Document:

Exhibit 10.7

                                   November 14, 1997

Mr. Larry Salustro
(Home Address)

Dear Larry:

     This letter will confirm our offer of employment to you,
with the specifics to be as follows:

     1)   Position:  Vice President, Legal, Regulatory and
          Governmental Affairs.  You would report to me in my
          capacity as Chief Executive Officer of the Company.  In
          addition, you would be expected to participate in a
          senior strategy group I have organized.  The office of
          the Corporate Secretary and the Law department and
          Governmental Affairs department (federal, state &
          local) will report to you.  Further, upon completion of
          existing cases, all future regulatory affairs
          (including matters before the FERC, DOE, PSCW and MPSC)
          will be your responsibility.

     2)   Base Salary:  Base salary will be payable to you at the
          rate of Two Hundred and Five Thousand Dollars
          ($205,000) per year, payable in accordance with the
          Company's regular payroll practices.

     3)   Special Signing Bonus:  In recognition of the financial
          detriment to you regarding termination from your
          present employment at this time, we will pay you a
          special signing bonus of Seventy-Five Thousand Dollars
          ($75,000) promptly after you report for work with us.

     4)   Stock Based Incentives:  You will receive a grant of a
          non-qualified stock option covering 40,000 shares of
          the common stock of Wisconsin Energy Corporation at an
          option price equal to 100% of the fair market value of
          the stock on the date of grant, promptly after you
          report for work with us.  The option will vest or
          become exercisable by you 4 years from the date of
          grant, provided you then remain in our employ, or upon
          your earlier death or disability.  You will also
          promptly after you report for work with us receive an
          award of restricted stock for 6,000 shares of the
          common stock of Wisconsin Energy Corporation.  The
          restrictions on these shares will lapse 4 years from
          the date of the award, provided you then remain in our
          employ, or upon your earlier death or disability.

     5)   Other Benefits:  You will participate in the Wisconsin
          Energy Corporation Supplemental Executive Retirement
          Plan with respect to monthly benefits "A" and "B."
          Monthly benefit "A" is designed to make up for any
          limitations imposed on the amount of your accrued
          benefit under the Company's tax-qualified defined
          benefit plan (the "Retirement Account Plan") upon your
          retirement at or after age 60, because of benefit
          limits under Section 415 of the Internal Revenue Code
          or the limit on annual compensation imposed by Section
          401(a)(17) of such Code.  Monthly benefit "B" is a
          special supplemental pension benefit equal to a life
          annuity of 10% of your average total compensation
          during your highest 36 consecutive months, which will
          become available to you upon your retirement at or
          after age 60.  You will also participate on a basis
          commensurate with other senior executives of the
          Company in any other employee benefits, perquisites,
          vacations plans, or executive short term and long term
          incentive compensation programs as may exist from time
          to time.  Also, you will be entitled to participate in
          all applicable retirement and savings plans and all
          welfare benefit plans and practices which the Company
          makes available to its salaried employees generally.
          The Company requires an annual medical physical exam by
          a physician or clinic of your choice, at Company
          expense.

     6)   Additional Pension Benefit:  In addition, the Company
          will provide an additional pension benefit to you upon
          your retirement at or after age 60 (or prior to age 60
          with the approval of the Chief Executive Officer of the
          Company and the Board of Directors of the Company).
          This additional pension benefit will be equal to the
          difference, if any, between (a) and (b) below, less the
          amount of the monthly vested retirement benefit payable
          to you at 65 or that would have been payable to you at
          that age from defined benefit plans of previous
          employers for periods of employment prior to your
          employment by the Company had you elected to receive
          your accrued benefits from such plans of such prior
          employers at age 65 (the "Reduction Amount"), where (a)
          and (b) are defined as follows:

          (a)  equals the monthly retirement benefit that is
               payable from the Retirement Account Plan of the
               Company, plus the amounts of any actual "make
               whole" pension supplement due under the provisions
               of Section IX(1) and (2) of the Wisconsin Energy
               Corporation Executive Deferred Compensation Plan,
               plus any amount payable under monthly benefit "A"
               under Wisconsin Energy Corporation's Supplemental
               Executive Retirement Plan, and

          (b)  equals the monthly retirement benefit that would
               have been payable from the Management Employees'
               Retirement Plan of the Company as in effect on
               December 31, 1995 (the "1995 Management Plan") had
               the defined benefit formula in effect on
               December 31, 1995 continued until your retirement,
               calculated without regard to any limitations
               imposed by Section 415 of the Internal Revenue
               Code or any limitation on annual compensation
               imposed by Section 401(a)(17) of such Code and
               under the assumptions that (i) your participation
               in the 1995 Management Plan had commenced on the
               first day of the month following your 25th
               birthday and continued uninterrupted thereafter,
               (ii) any deferrals of base salary you elected
               under the Wisconsin Energy Corporation Executive
               Deferred Compensation Plan were disregarded and
               instead included in your compensation base for
               calculating retirement income under the 1995
               Management Plan, and (iii) the amount of any
               Performance Award, Incentive Award or Special
               Award, calculated at the time of its determination
               by the Board of Directors had also been included
               in your compensation base for calculating
               retirement income under the 1995 Management Plan.

          The Reduction Amount shall be converted into an
          actuarial equivalent of a life annuity form of payment
          payable at age 65 using the actuarial equivalency
          factors under the Retirement Account Plan of the
          Company, but shall be subtracted, without any further
          adjustment, from any additional pension benefit
          calculated as above set forth, whenever the same
          commences, whether before or after your 65th birthday.
          Further, the Reduction Amount applies to any additional
          pension benefit calculated as above set forth and
          expressed as a life annuity form of benefit and shall
          be made prior to the application of factors applicable
          for any other form of benefit available under the 1995
          Management Plan (which forms shall be available to
          you).  Prior to the date of your retirement, you will
          provide the Company with certified information
          regarding the Reduction Amount.

     7)   Additional Preretirement Spouse's Benefit:  Further in
          the event of your death while in the employ of the
          Company, the Company will pay to your surviving spouse
          (if any) a monthly benefit equal to the difference
          between (i) and (ii) below, but reduced as provided
          below to reflect the value of any vested defined
          benefit retirement benefits attributable to prior
          employment (the "Reduction Amount" as defined above),
          where (i) and (ii) are defined as follows:

          (i)  equal the monthly spouse's benefit that is payable
               from the Retirement Account Plan of the Company,
               plus the amounts of any actual "make whole"
               spousal pension supplements due under the
               provisions of Sections IX(1) and (2) of the
               Wisconsin Energy Corporation Executive Deferred
               Compensation Plan, plus any amount payable under
               monthly benefit "A" under the Wisconsin Energy
               Corporation Supplemental Executive Retirement
               Plan, and

          (ii) equals the monthly spouse's benefit which would
               have been payable from the 1995 Management Plan
               had the defined benefit formula in effect on
               December 31, 1995 continued until your death,
               calculated on all the same assumptions as set
               forth in subsection (b) above.

          The Reduction Amount in the event the above surviving
          spouse benefit becomes payable is to be applied by
          reducing the monthly surviving spouse benefit
          calculated as above set forth by 1/2 of the dollar amount
          of the Reduction Amount that would have been offset in
          the event the additional pension benefit provisions of
          paragraph 6 (a) and (b) above were applicable.

     8)   Conditions of Payment Regarding Additional Pension
          Benefits:  The additional pension benefits provided for
          in paragraphs 6 and 7 hereof shall be subject to and
          administered as if the same were payable directly from
          the 1995 Management Plan and all of the forms of
          payment available under the 1995 Management Plan shall
          be available to you.  However, you may at the time of
          your retirement make a written request to the Board of
          Directors of the Company for a single lump sum payment
          of an amount equal to the then present value of all
          additional benefits accrued under paragraphs 6 and 7,
          calculated using (i) an interest rate equal to the
          5-Year United States Treasury Note yield in effect on
          the last business day of the month prior to the payment
          (as reported in the Wall Street Journal or comparable
          publication), and (ii) the mortality tables then in use
          under the Retirement Account Plan of the Company.  The
          Board of Directors of the Company, in its sole and
          absolute discretion, may grant or deny such request.

          Further, upon the occurrence of a "Change in Control"
          of the Wisconsin Energy Corporation (as defined in
          Exhibit A attached to and made a part of this letter),
          then notwithstanding any other provision hereof, the
          Company shall promptly pay to you or to anyone then
          receiving additional benefits under paragraphs 6 or 7
          of this letter a single lump sum payment of an amount
          equal to the then present value of all such additional
          benefits accrued (whether or not in pay status and
          without regard to whether your employment is
          continuing), calculated using the same assumptions as
          set forth in the immediately preceding paragraph, with
          an interest rate to equal the 5-Year United States
          Treasury Note yield in effect on the last business day
          of the month prior to the date when the Change in
          Control occurred.  If you continue in employment and
          the additional benefits provided for in this letter
          continue, appropriate provisions shall be made so that
          any subsequent payments under paragraphs 6 or 7 of this
          letter are reduced to reflect the value of such lump
          sum payment.

     9)   Moving Expenses and Temporary Living Expenses:  The
          Company will pay or reimburse you for your reasonable
          moving costs in accordance with standard Company
          policy.  In addition, the Company will pay or reimburse
          you for your reasonable temporary living expenses in
          the Milwaukee area for a period of up to 120 days prior
          to your purchase of a residence here.

     All the benefits described above which are further defined
in plan documents are subject to all of the terms in those
documents which supersede any other description.  Management
reserves the right in its discretion to change or terminate all
current benefit plans or practices and other policies and
procedures.

     Your employment would be considered at-will; that is, you
could be discharged for any reason or no reason at all, at any
time and without notice, and, likewise, you may resign at any
time and without notice.

     We anticipate that your staring date with us would be within
30 days.  This offer supersedes all our prior discussions and
will remain open until December 2, 1997.

     We look forward to hearing from you and hope that you will
join us.

                                   Very truly yours,

                                   /s/Richard A. Abdoo
                                   -------------------------
                                   Richard A. Abdoo,
                                   Chairman of the Board and CEO

                           EXHIBIT A

                  Change in Control Definition

     For purposes of this Plan, a "Change in Control" with
respect to Wisconsin Energy Corporation shall mean the occurrence
of any of the following events, as a result of one transaction or
a series of transactions:

     (a)  any "person" (as such term is used in Sections 13(d)
          and 14(d) of the Securities Exchange Act of 1934, but
          excluding the Company, its affiliates and any qualified
          or non-qualified plan maintained by the Company or its
          affiliates) becomes the "beneficial owner" (as defined
          in Rule 13d-3 promulgated under such act), directly or
          indirectly, of securities of the Company representing
          more than 20% of the combined voting power of the
          Company's then outstanding securities;

     (b)  individuals who constitute a majority of the Board
          immediately prior to a contested election for positions
          on the Board cease to constitute a majority as a result
          of such contested election;

     (c)  the Company is combined (by merger, share exchange,
          consolidation, or otherwise) with another corporation
          and as a result of such combination, less than 60% of
          the outstanding securities of the surviving or
          resulting corporation are owned in the aggregate by the
          former shareholders of the Company;

     (d)  the Company sells, leases, or otherwise transfers all
          or substantially all of its properties or assets not in
          the ordinary course of business to another person or
          entity; or

     (e)  the Board determines in its sole and absolute
          discretion that there has been a Change in Control of
          the Company.

     These Change in Control provisions shall apply to successive
Changes in Control on an individual transaction basis.Exhibit 10.12

                  WISCONSIN ENERGY CORPORATION

                   SHORT-TERM PERFORMANCE PLAN

          As amended and restated as of August 15, 2000

                  WISCONSIN ENERGY CORPORATION
                   SHORT-TERM PERFORMANCE PLAN

This Plan ("the Wisconsin Energy Corporation Short-Term
Performance Plan") succeeds to and constitutes an amendment and
restatement of the Wisconsin Energy Corporation Short-Term
Performance Plan, effective January 1, 1992; such amendment and
restatement is effective as of August 15, 2000.  All the
provisions of this amended and restated Plan, as subsequently
amended, shall apply to all active employee Participants.

I)   Purpose and Objectives

     The purpose of this Plan is to provide an annual incentive
     compensation plan which permits the awarding of annual cash
     bonuses to eligible employees of Wisconsin Energy
     Corporation (the "Company") and/or its subsidiaries, based
     on the achievement of pre-established performance goals
     which promote the achievement of shareholder, customer and
     employee-focused objectives while recognizing individual
     performance.

II)  Eligibility

     1)   Definition of a "Participant"

          The term "Participant" as used in this Plan refers to
          any key employee of the Company and/or its subsidiaries
          who is designated for participation in the Plan
          annually by the Chief Executive Officer of the Company,
          the Company's Board of Directors (the "Board") or the
          Compensation Committee of the Board (the "Committee").
          An employee can be designated as a "Participant" for
          either Benefit A or Benefit B as described in the Plan.
          Employees designated as Participants in either
          Benefit A or Benefit B of the Plan shall be so notified
          in writing, and shall be apprised of the performance
          goals and related target awards for the relevant plan
          year.

     2)   Partial Plan Year Participation

          Generally, Participants will be in the active employ of
          the Company prior to the first day of any plan year,
          but an individual who becomes employed after that date
          may be designated as a Participant.

          In that event, such employee's final award shall be
          prorated based upon the number of full months of
          eligibility during such plan year.  The Chief Executive
          Officer, the Board or the Committee shall have full
          discretion to determine the proper calculation for such
          proration, or adjust the target and/or performance
          awards.

III) Award Determination

     1)   Target Award Level

          Prior to the beginning of each plan year or as soon as
          practicable thereafter, the Chief Executive Officer,
          the Board or the Committee shall approve a target award
          for each Participant.  The established target award
          shall vary in relation to the Participant's
          responsibilities and influence on achievement of
          short-term goals.  In the event a Participant's
          responsibilities change during a plan year, the
          Participant's target award may be adjusted to reflect
          the level of responsibility at the end of the plan
          year.

     2)   Performance Goals

          Prior to the beginning of each plan year, or as soon as
          practicable thereafter, performance goals for that plan
          year shall be established with the approval of the
          Chief Executive Officer, the Board or the Committee.
          The goals may be based on any combination of corporate,
          subsidiary, divisional, and/or individual goals.  More
          than one performance goal may be established, and
          multiple goals may have the same or different
          weightings.  Various achievement levels of performance
          for each performance goal may be established.

          The Chief Executive Officer, the Board or the Committee
          may also establish one or more Company-wide performance
          goals which must be achieved for any Participant to
          receive an award for that plan year.

     3)   Adjustment of Performance Goals

          The Chief Executive Officer, the Board or the Committee
          may make an adjustment to the performance goals and the
          target awards (either up or down) during a plan year if
          it determines that external changes or other
          unanticipated business conditions have materially
          affected the fairness of the goals and have unduly
          influenced the Company's ability to meet them.
          Further, in the event of a plan year of less than
          twelve (12) months, the Chief Executive Officer, the
          Board or the Committee may make an adjustment to the
          performance goals and the target awards accordingly, at
          his or its discretion.

     4)   Final Award Determinations

          At the end of each plan year, final awards shall be
          computed for each Participant as approved by the Chief
          Executive Officer, the Committee or the Board.  Final
          award amounts may vary above or below the target
          awards, based on achievement of the pre-established
          corporate, subsidiary, divisional, and/or individual
          performance goals.

     5)   Award Cap

          The Chief Executive Officer, the Committee or the Board
          may establish guidelines governing the maximum final
          awards that may be earned by Participants (either in
          the aggregate, by employee groups established for this
          purpose, or among individual Participants) in each plan
          year.  The guidelines may be expressed as a percentage
          of Company-wide goals or financial measures, or such
          other measures.

     6)   Pro Rata Target Award Upon a Change in Control

          Notwithstanding any other provision of this Plan, upon
          the occurrence of a "change in control" of the Company
          as defined in paragraph 11 of the Company's Omnibus
          Stock Incentive Plan (which is hereby incorporated by
          reference), each Participant in the employ of the
          Company or a subsidiary on the effective date of such
          change in control shall become entitled to the target
          award established for such Participant for the plan
          year in which the change in control occurs, but only to
          the extent that such Participant is not already
          entitled to a special bonus payout under the provisions
          of any other agreement.  Such target award shall be
          prorated based on the number of full months of service
          completed by such Participant during such plan year
          prior to the occurrence of such change in control.

IV)            Payment of Final Awards

     1)   Form and Timing of Payments

          Final award payments shall be paid as soon as
          practicable after award amounts are approved.

     2)   Awards Under Benefit A

          a)   Deferral of Award

               A Participant may elect to defer a portion or all
               of the final award under Benefit A pursuant to the
               terms and conditions set forth in the Company's
               Executive Deferred Compensation Plan, which are
               hereby incorporated by reference.

          b)   Retirement Income Consideration

               Final awards under Benefit A shall be excluded
               from the compensation used for calculating
               retirement income under the qualified defined
               benefit retirement plan of the Company.  In
               consideration of this exclusion, there is a
               "make-whole" pension supplement applicable to
               Participants in this Plan regarding final awards
               under Benefit A.  For such Participants who are
               also participants in the Company's Supplemental
               Executive Retirement Plan, which is hereby
               incorporated by reference (the "SERP"), the
               pension supplement will be provided pursuant to
               the terms and conditions of the SERP.  For such
               Participants who are not also participants in the
               SERP, the pension supplement will be the
               additional pension benefit to which such
               Participant would have become entitled under the
               terms of the qualified defined benefit retirement
               plan of the Company had the entire amount of each
               final award under Benefit A been taken into
               account as pension eligible earnings (without
               regard to any limitations imposed by the Internal
               Revenue Code on benefits or compensation) at the
               time when such award would have been regularly
               paid (disregarding any deferral election).
               Further, for such non-SERP Participants, the
               additional pension benefit shall be paid in a lump
               sum form at the same time as the benefit payable
               to the Participant under the Company's qualified
               defined benefit plan.  However, if such a non-SERP
               Participant leaves employment in connection with
               the Participant's immediate transfer to and
               acceptance of employment with another employer
               which is providing services essential to the
               utilities business conducted by the Company or its
               subsidiaries, then such Participant will not be
               considered to have terminated employment for
               purposes of determining the time when such
               Participant will be deemed to have commenced
               benefits under the Company's qualified defined
               benefit pension plan.  Instead such Participant
               will be deemed to have continued in employment for
               as long as such Participant remains in the employ
               of such other employer and such employer continues
               to provide such services and will be deemed to
               have commenced benefits under the Company's
               qualified defined benefit plan only when such
               Participant's termination of service from such
               deemed continuing employment occurs, without
               regard to when actual payment of benefits under
               the Company's qualified defined benefit plan
               commences.  For such non-SERP Participants, the
               terms and conditions of the Company's qualified
               defined benefit plan shall provide the governing
               principles as to the calculation and payment of
               the additional pension benefit arising under this
               Plan.

     3)   Awards Under Benefit B

          Final awards for employees designated as Participants
          under Benefit B are not subject to any "make-whole"
          pension supplement and such awards may not be deferred
          under the Company's Executive Deferred Compensation
          Plan.

     4)   Unsecured Interest

          No Participant or any other party claiming an interest
          in amounts earned under the Plan shall have any
          interest whatsoever in any specific asset of the
          Company.  To the extent that any party acquires a right
          to receive payments under the Plan, such right shall be
          equivalent to that of an unsecured general creditor of
          the Company.

V)   Termination of Employment

     1)   Termination of Employment Due to Death, Disability or
          Retirement

          In the event a Participant's employment is terminated
          by reason of death, "Disability," or "Retirement," the
          final award determined in accordance with Section
          III(4), shall be reduced to reflect participation prior
          to termination only.  For purposes of this Plan,
          "Retirement" shall have occurred if the Participant
          terminates service either on or after age 55 with at
          least 10 years of service, at or after age 65, or at
          time when such Participant is eligible for an employer
          provided retiree medical plan and "Disability" shall
          have the same meaning as in the Company's long-term
          disability plan.  The reduced award shall be determined
          by multiplying said final award by a fraction, the
          numerator of which is the number of full months of
          employment in the plan year and the denominator of
          which is twelve (12).  In the case of a Participant's
          Disability, the employment termination shall be deemed
          to have occurred on the date the Chief Executive
          Officer, the Board or the Committee determines the
          definition of Disability to have been satisfied.

          The final award thus determined shall be paid as soon
          as practicable following the end of the plan year in
          which employment termination occurred.

     2)   Termination of Employment for Other Reasons

          In the event a Participant's employment is terminated
          for any reason other than death, Disability, or
          Retirement (of which the Chief Executive Officer, the
          Board or the Committee shall be the sole judge), all of
          the Participant's rights to a final award for the plan
          year then in progress shall be forfeited.  However,
          except in the event of an employment termination for
          "Cause," the Chief Executive Officer, the Board or the
          Committee may waive such provisions and allow a
          prorated award for the portion of that plan year that
          the Participant was employed by the Company.

          Cause shall be defined as:

          a)   the willful and continued failure of the
               Participant to substantially perform the
               Participant's duties (other than failure resulting
               from incapacity due to physical or mental
               illness), after a written demand for substantial
               performance is delivered to the Participant by the
               Board, the Committee or an elected officer of the
               Company which specifically identifies the manner
               in which the Board, the Committee or the elected
               officer believes that the Participant has not
               substantially performed the Participant's duties,
               or

          b)   the willful engaging by the Participant in illegal
               conduct or gross misconduct which is materially
               and demonstrably injurious to the Company.
               However, no act, or failure to act, on the
               Participant's part shall be considered "willful"
               unless done, or omitted to be done, by the
               Participant not in good faith and without
               reasonable belief that his or her action or
               omission was in the best interest of the Company.
VI)  Rights of Participants

     1)   Employment

          Nothing in the Plan shall interfere with or limit in
          any way the right of the Company or employing
          subsidiary to terminate any Participant's employment at
          any time, nor confer upon any Participant any right to
          continue in the employ of the Company or any
          subsidiary.

     2)   Nontransferability

          No right or interest of any Participant in the Plan
          shall be assignable or transferable, or subject to any
          lien, directly, by operation of law, or otherwise,
          including, but not limited to, execution, levy,
          garnishment, attachment, pledge, and bankruptcy.

VII) Beneficiary Designation

          Each Participant under the Plan may, from time to time,
          name any beneficiary or beneficiaries (who may be named
          contingently or successively) to whom any benefit under
          the Plan is to be paid in case of his or her death
          before he or she receives any or all of such benefit.
          Each designation will revoke all prior designations by
          the same Participant, shall be in a form prescribed by
          the Company and will be effective only when filed in
          writing with the Company during the Participant's
          lifetime.  In the absence of any such designation, or
          if the beneficiary predeceases the Participant,
          benefits remaining unpaid at the Participant's death
          shall be paid to the Participant's estate.

VIII)     Amendments

          The Board or the Committee, in its sole discretion,
          without notice, at any time and from time to time, may
          modify or amend, in whole or in part, any or all of the
          provisions of the Plan, or suspend or terminate it
          entirely; provided, however, that no such modification,
          amendment, suspension, or termination may, without the
          consent of a Participant (or his or her beneficiary in
          the case of the death of the Participant), reduce the
          right of a Participant (or his or her beneficiary as
          the case may be) to a payment or distribution hereunder
          of a final award to which he or she is entitled.  The
          Chief Executive Officer may also make amendments to the
          Plan at any time, consistent with the authority
          delegated to the Chief Executive Officer by the Board
          regarding such amendments.

IX)  Miscellaneous

     1)   The Chief Executive Officer, the Board or the Committee
          may establish, amend or rescind from time to time rules
          and regulations which are necessary or desirable in
          connection with the Plan.  The Chief Executive Officer
          may not act on any matter involving his own
          participation in this Plan.  The Company shall have the
          right to withhold from any amounts payable under this
          Plan any taxes or other amounts required to be withheld
          by any governmental authority.

     2)   Every person receiving or claiming payments under this
          Plan shall be conclusively presumed to be mentally
          competent until the date on which the Company receives
          a written notice, in form and manner acceptable to it,
          that such person is incompetent and that a guardian,
          conservator, or other person legally vested with the
          care of such person's estate has been appointed.  In
          the event a guardian or conservator of the estate of
          any person receiving or claiming payments under this
          Plan shall be appointed by a court of competent
          jurisdiction, payments may be made to such guardian or
          conservator provided that proper proof of appointment
          and continuing qualification is furnished in a form and
          manner acceptable to the Company.  Any such payment so
          made shall be a complete discharge of any liability
          therefor.

     3)   Participation in this Plan, or any modifications
          thereof, or the payment of any benefits hereunder,
          shall not be construed as giving to the Participant any
          right to be retained in the service of the Company or
          its subsidiaries, limiting in any way the right of the
          Company or its subsidiaries to terminate the
          Participant's employment at any time, evidencing any
          agreement or understanding, express or implied, that
          the Company or its subsidiaries will employ the
          Participant in any particular position or at any
          particular rate of compensation and/or guaranteeing the
          Participant any right to receive a salary increase in
          any year, such increase being granted only at the sole
          discretion of the Compensation Committee of the Board.

     4)   The Company, or its subsidiaries, or their Boards of
          Directors or any committees thereof, or any officer or
          director of the Company or its subsidiaries or any
          other person shall not be liable for any act or failure
          to act hereunder, except for fraud.

     5)   This Plan shall be governed by and construed in
          accordance with the laws of the State of Wisconsin, to
          the extent not preempted by federal law, without
          reference to conflicts of law principles.

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