Amendment to Employment Agreement-Douglas J Babb

Contract Categories: Human Resources - Employment Agreements
EX-10.36 5 d23241exv10w36.htm AMENDMENT TO EMPLOYMENT AGREEMENT-DOUGLAS J BABB exv10w36
 

Exhibit 10.36

Addendum to Employment Contract

      Agreement made as of December 1, 2004, between Beverly Enterprises, Inc., a Delaware corporation (the “Company”), and Douglas J. Babb (the “Executive”);

      WHEREAS, the Company and the Executive desire to amend the Employment Contract of April 1, 2000 between them;

      NOW, THEREFORE, in consideration of the mutual agreements and understandings set forth herein and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Executive hereby agree as follows:

  1.   Add a new section 4(b)(xiii) which reads: “Executive will continue as a participant in the Company’s Enhanced Supplemental Executive Retirement Plan pursuant to its terms.”
 
  2.   Add a new section 4(b)(xiv) which reads: “Executive will continue as a participant in the Company’s Long Term Care Plan pursuant to its terms.”
 
  3.   Add a new section 4(b)(xv) which reads: “Executive will continue as a participant in the Company’s Executive Allowance Program pursuant to its terms.”

      4. Revise section 7(c)(ii) to read: “The Company shall maintain in force, at its own expense, for the remainder of the Executive’s life, life insurance under the Company’s Executive Split Dollar Life Insurance Plan in an amount not less than $325,000.00, naming the Executive as beneficiary, and payable to Executive’s estate upon death.”

      The parties have duly executed this Agreement to be effective as of the date first written above.

         
Beverly Enterprises, Inc.
   Executive
       
By:
        
       
  Chair, Nominating and Compensation Committee
Board of Director 		  Douglas J. Babb
       
By:
        
       
  William R. Floyd
Chairman, President and CEO