Document:

<PAGE>

                                                                   Exhibit 10.15

                      EXECUTIVE COMPENSATION PLAN FOR 2000
                               Finalized 12/20/99

Measures applied by position:

<TABLE>
<CAPTION>
---------------- ------------------------------ ---------------- ------------------
                 PPD Revenue                    EPD Op Income    Qtr Objectives
---------------- ------------------------------ ---------------- ------------------
<S>              <C>                            <C>              <C>
CEO, COO, CFO    40%                            30%              30%
---------------- ------------------------------ ---------------- ------------------
PPD              60%                            10%              30%
---------------- ------------------------------ ---------------- ------------------
EPD & Ops        10%                            60%              30%
---------------- ------------------------------ ---------------- ------------------
NA Sales         40%   (PPD NA/ROW bookings)    30%              30%
---------------- ------------------------------ ---------------- ------------------
</TABLE>

PPD REVENUE (INCLUDING CONTRACT REVENUES):

-      Target is $7.1M, per the Op Plan

-      Same lower revenue target as the warrant pricing (start at $4.7M), but no
       upper limit

[A graph is located here in the original document. The X axis is PPD
Consolidated Revenue, with reference points of $4.7M, $7.1M and $8.8M. The Y
axis designates the percentage payout. A line connecting certain intersectional
points illustrates a sliding scale of payouts. At $4.7M there is 0% payout.
$7.1M earns a 100% payout. $8.8M earns a 200% payout. The line continues
indefinitely, illustrating higher percentage payouts for revenue greater than
8.8M.]

EPD Op Income

-      Op Plan target is $5.3M (about 10% of revenue)

-      Since semi equipment is so volatile, don't use a steep slope on EPD
       income, but the forecasts are very strong and an upside would help us
       spend more in PPD. 50% of target is roughly the op income we hit in 1998;
       150% of target would be a stretch. Estimated 1999 result is $4.0M
       (excluding EG license fee and associated expenses and reserves).

[A graph is located here in the original document. The X axis is EPD
Consolidated Operating Income, with reference points of $2.65M, $5.3M and $7.6M.
The Y axis designates the percentage payout. A line connecting certain
intersectional points illustrates a sliding scale of payouts. At $2.65M there is
0% payout. $5.3M earns a 100% payout. $7.6M earns a 200% payout. The line
continues indefinitely, illustrating higher percentage payouts for income
greater than 7.6M.]

Quarterly objectives: (payout quarterly)

-      Half of this payout (15% of total): 0 to 100% for meeting quarterly
       departmental must-do objectives in 2000 (equal portion for each
       objective, 25% possible each quarter) Failure to have a clear measure(s)
       or assumptions and contingency plans for any must-do interpreted as
       missing the objective; objective drops out if its assumptions did not
       hold. (Same process as 1999).

<PAGE>

-      Other half of this payout (15% of total): Paid for hitting or exceeding
       quarterly EPS "guidance", as if we were telling analysts X cents per
       share (rounded to nearest cent, just as we would report earnings). No
       payout for missing it. Paid quarterly. Targets set in December 99:

Q1       1 cent
Q2       1 cent
Q3       4 cents
Q4       6 cents<PAGE>

                             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

<PAGE>

                         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:----------------------<PAGE>

                                                                  EXHIBIT 10.53

                  SECOND AMENDMENT TO RESTATED CREDIT AGREEMENT

         THIS DOCUMENT is entered into as of March 26, 1999, between MAGNETEK,
INC., a Delaware corporation ("BORROWER"), certain Lenders, NATIONSBANK, N.A.
(successor by merger with NationsBank of Texas, N.A., "AGENT"), as Agent for
Lenders, and CIBC INC., THE FIRST NATIONAL BANK OF CHICAGO, THE LONG-TERM CREDIT
BANK OF JAPAN, LTD., BANKERS TRUST COMPANY, CREDIT LYONNAIS - NEW YORK BRANCH,
and UNION BANK OF CALIFORNIA, N.A., as Co-Agents for Lenders.

         Borrower, Agent, Co-Agents, and Lenders are party to the Restated
Credit Agreement (as renewed, extended, and amended, the ("CREDIT AGREEMENT")
dated as of June 20, 1997, providing for a $350,000,000 revolving credit
facility. Borrower, Agent, and Determining Lenders have agreed, upon the
following terms and conditions, to the amendment described in PARAGRAPH 2 below
in order to permit the sale of certain assets. Accordingly, for adequate and
sufficient consideration, Borrower, Agent, and Lenders agree as follows:

1. TERMS AND REFERENCES. Unless otherwise stated in this document (A) terms
defined in the Credit Agreement have the same meanings when used in this
document and (B) references to "SECTIONS," "SCHEDULES," and "EXHIBITS" are to
the Credit Agreement's sections, schedules, and exhibits.

2. AMENDMENT. SECTION 9.11 is amended by (A) deleting the word "AND" before
CLAUSE (h) in that section and (B) adding the following to the end of that
section:

                  , AND (I) THE SALE BY BORROWER TO EMERSON ELECTRIC COMPANY FOR
                  $115,000,000 OF ITS GENERATOR BUSINESS, INCLUDING ITS
                  ALTERNATOR MANUFACTURING FACILITY IN LEXINGTON, TENNESSEE, ALL
                  OF ITS INVENTORY AT THAT FACILITY, ALL OF ITS ACCOUNTS
                  RECEIVABLE FROM ITS GENERATOR BUSINESS, CERTAIN OTHER
                  EQUIPMENT AND INVENTORY FOR THAT BUSINESS LOCATED OUTSIDE OF
                  ITS LEXINGTON, TENNESSEE, FACILITY, AND ALL OF ITS OWNERSHIP
                  OF ITS SUBSIDIARY MAGNETEK CHINA LIMITED, A CAYMAN ISLAND
                  COMPANY.

3. CONDITIONS PRECEDENT. PARAGRAPH 2 above is not effective until Agent receives
counterparts of this document executed by Borrower, each Domestic Restricted
Company, and Determining Lenders.

4. RATIFICATIONS. Borrower (A) ratifies and confirms all provisions of the Loan
Documents as amended by this document, (B) ratifies and confirms that, (EXCEPT
in respect of the release of Lender Liens on the assets described in PARAGRAPH 2
above and as permitted by SECTION 5.5(b)), all guaranties, assurances, and Liens
granted, conveyed, or assigned to Agent under the Loan Documents are not
released, reduced, or otherwise adversely affected by this document and continue
to guarantee, assure, and secure full payment and performance of the present and
future Obligation, and (C) agrees to perform such acts and duly authorize,
execute, acknowledge, deliver, file, and record such additional documents and
certificates as Agent may request in order to create, perfect, preserve, and
protect those guaranties, assurances, and Liens.

5. REPRESENTATIONS. To induce Agent, Co-Agents, and Lenders to enter into this
document, Borrower represents and warrants to Agent, Co-Agents, and Lenders that
as of the date of this document (A) all representations and warranties in the
Loan Documents are true and correct in all material respects EXCEPT

                                                                SECOND AMENDMENT

<PAGE>

to the extent that any of them speak to a different specific date or the facts
on which any of them were based have been changed by transactions contemplated
or permitted by the Credit Agreement, and (B) no Material Adverse Event,
Default, or Potential Default exists.

6. EXPENSES. Borrower shall pay all costs, fees, and expenses paid or incurred
by Agent incident to this document, including, without limitation, the
reasonable fees and expenses of Agent's counsel in connection with the
negotiation, preparation, delivery, and execution of this document and any
release or other related documents.

7. MISCELLANEOUS. All references in the Loan Documents to the "CREDIT AGREEMENT"
refer to the Credit Agreement as amended by this document. This document is a
"LOAN DOCUMENT" referred to in the Credit Agreement, and the provisions relating
to Loan Documents in SECTIONS 1 and 14 of the Credit Agreement are incorporated
in this document by reference. Except as specifically amended by this document,
the Credit Agreement is unchanged and continues in full force and effect. This
document may be executed in any number of counterparts with the same effect as
if all signatories had signed the same document. All counterparts must be
construed together to constitute one and the same instrument. This document
binds and inures to each of the undersigned and their respective successors and
permitted assigns, subject to the terms of the Credit Agreement. THIS DOCUMENT
AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

                     REMAINDER OF PAGE INTENTIONALLY BLANK.

                             SIGNATURE PAGE FOLLOWS.

                                       2                        SECOND AMENDMENT

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