EXHIBIT 10.20
AMENDMENT NO. 7
TO EMPLOYMENT AGREEMENT
AGREEMENT dated as of May 19, 2003 between Xxxxxxx X. Xxx ("Employee")
and Chemed Corporation (the "Company").
WHEREAS, Employee and the Company have entered into an Employment
Agreement dated as of May 19, 1997 and amended May 18, 1998, May 17, 1999, May
15, 2000, May 21, 2001, January 2, 2002 and August 7, 2002 ("Employment
Agreement"); and
WHEREAS, Employee and the Company desire to amend the Employment
Agreement in certain respects.
NOW, THEREFORE, Employee and the Company mutually agree that the
Employment Agreement shall be amended, effective as of May 19, 2003, as follows:
A. The date, amended as of August 7, 2002, set forth in Section
1.2 of the Employment Agreement, is hereby deleted and the
date of May 21, 2006 is hereby substituted therefore.
B. The base salary amount set forth in the first sentence of
Section 2.1 of the Employment Agreement is hereby deleted and
the base salary amount of $238,921 per annum is hereby
substituted.
C. The amount of unrestricted stock award recognized in lieu of
incentive compensation in 2002 is $47,390.
Except as specifically amended in this Amendment No. 7 to
Employment Agreement, the Employment Agreement, as amended,
shall continue in full force and effect in accordance with its
terms, conditions and provisions.
IN WITNESS WHEREOF, the parties have duly executed
this amendatory agreement as of the date first above written.
EMPLOYEE
/s/ Xxxxxxx X. Xxx
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Xxxxxxx X. Xxx
CHEMED CORPORATION
/s/ Xxxxx X. XxXxxxxx
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Xxxxx X. XxXxxxxx
President & Chief Executive Officer
