EXHIBIT 10.51
Baldwin Technology Company, Inc.
12 Commerce Drive
P.O. Box 901
Shelton, CT 06484-0941
Tel: 203-402-1000
Fax: 203-402-5500
February 26, 2002
Mr. John T. Heald, Jr.
3 Daniel Court
Westport, CT 06880
Dear Mr. Heald:
Pursuant to Paragraph 18 of our agreement dated June 6, 2001, effective
March 21, 2001, (the "Original Agreement") as amended on October 17, 2001
("Amendment No. 1") (Amendment No. 1 and the Original Agreement are hereinafter
together referred to as the "Agreement"), which sets forth the terms of your
employment with Baldwin Technology Company, Inc. (the "Company"), the Agreement
is hereby changed, effective November 14, 2001, to read as follows:
(1) Paragraph 1 of the Agreement is changed by deleting "Chairman and
Chief Executive Officer", and inserting in its place "Board of Directors".
(2) Paragraph 1, Paragraph 9D(i), and Paragraph 9D(v) of the Agreement
are changed by deleting "President and the Chief Operating Officer", and
inserting in its place "President and the Chief Executive Officer".
(3) Paragraph 2B of the Agreement is changed by deleting that paragraph
in its entirety, and inserting in its place the following:
"B. Reviews and Adjustments. Beginning in 2002,
during the month of August, your performance shall be reviewed
each year by the Chairman of the Compensation and Stock Option
Committee of the Board of Directors of the Company, your
attainment of mutually agreed-upon objectives shall be
evaluated, and the base salary payable to you for the twelve
(12) months beginning on such review date may be adjusted
upward (but not downward unless agreed to by you) by the Board
of Directors."
As so changed by this letter agreement, the Agreement shall
remain in full force and effect.
Very truly yours,
BALDWIN TECHNOLOGY COMPANY, INC.
By:
-------------------------------
Gerald A. Nathe
Chairman
AGREED TO AND ACCEPTED:
John T. Heald, Jr.