Amendment to Income Continuity Plan and Employment Agreement between MAXIMUS, Inc. and Richard A. Montoni

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement amends the existing Employment Agreement and Income Continuity Plan between MAXIMUS, Inc. and its CEO, Richard A. Montoni. The amendment removes the provision for an excise tax gross-up payment in the event of a change of control, meaning Mr. Montoni and other participants will no longer receive such payments. All other terms of the Employment Agreement and Plan remain unchanged. The amendment is effective upon Mr. Montoni's acceptance and signature.

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EX-10.1 2 a50817071ex10_1.htm EXHIBIT 10.1 a50817071ex10_1.htm
Exhibit 10.1
 



March 4, 2014


Mr. Richard A. Montoni
Chief Executive Officer
MAXIMUS, Inc.
1891 Metro Center Drive
Reston, Virginia 20190


Re:           Amendment of Income Continuity Plan and Employment Agreement

Dear Rich:

You and MAXIMUS, Inc. (“MAXIMUS”) entered into an Executive Employment, Non-Compete and Confidentiality Agreement effective April 24, 2006 which was subsequently amended on November 20, 2007, December 22, 2009 and October 7, 2013 (the “Employment Agreement”).  In addition, you are a Participant in the MAXIMUS Income Continuity Plan (“Plan”) which is incorporated by reference into the Employment Agreement.

MAXIMUS proposes to amend the Plan for all Participants to delete Section 4 (Excise Tax Gross-Up) such that no Participant will be eligible for an excise tax gross-up payment arising from a change of control of the Company under the Plan or any other plan, document or agreement pertaining to such Participant’s employment with MAXIMUS, including but not limited to your Employment Agreement.

If you agree to the amendment set forth above, please sign where indicated below and return the signed version of the letter to me.  All other terms and conditions of the Employment Agreement and the Plan shall remain unchanged.

Please contact me with any questions.  Thank you.

Sincerely,

 
/s/ David R. Francis  
David R. Francis
  
General Counsel   
 

AGREED:
 
/s/ Richard A. Montoni  
Richard A. Montoni
  
   
March 4, 2014  
Date