Amendment No. 4 to Employment Agreement between Stewart Enterprises, Inc. and Lawrence B. Hawkins

Summary

This amendment updates the employment agreement between Stewart Enterprises, Inc. and Lawrence B. Hawkins, effective July 25, 2000. It changes the terms of Hawkins' annual bonus, making him eligible for up to $265,000 per year based on criteria set annually, with payment due within 30 days after the company's annual report filing. It also revises the notice provisions for official communications. All other terms of the original agreement remain unchanged.

EX-10.20 22 0022.txt AMENDMENT NO. 4 TO EMPLOYMENT AGREEMENT This Amendment No. 4 to Employment Agreement is made as of the 25th day of July, 2000, by and between Stewart Enterprises, Inc., a Louisiana corporation (the "Company"), and Lawrence B. Hawkins (the "Employee"). W I T N E S S E T H: WHEREAS, the Company has entered into an Employment Agreement with the Employee dated as of August 1, 1995 as amended by Amendment No. 1 dated as of January 1, 1997, Amendment No. 2 dated as of October 31, 1998, and Amendment No. 3 dated as of September 21, 1999 (as amended, the "Employment Agreement"); and WHEREAS, the Company and the Employee have agreed to a change in the Employee's bonus, effective November 1, 1999, as set forth herein. NOW THEREFORE, the Company and the Employee agree as follows: SECTION 1. Except as expressly amended herein, all of the terms and provisions of the Employment Agreement shall remain in full force and effect. SECTION 2. Article II, Section 2 of the Employment Agreement is hereby amended to read in its entirety as follows: 2. BONUS. (a) For fiscal years beginning November 1, 1999, the Employee shall be eligible to receive an annual incentive bonus (the "Bonus") of up to $265,000 per Fiscal Year. The Bonus will be awarded based upon factors to be established annually and set forth in an annual supplement to this Agreement. (b) The Bonus shall be paid in cash not later than 30 days following the filing of the Company's annual report on Form 10-K for the Fiscal Year in which the Bonus has been earned. SECTION 3. Article VI, Section 2 of the Employment Agreement is hereby amended to read in its entirety as follows: 2. NOTICES. All notices hereunder must be in writing and shall be deemed to have been given upon receipt of delivery by: (a) hand (against a receipt therefor), (b) certified or registered mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier service (against a receipt therefor) or (d) telecopy transmission with confirmation of receipt. All such notices must be addressed as follows: If to the Company, to: Stewart Enterprises, Inc. 110 Veterans Memorial Boulevard Metairie, Louisiana 70005 Attn: Chief Executive Officer If to the Employee, to: Lawrence B. Hawkins 4414 Wildwood Dallas, Texas 75209 or such other address as to which any party hereto may have notified the other in writing. IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and signed as of the date indicated above. STEWART ENTERPRISES, INC. By:/s/ James W. McFarland --------------------------------- James W. McFarland Compensation Committee Chairman EMPLOYEE: /s/ Lawrence B. Hawkins --------------------------------- Lawrence B. Hawkins