Amendment No. 15 to Employment Agreement between Chemed Corporation and Employee

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Chemed Corporation and an employee, originally dated May 2, 1988, and previously amended multiple times. The amendment, effective August 7, 2002, changes the agreement's expiration date, updates the employee's base salary, and specifies the amount of unrestricted stock awarded in lieu of incentive compensation for 2001. All other terms of the original agreement remain unchanged. The attached schedule lists current salary, bonus, and stock awards for key executives, along with the new expiration date of the agreement.

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EX-10.20 6 l99233aexv10w20.txt EX-10.20 EXHIBIT 10.20 AMENDMENT NO. 15 TO EMPLOYMENT AGREEMENT AGREEMENT dated as of August 7, 2002 between a ____________ ("Employee") and Chemed Corporation (the "Company"). WHEREAS, Employee and the Company have entered into an Employment Agreement dated as of May 2, 1988 and amended May 15, 1989, May 21, 1990, May 20, 1991, May 18, 1992, May 17, 1993, May 16, 1994, May 15, 1995, May 20, 1996, May 19, 1997, May 18, 1998, May 17, 1999, May 15, 2000, May 21, 2001 and January 2, 2002 ("Employment Agreement"); and WHEREAS, Employee and the Company desire to further amend the Employment Agreement in certain respects. NOW, THEREFORE, Employee and the Company mutually agree that the Employment Agreement shall be amended, effective as of August 7, 2002, as follows: A. The date, amended as of May 15, 2000, set forth in Section 1.2 of the Employment Agreement, is hereby deleted and the date of ____________ is hereby substituted therefore. B. The base salary amount set forth in the first sentence of Section 2.1 of the Employment Agreement is hereby deleted and the base salary amount of $____________ per annum is hereby substituted. C. The amount of unrestricted stock award recognized in lieu of incentive compensation in 2001 is $__________________. Except as specifically amended in this Amendment No. 15 to Employment Agreement, the Employment Agreement, as amended, shall continue in full force and effect in accordance with its terms, conditions and provisions. IN WITNESS WHEREOF, the parties have duly executed this amendatory agreement as of the date first above written. EMPLOYEE --------------------- CHEMED CORPORATION ---------------------
SCHEDULE TO EXHIBIT 10.20 CURRENT CURRENT (b) SALARY AND STOCK AWARD CURRENT EXPIRATION NAME AND POSITION BONUS (a) COMPENSATION DATE OF AGREEMENT - ----------------- ----------- ------------ ----------------- K. J. McNamara $404,850 $266,655 5/3/2007 President and Chief 255,944 Executive Officer S. E. Laney 235,400 160,992 5/3/2007 Executive Vice 191,789 President and Chief Administrative Officer T. C. Hutton 215,700 84,106 5/3/2007 Vice President 40,441
(a) Bonus paid in 2002 for 2001 services. (b) Represents stock awards that would have vested in 2002 (for 2001 service) under their original vesting schedules. Also includes shares granted in February 2002 with immediate vesting.