Document:

EXHIBIT 10.16
                                                   FORM 10-K
                                YEAR ENDED DECEMBER 31, 1999

                          EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT is made this 23rd day of June, 1999, by and
between BUCYRUS INTERNATIONAL, INC., a Delaware corporation (the "Company"),
and MICHAEL W. SALSIEDER ("Employee").

     WHEREAS, the Company desires to employ Employee as General Counsel,
and Employee desires to accept the employment offered by the Company.

     NOW, THEREFORE, in consideration of the premises and for the mutual
consideration hereinafter set forth, the parties agree as follows:

     1.   Position.  Employee shall be employed by the Company as Vice
President and General Counsel upon the terms and conditions contained
herein.

     2.   Salary.  During the term of this Agreement, the Company shall
pay Employee an annual base salary of One Hundred Fifty Thousand Dollars
($150,000.00), minus applicable withholdings, in accordance with the
Company's normal payroll practices (the "Base Salary").  The Base Salary is
subject to merit increases in accordance with the Company's normal salary
merit increase review policy.

     3.   Annual Performance Bonus.  Employee shall be eligible to
participate in an annual performance bonus plan, with performance targets
to be based on the Company's existing financial plan, and otherwise on terms
to be mutually agreed upon by Employee and the Company (the "Annual Bonus
Plan"); provided, that the terms of the Annual Bonus Plan shall provide that
the amount of the annual bonus payable to Employee (the "Annual Bonus")
shall be equal to 35% of Employee's Base Salary upon the achievement of the
targeted performance goals for the relevant fiscal year of the Company, with
the potential for an Annual Bonus of up to 105% of Base Salary in the event
of exceptional performance; and provided, further, that Employee's Annual
Bonus with respect to fiscal 1999 shall be pro rata from date of employment
and shall not be less than $13,125.

     4.   Stock; Stock Options.

          (a)  Purchase of Shares of Company Common Stock.  As a condition
of the effectiveness of this Agreement, no later than July 15, 1999, the
Employee shall purchase 750 shares of the Company's common stock, par value
$0.01 per share ("Common Stock"), at a price of $100 per share (the
"Purchased Shares").  The Company shall accept payment for a portion of the
purchase price of the Purchased Shares in the form of Employee's promissory
note substantially in the form attached hereto as Annex A (the "Note"), in
the maximum principal amount of $60,000, subject to Employee's pledge of all
the Purchased Shares to secure the Note pursuant to a pledge agreement (the
"Pledge Agreement") executed by the parties substantially in the form
attached hereto as Annex B.  As a condition of such purchase, Employee shall
become a party to that certain Stockholders Agreement, dated as of March 17,
1998, among the Company and its Stockholders (the "Stockholders Agreement"),
by executing a Joinder Agreement thereto generally in the form attached as
Exhibit A to the Stockholders Agreement; provided, that the Stockholders
Agreement shall be interpreted (and, as necessary, deemed amended) so as to
be consistent with the terms of the Pledge Agreement.  Employee acknowledges
receipt of a copy of the Stockholders Agreement and the opportunity to have
carefully reviewed the Stockholders Agreement with counsel prior to
executing this Agreement.

          (b)  Grant of Stock Options.  Subject to Employee's compliance
with the provisions of Section 4(a), the Employee shall be granted options
("Options") under the Company's 1998 Management Stock Option Plan (the
"Stock Option Plan") to purchase 3,750 of additional shares of Common Stock;
provided, that notwithstanding the terms of the Stock Option Plan and
Schedule 1 to the form of stock option agreement annexed thereto, (i) the
normal vesting period of such options shall be the three year period from
January 1, 1999 to December 31, 2001, (ii) the Company is currently in the
process of reassessing the EBITDA target for 1999 for all management option
holders, and any such reassessment shall apply to Employee's Options, and
(iii) additional changes to the terms of the Options may be made by the
Company as shall be reasonably necessary and appropriate to conform the
Options to the aforesaid three year vesting schedule.  Employee acknowledges
receipt of a copy of the Stock Option Plan (together with the annexes
thereto) and the opportunity to have carefully reviewed the Stock Option
Plan with counsel prior to executing this Agreement.

     5.   Additional Benefits.

          (a)  Employee Benefits.  During the Term, Employee shall be
entitled to participate in all employee welfare benefit plans and programs
generally made available from time to time to the Company's senior
management, including without limitation any major medical, dental,
retirement and life insurance plans, subject to any eligibility requirements
and the other generally applicable terms of such plans.  Without limitation,
Employee shall be entitled to use of a Company-provided automobile in
accordance with the Company's policies applicable to its senior management.

          (b)  Expenses.  During the Term, the Company shall reimburse
Employee for any expenses reasonably incurred by him in furtherance of his
duties hereunder, including without limitation travel, meals, and
accommodations, upon submission by him of vouchers or receipts and in
compliance with such rules and policies relating thereto as the Company may
from time to time adopt or as may be required in order to permit such
payments to be taken as proper deductions by the Company or any subsidiary
under the Internal Revenue Code of 1986, as amended, and the rules and
regulations adopted pursuant thereto now or hereafter in effect.  The
Company shall also reimburse Employee for reasonable spousal travel expenses
to customer or industry events to the extent consistent with Company policy.

     6.   Duration and Termination.

          (a)  Duration.  Subject to termination as provided below, this
Agreement and Employee's employment hereunder shall begin on the date
hereof, continue for a period of one (1) year, and automatically renew
thereafter for successive one year terms unless either party gives the other
party sixty (60) days written notice that this Agreement and Employee's
employment shall terminate on the last day of the original term or any
renewal term, as the case may be.

          (b)  Termination Without Cause.  This Agreement and Employee's
employment may be terminated by either party without Cause (as defined in
Paragraph 6(c)) at any time by giving at least sixty (60) days' written
notice to the other party of the intent to do so.

          (c)  Termination by the Company for Cause.  The Company shall
have the right to terminate this Agreement and Employee's employment
hereunder in the event of any of the following (which shall constitute
"Cause"):  (i) fraud, dishonesty, or misconduct by Employee in connection
with the business of the Company; (ii) commission by Employee of a felony;
or (iii) a material breach by Employee of the terms of this Agreement.

          (d)  Termination Upon Death or Disability.  This Agreement and
Employee's employment hereunder shall immediately terminate in the event of
Employee's death or Disability (as hereinafter defined).  For purposes of
this Agreement, Employee shall be deemed to have suffered a "Disability" in
the event that a physician selected by the Company determines that Employee,
due to a physical or mental condition, is unable to substantially perform
his duties hereunder for a period of at least ninety (90) days.

     7.   Compensation upon Termination.  Upon termination of Employee's
employment under this Agreement, all of the Company's obligation to pay
Employee compensation and provide benefits under this Agreement shall
terminate, except that in the event Employee's employment is terminated by
the Company based on notice provided by the Company pursuant to Paragraph
6(a) or 6(b), Employee shall be entitled to (1) continuation of his Base
Salary and health insurance and pension benefits (to the extent coverage
terms permit) for a period of one (1) year from the date of such termination
(the "Severance Period"), payable in accordance with the Company's normal
payroll practices; and (2) out-placement consulting services from a firm
selected by the Company at a total cost not to exceed Fifteen Thousand
Dollars ($15,000).  The Company shall have the right to discontinue payments
or other benefits hereunder in the event Employee breaches the restrictions
in Paragraph 9 or 10 or any such restriction is determined to be
unenforceable in any respect.

     8.   Change of Control.

          (a)  Definitions.  For purposes of this Paragraph 8:

               (i)  "Act" shall mean the Securities Act of 1934.

               (ii) A "Change of Control" of the Company shall be
                    deemed to have occurred when:

                    (A)  Securities of the Company representing more
     than 50% of the combined voting power of the Company's then
     outstanding voting securities are acquired, directly or indirectly,
     by any Person who did not on the date of this Agreement own, directly
     or indirectly, 5% or more of the combined voting power of the
     Company's voting securities outstanding on the date of this Agreement.

                    (B)  A merger or consolidation of the Company with
     any other corporation is completed as a result of which less than 50%
     of the outstanding voting securities of the surviving or resulting
     entity are owned by the former shareholders of the Company (other than
     a shareholder who is an "affiliate," as defined in the Act, of any
     party to such consolidation or merger).

                    (C)  The sale of substantially all of the Company's
     assets is completed to a corporation which is not a wholly-owned
     subsidiary of the Company.

               (iii) "Person" shall have the meaning used in Section
                     3(a)(9) of the Act.

               (iv)  "Effective Date" shall mean the date a Change of
                     Control becomes effective.

               (v)   "Good Reason" shall mean the occurrence of any one
                     or more of the following events without Employee's
                     express written consent:

                    (A)  (1) The assignment of Employee to duties
     materially inconsistent with Employee's authorities, duties,
     responsibilities, and status (including offices, titles, and reporting
     requirements) pursuant to Paragraph 1, or (2) relocation of Employee's
     regular place of employment to a location more than fifty (50) miles
     from the location as of the Effective Date.

                    (B)  A reduction by the Company in Employee's Base
     Salary as in effect on the Effective Date.

                    (C)  A material reduction in Employee's level of
     participation in any of the Company's short- and/or long-term
     incentive compensation plans, or employee benefit or retirement plans,
     policies or practices, in which Employee participates as of the
     Effective Date.

               (vi) "Qualifying Termination" shall mean any termination
                    of Employee's employment other than: (A) by the
                    Company for Cause (as defined in Paragraph 6(c)
                    hereof); (B) by reason of death, Disability (as
                    defined in Paragraph 6(d) hereof), or Retirement
                    (as such term is then defined in the Company's tax
                    qualified defined benefit retirement plan); or (C)
                    by Employee pursuant to Paragraph 6(a) or 6(b)
                    without Good Reason.  In the event Employee shall
                    terminate this Agreement for Good Reason,
                    Employee's notice of termination pursuant to
                    Paragraph 6(a) or 6(b) shall set forth the facts
                    and circumstances claimed to provide a basis for
                    such termination.

          (b)  Employment Termination.  In the event of a Qualifying
Termination on, or within twelve (12) months after, the Effective Date, then
in addition to the compensation and benefits provided to Employee under the
provisions of Paragraph 7 of this Agreement, the Company shall, at the
expiration of the Severance Period, as an additional severance benefit, make
a lump sum payment to Employee in an amount equal to one-half of Employee's
annual Base Salary.

          (c)  Vesting of Options.  In the event of a Qualifying
Termination on, or within twelve (12) months after, the Effective Date,
Employee's unvested Stock Options shall automatically be fully vested and
exercisable as of the Effective Date.

     9.   Confidentiality.  Employee shall keep confidential and not
divulge to any other person or entity, during the term of employment or
thereafter, any Confidential Information of the Company.  For purposes
hereof, "Confidential Information" shall mean any of the business secrets,
trade secrets, drawings, engineering data, plans, strategies, policies,
methods, marketing plans, customer purchasing history, customer lists, cost
structures, vendor pricing, contemplated product improvements and
developments, repair and failure frequencies and information, computer
software and programs, and any other data related to any aspect of the
business of the Company.  Such information also includes information which
the Company received from a third party and holds in confidence.  All
papers, books and records and other property of every kind and description
relating to the business and affairs of the Company, whether or not prepared
by Employee, shall be the sole and exclusive property of the Company, and
Employee shall surrender them to the Company, as applicable, at any time
upon request by the Company.

     As a former employee of Harnischfeger Corporation, Employee has a
legal obligation (including, but not limited to, his obligations under the
Harnischfeger Employee Proprietary Rights and Confidentiality Agreement) not
to disclose any trade secret or confidential information of Harnischfeger.
Therefore, Employee will refrain from any discussion of such Harnischfeger
trade secret or confidential information, and Company agrees to refrain from
asking any questions or soliciting any information regarding the same.

     10.  Covenant Not to Compete.  In order to induce the Company to
enter into this Agreement, Employee hereby agrees that during the term of
this Agreement and for a period of one (1) year thereafter (exclusive of any
period of breach), Employee will not, without the prior written consent of
the Company, work for, be employed by or otherwise provide services (which
are substantially the same or similar to the services provided by Employee
to the Company) to, Harnischfeger Industries, Inc., ("Harnischfeger"), any
affiliated entity of Harnischfeger or any other entity that engages in the
business of manufacturing, marketing, distributing or selling any surface
mining equipment that the Company or any of its subsidiaries or affiliates
manufactures, markets, distributes or sells at the time Employee ceases to
be employed by the Company, provided, however, that the post termination
covenant not to compete will not apply where the Company has terminated the
Employee.

     Employee agrees that such restriction is fair and reasonably necessary
to protect the legitimate business interests of the Company, and that the
Company would suffer irreparable harm in the event of breach by Employee.
As a result, Employee agrees that the Company shall, in addition to other
remedies provided by law, be entitled to injunctive relief in the event of
breach by Employee.

     11.  Indemnification and Compensation Regarding Harnischfeger.  In
the event Harnischfeger Industries, Inc., or any of its subsidiaries, brings
any actions, including an action for damages or for equitable injunctive
relief ("Harnischfeger Actions"), relating to Employee's employment with
Company, Company agrees to indemnify, defend and hold Employee harmless
against any damages and costs (including legal fees) incurred by Employee
as a result of such Harnischfeger Actions.  Company agrees to pay Employee
his normal Base Salary and continue Employee Benefits during the pendency
of the Harnischfeger Actions.  In the event Employee's employment with
Company must be terminated as a result of the Harnischfeger Actions,
Employee will be entitled to receive the termination severance payments
provided for in this Agreement, and such termination will be deemed to be
a termination Without Cause as provided in Paragraph 6(b) above.

     12.  Assignability. This Agreement may not be assigned without the
prior written consent of the parties; provided, however, this Agreement may
be assigned without consent to a successor of the business of the Company.

     13.  Notices.  All notices hereunder shall be in writing and
delivered by hand, mailed within the continental United States by first
class certified mail, return receipt requested, postage prepaid, or
telecopied, to the other party.

     14.  Severability.  If any provision of this Agreement shall be
determined to be invalid or unenforceable for any reason, such determination
shall not affect, impair or invalidate the remainder of this Agreement.

     15.  Choice of Forum and Law.  Jurisdiction over disputes with regard
to this Agreement shall be exclusively in the courts of the State of
Wisconsin.  This Agreement shall be construed in accordance with and
governed by the laws of the State of Wisconsin.

     16.  Entire Agreement.  This Agreement contains the entire agreement
of the parties hereto, and supersedes all other oral or written agreements
or understandings between them regarding the subject matter hereof.  This
Agreement may not be modified except by written agreement of the parties.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the day and year first above written.

                         BUCYRUS INTERNATIONAL, INC.

                         By:  /s/Stephen R. Light
                                S. R. Light
                                President and Chief Executive Officer

                              /s/Michael W. Salsieder
                              Michael W. Salsieder, EmployeeEXHIBIT 10.17
                                                             FORM 10-K
                                          YEAR ENDED DECEMBER 31, 1999

                                                               ANNEX A

                        SECURED PROMISSORY NOTE

Milwaukee, Wisconsin                                     June 23, 1999

$60,000

          FOR VALUE RECEIVED, Michael W. Salsieder (the "Borrower") hereby
promises to pay to Bucyrus International, Inc., a Delaware corporation
("Payee") the principal sum of SIXTY THOUSAND DOLLARS ($60,000) in lawful
money of the United States of America, on March 31, 2003 (the "Repayment
Date"), together with accrued and unpaid interest thereon from the date
hereof.  Capitalized terms used herein and not otherwise defined shall have
the meanings set forth in the Employment Agreement, dated as of June 23,
1999 (the "Employment Agreement"), between Borrower and Payee.  This Note
shall be full recourse to the Borrower.

          1.   Principal Payments.  Subject to the provisions of
Section 3 below, payments of principal on the Note shall be made as follows:

               (a)  Principal payments in the amounts set forth herein
shall be due and payable hereunder on April 1 of each of 2000, 2001 and 2002
(the "Installment Dates"), with any remaining principal balance due in full
on the Repayment Date.

               (b)  The principal payment due and payable on each
Installment Date shall be in an amount not less than 50% of the Borrower's
pre-tax Annual Bonus earned with respect to the immediately preceding fiscal
year; provided, that no principal payment shall be due and payable on an
Installment Date if Borrower receives no Annual Bonus with respect to the
fiscal year ending immediately prior to the year in which such Installment
Date occurs; and provided, further, that except as provided in Section 3(b)
below, regardless of any failure of Employee to earn an Annual Bonus with
respect to any fiscal year of the Company, the entire unpaid principal
balance of this Note shall remain due and payable on the Repayment Date.

               (c)  Notwithstanding anything herein to the contrary, the
principal payment due and payable on April 1, 2000 shall be in an amount not
less than $15,000.

               (d)  The Borrower shall have the right to prepay the
principal amount hereof in full or in part, together with all accrued
interest on the amount prepaid to the date of such prepayment, at any time
without penalty.

          2.   Interest Payments.  Except as provided in Section 3(b)
below, the Borrower also promises to pay interest on the unpaid principal
amount hereof, from the date hereof until paid in full, on April 1 of each
year, with the first such interest payment being due and payable on April
1, 2000, at a rate of 5.37% per annum, which interest rate is the minimum
applicable federal mid-term interest rate set forth under Section 1274 of
the Internal Revenue Code as of the date hereof.

          3.   Termination of Employment.

               (a)  If the Borrower's employment with Payee is
terminated for Cause, then the principal balance of this Note and all
accrued interest thereon shall be due and payable in full on the date which
is ten (10) days following the effective date of such termination.

               (b)  If the Borrower terminates his employment under the
Employment Agreement for Good Reason or is terminated by Payee without
Cause, then no further payments of interest or principal on this Note shall
be due and payable following the effective date of such termination of
employment except in connection with one or more Liquidating Events (as
defined below) with respect to the Purchased Shares.  For purposes of this
Note, a "Liquidating Event" shall be defined as any event that results in
liquidity for the Common Stock such that the Borrower would have the ability
to freely sell all or any portion of the Purchased Shares, or any shares of
capital stock or other consideration received from another entity by holders
of the Payee's Common Stock as a result of a business combination or other
transaction involving the Payee, at fair market value, and shall include,
without limitation, (A) any sale of Common Stock by American Industrial
Partners Capital Fund II, L.P., which by operation of any other agreement
gives the Borrower the right to sell the Purchased Shares, and (B) an
initial public offering of Payee's Common Stock.  In the event a Liquidating
Event occurs, the Borrower shall make a payment on the principal balance of
this Note and accrued interest thereon to the date of termination of
employment in an amount equal to the aggregate value of the Purchased Shares
subject to such sale by the Borrower as of the date of such Liquidating
Event.  Such amount shall be applied first to accrued interest and then to
principal, and shall become due and payable on the date which is ten (10)
days following such Liquidating Event.

               (c)  In the event of the termination of Borrower's
employment with Payee by reason of Borrower's death or Total Disability,
this Note shall be cancelled in exchange for the return to the Company of
that number of Purchased Shares sufficient in value to pay off the then
remaining balance of this Note (or all of the Purchased Shares, if their
aggregate value is less than the then remaining balance of this Note).

          4.   Security.  Pursuant to the Pledge Agreement, dated as of
the date hereof (the "Pledge Agreement"), by and between Payee and the
Borrower, the obligations of the Borrower hereunder are secured by the
Pledged Collateral (as defined in the Pledge Agreement), and the holder of
this Note is entitled to the benefits of such Pledged Collateral.

          5.   Events of Default.  Each of the following events shall
constitute an "Event of Default" hereunder (whether it shall be voluntary
or involuntary or occur or be effected by operation of law or otherwise):
(i) the Borrower's failure to pay, within fifteen (15) days after the date
when such payment is due, any payment of principal or interest on this Note,
(ii) the Borrower's failure to observe or perform, within fifteen (15) days
after receipt of notice of default from Payee, any covenant or agreement
contained in this Note or the Pledge Agreement,  (iii) if any
representation, warranty, certification or statement made by the Borrower
in the Pledge Agreement or in any certificate or other document delivered
pursuant to the Pledge Agreement shall prove to have been incorrect in any
material respect when made or deemed made, (iv) the appointment of a
receiver or a trustee of all or part of the Borrower's property, (v) an
assignment for the benefit of the Borrower's creditors, (vi) the
commencement or filing of any voluntary proceeding or petition by the
Borrower under any bankruptcy or insolvency law or any law relating to the
relief of debtors or readjustment of indebtedness, (vii)  the commencement
or filing of any involuntary proceeding or petition against the Borrower
under any bankruptcy or insolvency law or any law relating to the relief of
debtors or readjustment of indebtedness, which proceeding or petition shall
not have been dismissed within sixty (60) days after commencement or filing
thereof, (viii) the appointment of a receiver, custodian, trustee or
liquidator for any part of the assets or property of the Borrower, (ix) the
failure of the Borrower generally to pay his debts as they become due, and
(x) the failure of Payee to have a first priority security interest in the
Pledged Collateral (as defined in the Pledge Agreement).

          6.   Remedies.

               (a)  Upon the occurrence of any Event of Default, the
holder of this Note may, by notice in writing to the Borrower, declare this
Note and the principal of and accrued interest on this Note and all other
charges owing to Payee to be, and the same shall upon such notice forthwith
become, due and payable.  Upon the occurrence of an Event of Default, the
holder of this Note may, in addition to all rights and remedies available
to it at law, exercise any or all of its rights under the Pledge Agreement.

               (b)  No failure or delay by the holder of this Note in
exercising any remedy, right, power or privilege under this Note or the
Pledge Agreement shall operate as a waiver of such remedy, right, power or
privilege, nor shall any single or partial exercise of such remedy, right,
power or privilege preclude any other or further exercise of such remedy,
right, power or privilege.  No remedy, right, power or privilege conferred
upon or reserved to the holder of this Note by this Note or the Pledge
Agreement is intended to be exclusive of any other remedy, right, power or
privilege provided or permitted by this Note, the Pledge Agreement or by
law, but each shall be cumulative and in addition to every other remedy,
right, power or privilege so provided or permitted and each may be exercised
concurrently or independently from time to time and as often as may be
deemed expedient by the holder of this Note.  Any provision of this Note
which is prohibited or unenforceable shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions of this Note.

               (c)  The holder of this Note shall have the right, at its
option, to declare the entire unpaid principal balance of this Note,
irrespective of the Repayment Date set forth above, immediately due and
payable, together with accrued interest thereon, if the Borrower (or any
affiliate of the Borrower) sells, transfers or disposes of any portion of
the Pledged Collateral (as defined in the Pledge Agreement).

          7.   Costs of Collection.  Upon the failure of the Borrower to
pay any amount due hereunder as and when due, the Borrower shall pay on
demand any and all costs and expenses (including, without limitation, all
court costs and attorneys' fees) incurred by the holder hereof in connection
with the collection of any outstanding principal balance and interest
accrued hereunder (whether or not suit is filed to enforce the terms
hereof), and in connection with the enforcement of any rights or remedies
provided for pursuant to this Note and the Pledge Agreement.  If not paid
on demand, all such costs and expenses automatically shall be added to the
remaining principal balance hereunder as of the date immediately following
the date of such demand.

          8.   Method of Payment, etc.  All payments of principal and
interest in respect of this Note shall be made in lawful money of the United
States of America in same day funds at such place as shall be designated in
writing for such purpose by the Payee.  Whenever any payment on this Note
shall be stated to be due on a day which is not a business day, such payment
shall be made on the next succeeding business day and such extension of time
shall be included in the computation of the payment of interest on this
Note. The Payee hereby agrees, by its acceptance hereof, that it will make
a notation hereon of all principal payments previously made hereunder and
of the date to which interest hereon has been paid; provided, however, that
the failure to make a notation of any payment made on this Note shall not
limit or otherwise affect the obligations of the Borrower hereunder with
respect to payments of principal of or interest on this Note.

          9.   Governing Law.  THIS NOTE SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
WISCONSIN.

          10.  Waiver.  The Borrower hereby waives any right it might
otherwise have to require notice or acceptance by any other person of its
obligations or liabilities under this Note which are unconditional and
absolute and waives diligence, presentment, demand of payment, protest and
notice with respect to all of the obligations of the Borrower under this
Note and with respect to any action under this Note and all other notices
and demands whatsoever, except as specifically provided for in this Note.
This Note may be amended, and the observance of any term of this Note may
be waived, with (and only with) the written consent of Payee.

          11.  Assignment or Pledge of Note.  This Note and Payee's
rights hereunder may not be assigned or otherwise transferred by Payee to
any person or entity (other than to an affiliate of Payee), in whole or in
part, without giving prior written notice to the Borrower of such
assignment, pledge or other transfer.

          12.  Loss, Mutilation, Etc.  Upon notice from the holder of
this Note to the Borrower of the loss, theft, destruction or mutilation of
this Note, and upon receipt of an indemnity reasonably satisfactory to the
Borrower from the holder of this Note or, in the case of mutilation hereof,
upon surrender of the mutilated Note, the Borrower will make and deliver a
new note of like tenor in lieu of this Note.

          13.  Notices.  All notices and other communications required
or permitted under this Note shall be in writing and shall be personally
delivered or sent by certified first class United States mail, postage
prepaid, return receipt requested, and if mailed and shall be deemed to have
been received on the third business day after deposit in the mail, addressed
to Payee or to the Borrower at the addresses set forth in Section 12 of the
Employment Agreement. Notice of any change of either party's address shall
be given by written notice in the manner set forth in Section 12 of the
Employment Agreement.

          IN WITNESS WHEREOF, the Borrower has caused this Note to be duly
executed and delivered as of the date and at the place first written above.

                                   MICHAEL W. SALSIEDER

                                   /s/Michael W. Salsieder

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