Document:

Exhibit 10.16
                      AMENDMENT TO MEMORANDUM OF AGREEMENT

         This Amendment (the "Amendment") by and between Friendly Ice Cream
Corporation ("Friendly's") and Lawrence A. Rusinko ("Mr. Rusinko"), as of
September 2, 2005 (the "Effective Date").

                                    RECITALS

         WHEREAS, Friendly's and Mr. Rusinko entered into a Memorandum of
Agreement on or about May 31, 2005 (the "Memorandum Agreement") to memorialize
certain rights and obligations of the parties with respect to Mr. Rusinko's
severance of employment from Friendly's as of May 31, 2005 (the "Separation
Date");

         WHEREAS, Section 409A of the Internal Revenue Code enacted by Congress
in October 2004 and effective as of January 1, 2005 ("Section 409A") governs the
tax treatment of nonqualified deferred compensation agreements and certain
executive employment and severance agreements;

         WHEREAS, the Department of Treasury and Internal Revenue Service issued
Notice 2005-1 (the "Notice") to provide guidance with respect to the application
of Section 409A to, inter alia, severance agreements;

         WHEREAS, in accordance with the principles set forth in the Notice,
Friendly's and Mr. Rusinko desire to amend the Memorandum Agreement as of the
Effective Date to ensure that the severance payments provided thereunder will
not be treated as nonqualified deferred compensation subject to Section 409A;
and

         WHEREAS, Article VIII of the Memorandum Agreement provides that it may
be amended by Friendly's and Mr. Rusinko.

         NOW, THEREFORE, in consideration of the mutual covenants and promises
of the parties, the receipt and sufficiency of which is hereby acknowledged, the
parties hereby agree as follows.

         1.   Article I of the Memorandum Agreement shall be amended by striking
              the text of the first paragraph and inserting the following text:

                      "Friendly's will continue to pay you semi-monthly from the
                      Separation Date until March 14, 2006 at your current base
                      rate of pay (plus executive match and automobile
                      allowance) ("SemiMonthly Payments"). On or before March
                      15, 2006, Friendly's will pay you a lump sum payment equal
                      to the semi-monthly pay you would have received between
                      March 15, 2006 and May 31, 2006, at your current base rate
                      of pay (plus executive match and automobile allowance)
                      ("Lump Sum Payment"). Both the SemiMonthly Payments and
                      the Lump Sum Payment you receive will be subject to
                      appropriate statutory deductions and such other deductions
                      normally made for employees of Friendly's."

                                       -1-
<PAGE>

         2.   Except as amended hereby, the Memorandum Agreement remains in full
              force and effect and constitutes the entire agreement among the
              parties regarding the subject matter thereunder.

         IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as
of the date above written.

                                                By: /s/ L A Rusinko
                                                    ----------------------------
                                                    Lawrence A. Rusinko

                                                Friendly Ice Cream Corporation

                                                By: /s/ Gregory A. Pastore
                                                    ----------------------------
                                                    Gregory A. Pastore
                                                    Vice President

                                      -2-Exhibit 10.72
                 SECOND AMENDMENT AND WAIVER TO CREDIT AGREEMENT

                                      among

                        BALDWIN EUROPE CONSOLIDATED B.V.,
                                  as Borrower,

                        BALDWIN TECHNOLOGY COMPANY, INC.,
                as Parent, Guarantor and Borrower Representative,

                          BALDWIN AMERICAS CORPORATION,
                        BALDWIN EUROPE CONSOLIDATED INC.,
                        BALDWIN ASIA PACIFIC CORPORATION,
                          BALDWIN GRAPHIC SYSTEMS INC.,
                              BALDWIN GERMANY GMBH,
                          BALDWIN U.K. HOLDING LIMITED,
                              BALDWIN (U.K.) LTD.,
                                ACROTEC UK LTD.,
                             BALDWIN GLOBALTEC LTD.,
                           BALDWIN SWEDEN HOLDING AB,
                                 BALDWIN IVT AB,
                                BALDWIN JIMEK AB,
                               JAPAN-BALDWIN LTD.,
                                 as Guarantors,

                                       and

                                MAPLE BANK GMBH,
                                    as Lender

                            Dated as of July 1, 2005
                        --------------------------------

================================================================================

<PAGE>
                 SECOND AMENDMENT AND WAIVER TO CREDIT AGREEMENT

     SECOND AMENDMENT AND WAIVER TO CREDIT  AGREEMENT,  dated as of July 1, 2005
(this  "Amendment"),  of the CREDIT  AGREEMENT,  dated as of July 25,  2003,  as
amended by the First  Amendment  dated as of September 9, 2004 (as amended,  the
"Credit  Agreement"),  among BALDWIN EUROPE CONSOLIDATED B.V., a private company
with  limited  liability  incorporated  under the laws of The  Netherlands  (the
"Borrower"),  BALDWIN  TECHNOLOGY  COMPANY,  INC.,  a Delaware  corporation,  as
Parent,  Guarantor and Borrower Representative (the "Parent"),  BALDWIN AMERICAS
CORPORATION, a Delaware corporation ("BAC"), BALDWIN EUROPE CONSOLIDATED INC., a
Delaware  corporation  ("BEC"),  BALDWIN  ASIA PACIFIC  CORPORATION,  a Delaware
corporation  ("BAPC"  together  with BAC and BEC,  each a  "Guarantor  Parent"),
BALDWIN  GRAPHIC  SYSTEMS  INC.,  a Delaware  corporation  ("Baldwin  Graphic"),
BALDWIN GERMANY GMBH, a German company ("Baldwin Germany"), BALDWIN U.K. HOLDING
LIMITED, a company  incorporated in England and Wales ("Baldwin U.K."),  BALDWIN
(UK) LTD., a company incorporated in England and Wales ("Baldwin (UK)"), ACROTEC
UK LTD., a company  incorporated in England and Wales  ("Acrotec  UK"),  BALDWIN
GLOBALTEC   LTD.,  a  company   incorporated  in  England  and  Wales  ("Baldwin
Globaltec"), BALDWIN SWEDEN HOLDING AB, a limited liability company incorporated
in Sweden under registration number 556263-4724 ("Baldwin Sweden"),  BALDWIN IVT
AB, a limited liability company incorporated in Sweden under registration number
556225-4721  ("Baldwin  IVT"),  BALDWIN  JIMEK AB, a limited  liability  company
incorporated in Sweden under registration number 556528-6860  ("Baldwin Jimek"),
JAPAN-BALDWIN  LTD., a Japanese  company  ("Baldwin Japan" together with Baldwin
Graphic, Baldwin Jimek, Baldwin IVT, Baldwin Sweden, Baldwin Globaltec,  Acrotec
UK,  Baldwin  (UK),  Baldwin  U.K.  and  Baldwin  Germany,   each  a  "Guarantor
Subsidiary, and collectively, the "Guarantor Subsidiaries") and MAPLE BANK GmbH,
a German bank, as Lender. Unless otherwise defined herein, all capitalized terms
used herein and defined in Section 11 of the Credit Agreement are used herein as
so defined.
                              W I T N E S S E T H:
                              - - - - - - - - - -

         WHEREAS, the Borrower, the Parent, the Guarantor Parents, the Guarantor
Subsidiaries and the Lender have entered into the Credit Agreement; and

         WHEREAS,  the parties  desire to modify the Credit  Agreement  upon the
terms and conditions  set forth herein;

         NOW, THEREFORE,  for good and valuable  consideration,  the receipt and
sufficiency  of which are hereby  acknowledged,  the parties do hereby  agree as
follows:

SECTION  1.  DEFINITIONS.

         All terms used in this  Amendment and not otherwise  defined shall have
the  meaning  ascribed  to  such  terms  in the  Credit  Agreement.

<PAGE>

SECTION 2.   AMENDMENTS.

         Section  2.1.  Section  1.06(b) of the Credit  Agreement  is amended by
deleting the proviso at the end in its entirety.

         Section  2.2.  Section  3.01(a) of the Credit  Agreement  is amended by
deleting clause (ii) of the first sentence thereof and substituting therefor:

                  "(ii) a renewal  fee in the amount of  $25,000  payable on the
                  last Business Day of January,  April, July and October in each
                  year,  commencing  with October 2005 (unless the Commitment is
                  terminated earlier pursuant to Section 3.02 or 3.03)."

         Section  2.3.  Section  8.01(m) of the Credit  Agreement  is amended by
deleting  therefrom  the words  "Within 15  Business  Days after the end of each
calendar month" and replacing them with the words "Within 30 Business Days after
the end of each calendar month" in lieu thereof.

         Section 2.4.  Section 11 of the Credit Agreement is amended by deleting
the defined term "Applicable Margin" and replacing it with the following:

                  "Applicable Margin" shall mean a percentage per annum equal to
         (i) 1.25%, with respect to Base Rate Loans,  (ii) 3.375%,  with respect
         to Eurodollar Loans, and (iii) 3.775%, with respect to Euro Denominated
         Loans.

SECTION 3.   WAIVER

         The Lender acknowledges that the Custody Agreement was terminated as of
August 12, 2005, and  irrevocably  waives any Defaults or Events of Default that
may have arisen as a result of such termination.

SECTION 4.   REPRESENTATION AND WARRANTIES OF THE CREDIT PARTIES

         Each  Credit  Party   represents   to  the  Lender  that  each  of  the
representations and warranties made in Section 7 of the Credit Agreement is true
and correct as of the date hereof, after giving effect to this Amendment, except
to the  extent  that such  representation  is  stated  to relate to a  specified
earlier date in which case such  representation  and warranty  shall be true and
correct as of such earlier date.

SECTION 5.   CONDITIONS

         This  Amendment  shall be  deemed  effective  as of July 1,  2005  (the
"Effective  Date")  when  each  of  the  following  has  been  fulfilled  to the
satisfaction of the Lender:

              (a) Each of the parties hereto shall have executed and delivered a
counterpart of this Amendment.

              (b) There  shall  exist no Default  or Event of Default  under the
Credit Agreement and all representations and warranties  contained therein shall
be true and correct as of the Effective  Date with the same effect as if made on
such date, except to the extent that such  representation is stated to relate to
a specified earlier date in which case such representation and warranty shall be
true and correct as of such earlier date.

                                       2

<PAGE>

              (c) All proceedings and all documents, instruments and other legal
matters in connection  with this  Amendment  shall be  satisfactory  in form and
substance to the Lender and its counsel and the Lender shall have  received such
other  documents,  certificates,   instruments  and  opinions  relating  to  the
transactions  contemplated  hereby as it shall reasonably request, in each case,
in form and substance satisfactory to it.

              (d) All  fees  and  expenses  of the  Lender  (including  fees and
expenses of its counsel)  incurred in connection  with this Amendment shall have
been paid.

SECTION 6.   MISCELLANEOUS

         Section 6.1. Each of the Credit Documents  modified hereby is expressly
continued in full force and effect.  Except as expressly  modified  herein,  all
terms,  provisions and conditions will remain unchanged and shall remain in full
force  and  effect  for the  full  term  thereof,  and this  Amendment  shall be
interpreted with the Credit  Agreement,  as modified hereby, as one and the same
instrument. This Amendment shall also constitute a Credit Document as defined in
the Credit Agreement.

         Section 6.2. Each of the Credit  Parties  confirms for purposes of each
of the  Security  Documents to which it is a party that (i)  references  in such
documents to the Credit Agreement are to the Credit Agreement as amended by this
Amendment and (ii) the defined terms "Obligations" and "Secured  Obligations" in
the Credit  Documents  refer to the  Obligations  under the Credit  Agreement as
amended by this Amendment.

         Section  6.3.  The  terms and  provisions  of this  Amendment,  and the
respective rights and obligations of each party hereunder, shall be binding upon
and inure to the benefit of their respective  successors,  legal representatives
and assigns.

         Section  6.4.  THIS  AMENDMENT  AND THE RIGHTS AND  OBLIGATIONS  OF THE
PARTIES  HEREUNDER  SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE
LAW OF THE  STATE OF NEW  YORK,  WITHOUT  GIVING  EFFECT  TO THE  CHOICE  OF LAW
PROVISIONS THEREOF.

         Section 6.5. Any provision of this  Amendment  that shall be prohibited
or  unenforceable  in  any  jurisdiction  shall,  as to  such  jurisdiction,  be
ineffective  to the  extent  of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof  and any  such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable  such provision in any other  jurisdiction,  and each party hereto
shall remain liable to perform its obligations hereunder except to the extent of
such  enforceability.  To the extent  permitted by law, each party hereto hereby
waives any  provision of law that renders any  provision  hereof  prohibited  or
unenforceable in any respect.

         Section 6.6. This  Amendment is limited  precisely as written and shall
not be deemed to be an amendment,  consent,  waiver or modification of any other
term  or  condition  of the  Credit  Agreement  or any  of  the  instruments  or
agreements  referred  to therein,  or  prejudice  any right or rights  which the

                                       3
<PAGE>

Lender may now have or may have in the future  under or in  connection  with the
Credit  Agreement or any of the  instruments or agreements  referred to therein.
Except as expressly  modified  hereby,  the terms and  provisions  of the Credit
Agreement shall continue in full force and effect. Whenever the Credit Agreement
is referred to in the Credit Agreement or any of the instruments,  agreements or
other  documents or papers  executed and delivered in connection  therewith,  it
shall be deemed to be a reference  to the Credit  Agreement  as modified by this
Amendment.

         Section 6.7. This  Amendment  may be executed by the parties  hereto in
separate  counterparts,  each of which shall be deemed an  original,  but all of
which together shall constitute one and the same instrument.

                                       4

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their  respective duly authorized  officers as of
the date first above written.

Address:
--------

2 Trap Falls Road                             BALDWIN EUROPE CONSOLIDATED B.V.,
Suite 402                                     as Borrower
Shelton, CT  06484
Attn: President
Tel: (203) 402-1000                           By__/s/Gerald A. Nathe____________
Fax: (203) 402-5500                             Name:  Gerald A. Nathe
                                                Title: Managing Director

                                              By__/s/Vijay C. Tharani___________
                                                Name:  Vijay C. Tharani
                                                Title: Managing Director

2 Trap Falls Road                             BALDWIN TECHNOLOGY COMPANY, INC.,
Suite 402                                     as Parent, Guarantor and Parent
Shelton, CT  06484                            Representative
Attn:President
Tel:(203) 402-1000                            By__/s/Vijay C. Tharani___________
Fax:(203) 402-5500                            Name:  Vijay C. Tharani
                                              Title: Vice President, CFO &
                                                     Treasurer

2 Trap Falls Road                             BALDWIN AMERICAS CORPORATION,
Suite 402                                     as Guarantor
Shelton, CT  06484
Attn: President
Tel: (203) 402-1000                           By__/s/Vijay C. Tharani___________
Fax: (203) 402-5500                             Name:  Vijay C. Tharani
                                                Title: Vice President

2 Trap Falls Road                             BALDWIN EUROPE CONSOLIDATED INC.,
Suite 402                                     as  Guarantor
Shelton, CT  06484
Attn: President
Tel: (203) 402-1000                           By__/s/Vijay C. Tharani___________
Fax: (203) 402-5500                             Name:  Vijay C. Tharani
                                                Title: Vice President

<PAGE>

2 Trap Falls Road                             BALDWIN ASIA PACIFIC CORPORATION,
Suite 402                                     as Guarantor
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000                          By__/s/Vijay C. Tharani___________
Fax:  (203) 402-5500                            Name:  Vijay C. Tharani
                                                Title: Vice President

2 Trap Falls Road                             BALDWIN GRAPHIC SYSTEM INC.,
Suite 402                                     as Guarantor
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000                          By__/s/Gerald A. Nathe____________
Fax:  (203) 402-5500                            Name:  Gerald A. Nathe
                                                Title: President

Derchinger Strasse 137                        BALDWIN GERMANY GMBH, as Guarantor
D-86165 Augsburg
Germany
Attn: Managing Director                       By__/s/Karl S. Puehringer_________
Tel:  +49-821-794-200                          Name:  Karl S. Puehringer
Fax:  +49-821-794-2222                         Title: Geschaftsfuhrer

With a copy to:

Baldwin Technology Company, Inc.
2 Trap Falls Road
Suite 402

Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

<PAGE>

Unit 13 Apex Business Centre                  EXECUTED as a DEED by
Boscombe Road                                 BALDWIN U.K. HOLDING LIMITED,
Dunstable Bedfordshire LU5 4SB                as Guarantor
England
Attn: Managing Director
Tel:  +44-1582-477499                         By_____________________________
Fax:  +44-1582-478510                           as attorney-in-fact under a
                                                power of attorney
                                                dated ____
With a copy to:

Baldwin Technology Company, Inc.              By__/s/Vijay C. Tharani___________
2 Trap Falls Road
Suite 402                                       Name:  Vijay C. Tharani
Shelton, CT  06484                              Title: Director
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

Unit 13 Apex Business Centre                  EXECUTED as a DEED by
Boscombe Road                                 BALDWIN (U.K.) LTD., as Guarantor
Dunstable Bedfordshire LU5 4SB
England
Attn: Managing Director                       By_____________________________
Tel:  +44-1582-477499                           as attorney-in-fact under a
Fax:  +44-1582-478510                           power of attorney
                                                dated ____

With a copy to:

Baldwin Technology Company, Inc.              By__/s/Vijay C. Tharani___________
2 Trap Falls Road                               Name:  Vijay C. Tharani
Suite 402                                       Title: Director
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

<PAGE>

22 Wessex Trade Centre                        EXECUTED as a DEED by
Poole, Dorset BH12 3PQ                        ACROTEC UK LTD., as Guarantor
England
Attn: Managing Director
Tel:  +44-1202-739030                         By_______________________________
Fax:  +44-1202-739040                           as attorney-in-fact under a
                                                power of attorney
                                                dated ____
With a copy to:

Baldwin Technology Company, Inc.
2 Trap Falls Road                             By__/s/Vijay C. Tharani__________
Suite 402                                       Name:  Vijay C. Tharani
Shelton, CT  06484                              Title: Director
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

22 Wessex Trade Centre                        EXECUTED as a DEED by
Poole, Dorset BH12 3PQ                        BALDWIN GLOBALTEC LTD., as
England                                       Guarantor
Attn: Managing Director
Tel:  +44-1202-739030                         By_____________________________
Fax:  +44-1202-739040                         as attorney-in-fact under a power
                                              of attorney
                                              dated ____
With a copy to:

Baldwin Technology Company, Inc.
2 Trap Falls Road                             By__/s/John Leek__________________
Suite 402                                       Name:  John Leek
Shelton, CT  06484                              Title: Managing Director
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

<PAGE>

Stoerydsvagen 13                              BALDWIN SWEDEN HOLDING AB, as
Box 6                                         Guarantor
573 21 Tranas
Sweden                                        By__/s/Gerald A. Nathe____________
Attn: Managing Director                           Name:  Gerald A. Nathe
Tel:  +46-140-14190                               Title: Director
Fax:  +46-140-17609

With a copy to:

Baldwin Technology Company, Inc.
2 Trap Falls Road
Suite 402
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

Stoerydsvagen 13                              BALDWIN IVT AB, as Guarantor
Box 6
573 21 Tranas
Sweden                                        By__/s/Gerald A. Nathe____________
Attn: Managing Director                           Name:  Gerald A. Nathe
Tel:  +46-140-14190                               Title: Director
Fax:  +46-140-17609

With a copy to:

Baldwin Technology Company, Inc.
2 Trap Falls Road
Suite 402
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

<PAGE>

Testvagen 16                                  BALDWIN JIMEK AB, as Guarantor
S-232 37 Arlov
Sweden
Attn: Managing Director                       By__/s/Gerald A. Nathe____________
Tel:  +46-40-43-98-00                             Name:  Gerald A. Nathe
Fax:  +46-40-43-98-10                             Title: Director

With a copy to:

Baldwin Technology Company, Inc.
2 Trap Falls Road
Suite 402
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

4-34 Toyo 2-chome Kohtoh-ku                   JAPAN-BALDWIN LTD., as Guarantor
Tokyo 135-8384
Japan
Attn: Managing Director                       By__/s/Gerald A. Nathe____________
Tel:  +81-3-5606-2771                             Name: Gerald A. Nathe
Fax:  +81-3-5606-2779                             Title:Representative Director

With a copy to:

Baldwin Technology Company, Inc.
2 Trap Falls Road
Suite 402
2 Trap Falls Road
Suite 402
Shelton, CT  06484
Attn:  President
Tel:  (203) 402-1000
Fax:  (203) 402-5500

<PAGE>

                                              MAPLE BANK GmbH, as Lender

                                              By_/s/Michael Bernhard____________
                                                Name:  Michael Bernhard
                                                Title: Managing Director

                                              By_/s/Oliver Lenauer______________
                                                Name: Oliver Lenauer
                                                Title: Assistant Vice President

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