AMENDMENT TO
EMPLOYMENT AGREEMENT
BETWEEN
KV PHARMACEUTICAL COMPANY
AND XXXX X. XXXXXXXX
This Amendment to the Employment Agreement dated December 16, 1996 (the
"Employment Agreement") by and between KV Pharmaceutical Company ("Employer")
and Xxxx X. Xxxxxxxx ("Employee") is hereby entered into as of the 30th day of
October, 1998.
Whereas, the Employment Agreement contemplated certain death benefits
in the event the Employee's employment is terminated by Employer involuntarily,
or if the Employee's employment is terminated; voluntarily by virtue of
retirement, pre-retirement or succession, and;
Whereas, Employer has deemed it desirable to also contemplate and
protect such said death benefits for the Employee during his continued service
to Employer for the remaining term of this Agreement; and
Whereas, Employer desires to assure itself of the continued
availability of the services of the Employee; and
Whereas, it is deemed desirable to provide assurances to Employee with
respect to death benefits that shall be provided to the Employee and his estate
in the event his employment should be terminated with Employer by reason of
death.
Now therefore, Employer hereby agrees with Employee that:
1. Section 4 of the Employment Agreement is hereby amended by adding
the following paragraph at the end thereof to henceforth be read as paragraph
(j):
(j) In the event the Employee's employment with Employer is terminated
as a result of the Employee's death, and the Employee has not
elected pre-retirement, retirement or succession, as contemplated
under paragraphs 6, 7 and 13 respectively then Employer shall pay
Employee's designated beneficiary or beneficiaries the sum of 60%
of the Employee's then Final Average Compensation for a period of
ten (10) years in equal monthly installments. Such payments shall
be made in lieu of any death benefits that otherwise would have
been payable to the Employee's designated beneficiary or
beneficiaries under paragraphs 6, 7 and 13 herein, but in no way
can be construed so as to prevent or preclude the payment of life
insurance benefits to the Employee's designated beneficiary or
beneficiaries as defined in paragraph 5(a). Notwithstanding the
foregoing, at such time as the Employee elects pre-retirement,
retirement or succession, as defined in paragraphs 6, 7 and 13
respectively, the Employee's death benefits as defined herein
paragraph 4(j) shall lapse.
2. Except as amended hereby, the Employment Agreement shall remain in
full force and effect.
IN WITNESS WHEREOF, Employer and Employee have agreed to amend the
Employment Agreement, as hereinabove provided, as of the date set forth above.
KV PHARMACEUTICAL COMPANY
By:
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Xxxx X. Xxxxxxxx
Title:
