Amendment to Employment Agreement Between Nationwide Mutual Insurance Company and Gregory Lashutka
This amendment, effective March 1, 2005, updates the employment agreement between Nationwide Mutual Insurance Company and Gregory Lashutka. It changes how certain benefits are paid, specifying that they will be distributed in the same manner and timing as benefits under the company's applicable plans, and clarifies that there will be no duplication of benefits. All other terms of the original agreement remain unchanged.
Exhibit 10.31.1
AMENDMENT
THIS AMENDMENT (the Amendment) is entered into as of March 1, 2005, by and between Nationwide Mutual Insurance Company (the Company) and Gregory Lashutka (the Executive).
WHEREAS the Company and the Executive have entered into an Employment Agreement dated as of January 1, 2000 (the Employment Agreement), and the parties now wish to amend the Employment Agreement.
NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree that the Employment Agreement is amended as follows:
1. Section 2.3(b)(vi) is hereby amended to revise the last two sentences to read as follows:
The benefits under this subsection (vi) shall be paid in the same forms and at the same times as Executives benefits under the applicable Plans described above are paid (or would have been paid had Executives interest in the applicable Plans been fully vested). The benefits payable under this subsection (vi) and subsection (vii) below shall not result in any duplication of benefits.
2. Section 2.3(b)(vii) is amended by revising the last sentence to read as follows:
The benefits under this subsection (vii) shall be paid in the same forms and at the same times as Executives benefits under the applicable Plans described above are paid (or would have been paid had Executives interests in the applicable Plans been fully vested).
3. Section 3.4(b)(vii) is revised by amending the last sentence to read as follows:
The benefits under this subsection (vii) shall be paid in the same forms and at the same times as Executives benefits under the applicable Plans described above are paid (or would have been paid had Executives interests in the applicable Plans been fully vested), as in effect immediately before the Change of Control.
4. In all respects not amended, the Employment Agreement is hereby ratified and confirmed.
WITNESS the following signatures:
NATIONWIDE MUTUAL INSURANCE | ||||||||
COMPANY | ||||||||
By: | ||||||||
Gregory Lashutka | ||||||||
Date | Name: | |||||||
Title: |
2