Document:

<PAGE>   1
EXHIBIT 10.31
-------------

                         WAIVER AND SECOND AMENDMENT TO
                    AMENDED AND RESTATED TERM LOAN AGREEMENT

      THIS WAIVER AND SECOND AMENDMENT TO AMENDED AND RESTATED TERM LOAN
AGREEMENT ("Second Amendment") dated as of December 3, 1999 is by and among
BALDWIN PIANO & ORGAN COMPANY, a Delaware corporation, (hereinafter, together
with its successors in title and assigns called "Borrower" or "Baldwin"), FIFTH
THIRD BANK, an Ohio banking corporation, as Agent (in such capacity, the
"Agent"), FIFTH THIRD BANK ("Fifth Third"), as a Lender, and BANK ONE, INDIANA,
N.A., formerly known as NBD BANK, N.A., a national banking association, ("Bank
One") as a Lender, (Fifth Third and Bank One are hereinafter collectively the
"Lenders" and each individually a "Lender").

                              PRELIMINARY STATEMENT
                              ---------------------

      WHEREAS, Borrower, Agent and Lenders have entered into a Amended and
Restated Term Loan Agreement dated as of May 15, 1998, as amended by the First
Amendment thereto dated as of July 15, 1999 (as amended hereby, the "Term Loan
Agreement"); and

      WHEREAS, Borrower have requested Agent and Lenders to make various
revisions to the Term Loan Agreement as set forth herein; and

      WHEREAS, Borrower, Agent and Lenders now wish to amend the Term Loan
Agreement in accordance with the terms and provisions hereof;

      NOW, THEREFORE, the parties hereto agree to supplement and amend the Term
Loan Agreement upon such terms and conditions as follows:

      1.  CAPITALIZED TERMS. All capitalized terms used herein shall have the
meanings assigned to them in the Term Loan Agreement unless the context hereof
requires otherwise. Any definitions as capitalized terms set forth herein shall
be deemed incorporated into the Term Loan Agreement as amended by this Second
Amendment.

      2.  DEFINITIONS.

      (a) Section 2.1 of the Term Loan Agreement is hereby to amend the
following definitions to read in their entirety as follows:

          "INTEREST RATE" means, with respect to the Term Loan, the rate of
      interest per annum equal to the Prime Rate.

      3.  EXHIBITS. The following Exhibit to the Term Loan Agreement is hereby
amended in its entirety to read as the corresponding Exhibit to this Second
Amendment:
<PAGE>   2

                                       -2-

      (a) Exhibit A Form of Term Promissory Note;

      4.  WAIVER. (a) The Agent and the Lenders hereby consent to waive the
application of Section 7.3(a)(iv) of the Term Loan Agreement solely as it
relates to the four quarter period ending September 30, 1999; PROVIDED, HOWEVER,
that this waiver shall expire on the earlier of (i) the date Lenders shall have
received satisfactory evidence, in form and substance satisfactory to Lenders,
of the sale by Borrower of all of the stock of Keyboard Acceptance Corporation
(f/k/a BPO Finance Corporation), a Delaware corporation and a subsidiary of
Borrower, pursuant to that certain Stock Purchase Agreement dated as of December
8, 1999 between Borrower and Deutsche Financial Services Corporation (the
"Purchase Agreement"), (ii) the failure of Borrower to consummate the
transactions contemplated by the Purchase Agreement, and (iii) February 28,
2000.

      (b) The Agent and the Lenders hereby consent to waive the application of
Section 7.3(a)(iv) of the Term Loan Agreement solely as it relates to the four
quarter period ending December 31, 1999; PROVIDED, HOWEVER, that this waiver
shall expire on the earlier of (i) the date Lenders shall have received
satisfactory evidence, in form and substance satisfactory to Lenders, of the
sale by Borrower of all of the stock of Keyboard Acceptance Corporation (f/k/a
BPO Finance Corporation), a Delaware corporation and a subsidiary of Borrower,
pursuant to that certain Stock Purchase Agreement dated as of December 8, 1999
between Borrower and Deutsche Financial Services Corporation (the "Purchase
Agreement"), (ii) the failure of Borrower to consummate the transactions
contemplated by the Purchase Agreement, and (iii) February 28, 2000.

      4.  SALE OR TRANSFER OF ASSETS. Section 7.2(b) of the Term Loan Agreement
is hereby amended in its entirety to read as follows:

          (b) SALE OR TRANSFER OF ASSETS. Except in the ordinary course of
      business or except as consented to in writing by Agent, or except for
      sales to a Lender or any affiliate thereof or except for sales to and by
      KAC as contemplated by the Permitted Securitization Documents, or except
      for sales to Deutsche Financial Services Corporation of finished inventory
      pursuant to the Amended and Restated Inventory Purchase and Consignment
      Agreement entered into by and between Borrower and Deutsche Financial
      Services Corporation as of June 30, 1998, as amended on January 13, 2000,
      which such agreement shall be in form and substance satisfactory to Agent,
      provided that, after giving effect to such sale, Deutsche Financial
      Services Corporation does not own Retail Consigned Goods (as defined
      therein) purchased from Borrower pursuant to this subsection with an
      aggregate value greater than $5,000,000 or Consigned Goods (as defined
      therein) purchased from Borrower pursuant to this subsection with an
      aggregate value greater than $20,000,000, Baldwin and the Subsidiaries
      will not sell, transfer, lease (including sale-leaseback) or otherwise
      dispose of all or any substantial part of their assets; provided, however,
      that any sales of KAC Accounts by Baldwin to KAC under the Permitted
      Securitization Documentation, and sales, contributions or other transfers
      of KAC Accounts under the Permitted Securitization Documentation by KAC,
      shall be permitted. This provision will not apply to any sale if the
      proceeds of such sale pay the Obligations in full.

<PAGE>   3

                                       -3-

      5.  REAFFIRMATION OF COVENANTS, WARRANTIES AND REPRESENTATIONS. Borrower
hereby agrees and covenants that all representations and warranties in the Term
Loan Agreement, including without limitation all of those warranties and
representations set forth in Article 6 are true and accurate as of the date
hereof. Borrower further reaffirms all covenants in the Term Loan Agreement, and
reaffirm each of the affirmative covenants set forth in Section 7.1, the
negative covenants set forth in Section 7.2 and the financial covenants set
forth in Section 7.3 thereof, as if fully set forth herein, except to the extent
modified by this Second Amendment.

      6.  CONDITIONS PRECEDENT TO CLOSING OF SECOND AMENDMENT. On or prior to
the closing of the Second Amendment (hereinafter the "Second Amendment Closing
Date"), each of the following conditions precedent shall have been satisfied:

          (a) PROOF OF CORPORATE AUTHORITY. Agent shall have received from
      Borrower copies, certified by a duly authorized officer to be true and
      complete on and as of the Second Amendment Closing Date, of records of all
      action taken by Borrower to authorize (i) the execution and delivery of
      this Second Amendment and all other certificates, documents and
      instruments to which it is or is to become a party as contemplated or
      required by this Second Amendment, and (ii) its performance of all of its
      obligations under each of such documents.

          (b) DOCUMENTS. Each of the documents to be executed and delivered at
      the Second Amendment Closing, including, without limitation, executed Term
      Promissory Notes substantially in the form of Exhibit A hereto, and all
      other certificates, documents and instruments to be executed in connection
      herewith shall have been duly and properly authorized, executed and
      delivered by Borrower and shall be in full force and effect on and as of
      the Second Amendment Closing Date.

          (c) LEGALITY OF TRANSACTIONS. No change in applicable law shall have
      occurred as a consequence of which it shall have become and continue to be
      unlawful (i) for Agent and each Lender to perform any of its agreements or
      obligations under any of the Loan Documents, or (ii) for Borrower to
      perform any of its agreements or obligations under any of the Loan
      Documents.

          (d) PERFORMANCE, ETC. Except as set forth herein, Borrower shall
      have duly and properly performed, complied with and observed each of its
      covenants, agreements and obligations contained in each of the Loan
      Documents. Except as set forth herein, no event shall have occurred on or
      prior to the Second Amendment Closing Date, and no condition shall exist
      on the Second Amendment Closing Date, which constitutes a Default or an
      Event of Default.

          (e) CHANGES; NONE ADVERSE. Since the date of the most recent balance
      sheets of Borrower delivered to Agent, no changes shall have occurred in
      the assets, liabilities, financial condition, business, operations or
      prospects of Borrower which, individually or in

<PAGE>   4

                                       -4-

      the aggregate, are material to Borrower, and Agent shall have completed
      such review of the status of all current and pending legal issues as Agent
      shall deem necessary or appropriate.

          (f) FEE. Agent shall have received, for the pro rata benefit of
      Lenders, a closing fee in the amount of $108,750.00

      7.  MISCELLANEOUS. (a) Borrower shall reimburse Agent for all fees and
disbursements of legal counsel to Agent which shall have been incurred by Agent
in connection with the preparation, negotiation, review, execution and delivery
of this Second Amendment and the handling of any other matters incidental
hereto.

          (b) All of the terms, conditions and provisions of the Agreement not
herein modified shall remain in full force and effect. In the event a term,
condition or provision of the Agreement conflicts with a term, condition or
provision of this Second Amendment, the latter shall govern.

          (c) This Second Amendment shall be governed by and shall be construed
and interpreted in accordance with the laws of the State of Ohio.

          (d) This Second Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, successors and
assigns.

          (e) This Second Amendment may be executed in several counterparts,
each of which shall constitute an original, but all which together shall
constitute one and the same agreement.

      [Remainder of page intentionally left blank. Signature page follows.]

<PAGE>   5

                                       -5-

      IN WITNESS WHEREOF, this Second Amendment has been duly executed and
delivered by or on behalf of each of the parties as of the day and in the year
first above written.

                                      BALDWIN PIANO & ORGAN COMPANY,
                                      Borrower

                                      By: /s/ Duane Kimble
                                          ----------------------------------
                                      Name: Duane Kimble
                                            --------------------------------
                                      Title: Executive VP, CFO and Secretary
                                             -------------------------------

                                      FIFTH THIRD BANK, Agent

                                      By: /s/ Robert C. Ries
                                          ----------------------------------
                                      Name: Robert C. Ries
                                            --------------------------------
                                      Title: Vice President
                                             -------------------------------

                                      FIFTH THIRD BANK, Lender

                                      By: /s/ Robert C. Ries
                                          ----------------------------------
                                      Name: Robert C. Ries
                                            --------------------------------
                                      Title: Vice President
                                             -------------------------------

                                      BANK ONE, INDIANA, N. A., Lender

                                      By: /s/ Edward C. Hathaway
                                          ----------------------------------
                                      Name: Edward C. Hathaway
                                            --------------------------------
                                      Title: First Vice President
                                             -------------------------------

<PAGE>   6

The undersigned, guarantors of the obligations of Baldwin Piano & Organ Company
under the Loan Agreement, hereby acknowledge and accept the above Second
Amendment and the terms and conditions therein.

SIGNATURE LEASING COMPANY

By: /s/ Duane Kimble
    ----------------------------------
Name: Duane Kimble
      --------------------------------
Title: Executive VP, CFO and Secretary
       -------------------------------

BALDWIN TRADING COMPANY

By: /s/ Duane Kimble
    ----------------------------------
Name: Duane Kimble
      --------------------------------
Title: Executive VP, CFO and Secretary
       -------------------------------

BALDWIN PIANO COMPANY (CANADA)
LIMITED

By: /s/ Duane Kimble
    ----------------------------------
Name: Duane Kimble
      --------------------------------
Title: Executive VP, CFO and Secretary
       -------------------------------

THE WURLITZER COMPANY

By: /s/ Duane Kimble
    ----------------------------------
Name: Duane Kimble
      --------------------------------
Title: Executive VP, CFO and Secretary
       -------------------------------

<PAGE>   7

                                                                       EXHIBIT A

                                                    Form of Term Promissory Note

                THIRD AMENDED AND RESTATED TERM PROMISSORY NOTE(1)

$[            ]                                                 Cincinnati, Ohio
  ------------                                                 December __, 1999

      THIS SECOND AMENDED AND RESTATED TERM PROMISSORY NOTE ("Note") is made and
entered into as of the date hereof by BALDWIN PIANO & ORGAN COMPANY, a Delaware
corporation, (the "Borrower") to the order of _______________ (hereinafter,
together with its permitted successors and assigns, called "Bank").

      This Note has been executed and delivered pursuant to a certain General
Loan and Security Agreement dated as of June 15, 1989 by and between Borrower
and Fifth Third Bank, as amended by an Amended and Restated General Loan and
Security Agreement dated as of February 24, 1994 by and between Borrower and
Fifth Third Bank, as amended by an Amended and Restated Term Loan Agreement
dated as of May 15, 1998, by and among Borrower, Fifth Third Bank, an Ohio
banking corporation, as "Agent", and the Banks listed therein and a First
Amendment to Amended and Restated Term Loan Agreement dated as of July 15, 1999
(collectively, and as the same may be amended, modified, supplemented or
restated, the "Loan Agreement"), and is subject to the terms and conditions of
the Loan Agreement, including without limitation, acceleration upon the terms
provided therein. All capitalized terms used herein shall have the meanings
assigned to them in the Loan Agreement unless the context hereof requires
otherwise.

      Borrower, for value received, promises to pay to the order of Bank, at
Agent's Head Office, for the account of Bank in accordance with the Loan
Agreement, the principal sum of [______________] AND 00/100 DOLLARS
($5,000,000.00) (the "Credit Commitment") or so much thereof as is loaned by
Bank pursuant to the provisions hereof and the terms and provisions of the Loan
Agreement, together with interest on the unpaid principal amount at the annual
rate defined, determined and adjusted pursuant to the Loan Agreement ("Interest
Rate"). Interest shall be due and payable quarterly in arrears commencing on
January 2, 2000, and on each April 1, July 1, October 1 and January 1
thereafter. All interest under this Note shall be computed on the basis of the
actual number of days elapsed over an assumed year consisting of three hundred
sixty (360) days.

----------------------
         (1) This Third Amended and Restated Term Promissory Note is one of two
notes issued as of the date hereof in exchange for and in substitution for two
Second Amended and Restated Secured Promissory Notes, each in the original
principal amount of $5,000,000.00 and dated as of May 18, 1998 ("Second Amended
and Restated Notes"), which such Second Amended and Restated Notes were issued
in exchange for and in substitution of an Amended and Restated Secured
Promissory Note dated as of February 24, 1994 (the "Amended Note") which Amended
Note was issued in exchange for and in substitution of a Secured Promissory Note
dated as of June 15, 1989 (the "Original Note"). This Note is not and shall not
be construed as a novation or be construed in any manner as an extinguishment of
the obligations arising under the Second Amended and Restated Notes, the Amended
Note or the Original Note, or to affect the priority of the security interest
granted in connection with either the Second Amended and Restated Notes, the
Amended Note or the Original Note, with it being expressly understood and agreed
by the parties hereto, and any third parties relying on its terms, that this
Note does not replace the original indebtedness, but merely modifies the terms
and conditions of such indebtedness evidenced by the Original Note, as modified
by the Amended Note, the Second Amended and Restated Notes and the underlying
loan documents, as the same have been amended and restated.
<PAGE>   8

                                       ii

      Borrower shall pay to Bank, commencing on January 2, 2000, and on each
April 1, July 1, October 1 and January 1 thereafter, and on the date this Note
is due (whether by maturity, acceleration or otherwise), quarterly installments
of principal in the amount of ONE HUNDRED TWENTY-FIVE THOUSAND AND 00/100
DOLLARS ($125,000.00), provided that, in any event, the last installment payable
on this Note shall be in an amount sufficient to pay in full the entire unpaid
principal and accrued interest of this Note. All of the indebtedness evidenced
by this Note shall, if not sooner due and payable as provided in the Loan
Agreement, be in any event absolutely and unconditionally due and payable in
full by Borrower on May 1, 2003.

      This Note is subject to mandatory prepayment upon the terms and conditions
set forth in the Loan Agreement. This Note may be prepaid in whole or in part as
set forth in the Loan Agreement. Amounts borrowed hereunder and repaid or
prepaid may not be reborrowed.

      If this Note is accelerated pursuant to the Loan Agreement or if a Default
or an Event of Default with respect to any monetary payment under the Loan
Agreement shall have occurred and during the period in which such Default or
Event of Default is continuing, the outstanding principal and all accrued
interest as well as any other Obligations due Bank or Agent under any Loan
Document shall bear interest at three percent (3.0%) above the Interest Rate.

      If any payment of principal, interest or other charge due hereunder is not
paid when due, or in the event of an Event of Default under the Loan Agreement,
this Note shall, at the option of Bank, become immediately due and payable, upon
demand by Bank, except that if there shall be an Event of Default under Sections
8.12, 8.13 or 8.14 of the Loan Agreement, this Note shall automatically and
immediately be due and payable without demand.

      The Borrower hereby: (i) waives presentment, demand, notice of demand,
protest, notice of protest, notice of presentment and notice of nonpayment and
any other notice required to be given by law, except as otherwise specifically
provided in the Loan Agreement, in connection with the delivery, acceptance,
performance, default or enforcement of this Note, of any indorsement or guaranty
of this Note; and (ii) consents to any and all delays, extensions, renewals or
other modifications of this Note or waivers of any term hereof or the failure to
act on the part of Agent or Bank or any indulgence shown by Agent or Bank, from
time to time and in one or more instances, (without notice to or further assent
from Borrower) and agrees that no such action, failure to act or failure to
exercise any right or remedy, on the part of Agent or Bank shall in any way
affect or impair the obligations of Borrower or be construed as a waiver by Bank
of, or otherwise affect, any of Bank's rights under this Note, or under any
indorsement or guaranty of this Note. Subject to the terms of the Loan
Agreement, Borrower further agrees to reimburse Agent and Bank for all advances,
charges, costs and expenses, including reasonable attorney's fees, incurred or
paid in exercising any right, power or remedy conferred by this Note, or in the
enforcement thereof.

      Anything herein to the contrary notwithstanding the obligations of
Borrower under this Note, the Loan Agreement or any other Loan Documents shall
be subject to the limitation that payments of interest shall not be required to
the extent that receipt of any such payment by any Bank would

<PAGE>   9

                                       iii

be contrary to the provisions of law applicable to such Bank limiting the
maximum rate of interest that may be charged or collected by the Bank. Without
limiting the generality of the foregoing, all calculations of the rate of
interest contracted for, charged or received under this Note which are made for
the purposes of determining whether such rate of interest exceeds the maximum
rate of interest permitted by applicable law shall be made, to the extent
permitted by applicable law, by amortizing, prorating, allocating and spreading
in equal parts during the period of the full stated term of this Note, all
interest at any time contracted for, charged or received in connection with the
indebtedness evidenced by this Note, and then to the extent that any excess
remains, all such excess shall be automatically credited against and in
reduction of the principal balance, and any portion of said excess which exceeds
the principal balance shall be paid by Bank to Borrower, it being the intent of
the parties hereto that under no circumstances shall Borrower be required to pay
any interest in excess of the highest rate permissible under applicable law.

      The provisions of this note shall be governed by and interpreted in
accordance with the laws of Ohio.

      The undersigned hereby designates all courts of record sitting in
Cincinnati, Ohio and having jurisdiction over the subject matter, state and
federal, as forums where any action, suit or proceeding in respect of or arising
from or out of this Note, its making, validity or performance, may be prosecuted
as to all parties, their successors and assigns, and by the foregoing
designation the undersigned consents to the jurisdiction and venue of such
courts.

      [Remainder of page intentionally left blank. Signature page follows.]

<PAGE>   10

                                       iv

      TIME IS OF THE ESSENCE IN THE PERFORMANCE OF THE OBLIGATIONS OF THIS NOTE.

      IN WITNESS WHEREOF, the undersigned has executed this Note as of the day
and year set forth above.

                                         BALDWIN PIANO & ORGAN COMPANY,
                                         a Delaware corporation

                                         By:
                                            -------------------------------
                                         Name:
                                              -----------------------------
                                         Title:
                                               ----------------------------<PAGE>   1

                                                           EXHIBIT 10(k)

March 7, 2000

Mr. Anthony A. Massaro
1030 Hillcreek Lane
Gates Mills, OH  44040

Re:  Supplemental Retirement, Retention and Termination Benefits

Dear Tony:

                  This letter supercedes in its entirety the letter of
employment dated July 14, 1993, as amended May 26, 1998, by and between The
Lincoln Electric Company ("LEI") and you, which specified the terms of your
employment with LEI. This letter sets forth the supplemental retirement,
retention and termination benefits that the Compensation and Executive
Development Committee of the Board of Directors of Lincoln Electric Holdings,
Inc. (the "Company"), the parent of LEI, have determined will be provided to
you. All other terms and conditions of your employment with the Company,
including base salary, annual bonus and long-term compensation shall be
determined by the Company, through its Compensation and Executive Development
Committee.

                  You will participate in The Lincoln Electric Company
Retirement Annuity Program in the same manner as other employees of the
Company. Additionally, you will participate in The Lincoln Electric Company
Supplemental Executive Retirement Plan (the "SERP"), which provides a full
benefit after forty-five years of service with the Company and a normal
retirement age of 60. In this regard, the Company has credited you with
twenty-nine years of service under the SERP at your employment starting date of
August 1, 1993. Your "participation factor" under the SERP is 1.0, and the
annual benefit limit under the SERP will not apply in your case. The SERP will
become payable if the Company terminates your employment for reasons other than
Termination for Cause (as defined in the SERP), in which case the payment
amount, if paid prior to age 65 will be at 61% through 1999, rising one
percentage point each following year until it reaches 65%, with a reduction for
service short of forty-five years based upon multiplying the payable amount by
the ratio of qualified service to forty-five years, and actuarially reduced
based on age; provided, however, that the payment amount will instead be
determined under the provisions of the SERP (with the standard reductions
provided under the SERP) if such determination results in a higher payment. It
is understood that should you voluntarily leave the Company prior to age 60
without the approval of the Compensation and Executive Development Committee,
no entitlement to the SERP exists. In the event of your voluntary retirement
prior to age 60, approval of the Compensation and Executive Development
Committee will not be unreasonably withheld. Except as otherwise modified
above, the terms of the SERP will govern your benefits under the SERP.

<PAGE>   2

Mr. Anthony A. Massaro
March 7, 2000
Page 2 of 3

         The Company agrees to pay to you (as provided below) the following
Retention Benefit amounts, provided that you are employed by the Company as of
the vesting date set forth next to such amount, (unless pro rating of payments
is applied as noted below, in which case the vesting date is the termination
date) and provided, further, that the Company does not terminate your
employment in a Termination for Cause:

<TABLE>
<CAPTION>
                                        RETENTION BENEFIT                      CUMULATIVE VESTED
VESTING DATE                            VESTING LEVELS                         RETENTION BENEFIT
------------                            --------------                         -----------------
<S>                                     <C>                                    <C>
December 31, 2000                       $   400,000                            $  400,000

December 31, 2001                           400,000                               800,000

December 31, 2002                           400,000                             1,200,000

December 31, 2003                           400,000                             1,600,000

December 31, 2004                           400,000                             2,000,000

</TABLE>

Notwithstanding anything to the contrary in the SERP, the Retention Benefits
provided in this paragraph shall not be included in your Final Average Pay (as
determined in the SERP) for the purposes of determining your benefits under the
SERP.

                  At the end of each calendar quarter, an amount of $100,000
shall be credited to your account under the Company's Deferred Compensation
Plan as an "Employment Agreement Contribution" (as defined in the Deferred
Compensation Plan). Such account shall be credited at the end of each quarter
with interest at the prime rate as in effect from time to time. The Retention
Benefits credited pursuant to Employment Agreement Contributions shall be paid
in accordance with the terms of the Deferred Compensation Plan. In the event
that your employment with the Company is terminated for any reason before
December 31, 2004, you will forfeit all Retention Benefits that are not vested
in accordance with the foregoing schedule.

                  If the Company terminates your employment for reason other
than Termination for Cause, or if you terminate your employment with the
Company for Good Reason, or upon your retirement, disability or death, you (or
your beneficiaries or estate, as the case may be) will receive a pro rata
payment of the Retention Benefit attributable to the year of such termination.
Such pro rata payment will be determined by multiplying the Retention Benefit
for the year of termination by a fraction, the numerator of which is the number
of full completed days in such year through the effective date of termination,
and the denominator of which is 365.

                                       2

<PAGE>   3

Mr. Anthony A. Massaro
March 7, 2000
Page 3 of 3

                  If the Company terminates your employment for any reason
other than Termination for Cause, or if you terminate for Good Reason, you will
receive a lump sum severance payment equal to two years' then base salary plus
annual bonus at target.

                  For purposes of this letter, "Termination for Cause" shall
have the same meaning as provided in the SERP, and "Good Reason" means, without
your prior written consent, a significant adverse change in the nature or scope
of your duties with the Company, including failure to re-elect you as Chief
Executive Officer.

                                              Very truly yours,

                                              /s/ Edward E. Hood, Jr.
                                              Edward E. Hood, Jr.
                                              Chairman, Compensation and
                                              Executive Development Committee

ACCEPTED:

/s/ Anthony A. Massaro
Anthony A. Massaro

March 8, 2000

                                       3

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