EXHIBIT 10.20
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT ("Amendment") is made
and entered into as of this 2nd day of August, 2000, by and between OMNICARE,
INC., a Delaware corporation (the "Company") and XXXXX XXXXXXX ("Xx. Xxxxxxx").
WHEREAS, Xx. Xxxxxxx and the Company entered into an
Employment Agreement effective August 2, 1998, as amended February 25, 2000
("Employment Agreement"); and
WHEREAS, the parties now desire to amend said Employment
Agreement pursuant to Section 6.5 thereof;
NOW, THEREFORE, in consideration of the mutual promises and
agreements set forth in this Amendment, the parties agree as follows:
1. A new Section 2.9 is added to the Employment Agreement reading as
follows:
"2.9 Split Dollar Agreement, Xx. Xxxxxxx will be eligible to
participate in the Company's split dollar life insurance program for
its executives and his death benefit thereunder shall be at that level
as is generally provided for similarly-situated executives of the
Company, which benefit may be reduced if the required medical
examination reveals any condition that would impact his insurability at
standard rates. Upon termination of his employment, Xx. Xxxxxxx shall
be entitled to repay to the Company the amount of premiums paid by the
Company on his behalf whereupon the Company shall release the policy to
him free and clear of any interest it may have."
2. Section 3.1 of the Employment Agreement is amended to read as follows:
"3.1 Term. The term of employment of Xx. Xxxxxxx pursuant to
this Agreement shall be a period of two years from the effective date
of this Agreement, such date being the 2nd day of August, 2000, ("the
Effective Date"). This Agreement shall be automatically renewed at the
end of this term for an additional two-year term, and shall continue to
automatically renew at the end of each term for like two-year terms,
unless at least 180 days prior to the end of the initial term following
the Effective Date or any subsequent term, either party notifies the
other party that this Agreement shall not renew for the next term.
Notwithstanding the foregoing, Employee's employment may be sooner
terminated as described in Section 3.2 through 3.6 hereof."
All remaining provisions of the Employment Agreement shall
remain unchanged and in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date first above written.
OMNICARE, INC.
/s/ Xxxx X. Xxxxxxxx
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Name: Xxxx X. Xxxxxxxx
Title: President
/s/ Xxxxx Xxxxxxx
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XXXXX XXXXXXX
