company through December 31, 2001. Riley&#146;s
rights to such health and medical benefits shall continue after December 31, 2001 as long
as Riley pays, semi-annually in advance, the actuarial cost, as determined by Employer,
of such continued benefits. However, Riley&#146;s rights to such benefits shall cease
upon a Change of Control (as hereinafter defined) of the Employer or upon reaching age
65. For purposes of this Section a &#147;<I>Change of Control</I>&#148;means any 25
percentage point increase in the percentage of outstanding voting securities of TMC
hereafter held by any person or group of persons (other than William F. Whitman, Jr., his
spouse, descendants or trusts for the primary benefit of any of the foregoing) who agree
to act together for the purpose of acquiring, holding, voting or disposing of such voting
securities as compared to the percentage of voting securities of TMC held by such person
or group of persons on the date hereof. </FONT></TD>
</TR>
</TABLE>
<BR>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 15; page: 15" -->

<!-- MARKER FORMAT-SHEET="Page Width Begin Rule" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE>
<BR>


<!-- MARKER FORMAT-SHEET="Page Width End" -->
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Example:&nbsp;&nbsp;
On July 1, 2001 Individual A, a person unrelated to William F. Whitman, Jr., owns 2.42%
of the total outstanding voting securities of The Middleby Corporation. Thereafter,
Individual A commences a series of open market and private purchases, and on August 15,
2001 for the first time his holdings exceed 27.42% of the outstanding voting securities
of The Middleby Corporation. A Change of Control occurs on August 15, 2001. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Arabic 10 In 1" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Except
as provided above, the Employment Agreement shall remain in full force and effect.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Width Start" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>

<!-- MARKER FORMAT-SHEET="Para 10" -->
<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties have executed this instrument as of the day and year first
above written.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Width End" -->
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Signature (Single)" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=40% ><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE MIDDLEBY CORPORATION<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and<BR><BR>MIDDLEBY MARSHALL INC.</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
DAVID P. RILEY</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 10 In 1" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=6%>&nbsp;</TD>
<TD WIDTH=94%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
By:____________________________ <BR>Title: _________________________ </FONT></TD>
</TR>
</TABLE>
<BR>



</BODY></HTML>



</TEXT>
</DOCUMENT>
