Amendment to Employment Agreement between KV Pharmaceutical Company and Gregory J. Divis

Contract Categories: Business Finance › Modification Agreements
Summary

KV Pharmaceutical Company and Gregory J. Divis have agreed to amend Divis's Employment Agreement. The changes include promoting Divis to President and CEO, increasing his base salary to $520,000 (retroactive to his promotion date), setting his annual cash incentive target at 60% of his salary, granting 25 vacation days, updating severance terms to two times his salary and incentive, and allowing participation in the Executive Fleet Program. These amendments are effective upon board approval and Divis's signature.

Read More Arrow
EX-10.1 2 dex101.htm EXHIBIT 10.1 Exhibit 10.1

Exhibit 10.1

[Company Letter Head]

July 25, 2011

 

Gregory J. Divis

One Corporate Woods Drive

Bridgeton, MO 63044

Dear Greg:

This letter agreement shall amend certain sections (as listed below) of the Employment Agreement dated November 19, 2009 between you and KV Pharmaceutical Company (the “Employment Agreement”). The following amendments shall be made and effective upon approval by the Board of Directors and your signature below.

 

  1. Section 1.(a) Employment: Your title shall be changed to President and Chief Executive Officer to reflect your promotion on 11/17/10.
  2. Section 3.(a) Base Salary: Your Base Salary shall be $520,000.00 per annum. (This Base Salary increase will be retro-active to your appointment as President and Chief Executive Officer effective 11/17/2010).
  3. Section 3.(c) Annual Cash Incentive: Your target Annual Cash Incentive shall be 60% of your Base Salary.
  4. Section 3.(f) Vacation: You will be entitled to 25 days of vacation in accordance with the terms of your Employment Agreement.
  5. Section 4.(f)(2) and (3) Payments to the Executive Upon Termination of Employment: These sections are hereby modified to reflect the amount which shall be equal to two (2) times the sum your current Base Salary plus two (2) times your target Annual Cash Incentive or 60% for each year one is not set.
  6. You shall be entitled to participate in the Company’s Executive Fleet Program.

All capitalized terms used herein but not defined shall have the meaning assigned to them in your Employment Agreement.

Sincerely,

/s/ Chris Dumm

Chris Dumm

Director, Human Resources

ACKNOWLEDGED AND AGREED BY:

 

/s/ Greg Divis
Gregory J. Divis

July 25, 2011