EXHIBIT 10.41
December 6, 2004
Xxxx X.X. Xxxxx, III
0000 XX 00xx Xxxxxx
Xxxxxxx Xxxxx, Xx 00000
Re: Amendment to Retirement Agreement
Dear Nick:
This letter shall serve as an amendment to the October 20, 2004 Retirement
Agreement ("Agreement") between you and PolyMedica Corporation (the "Company")
pursuant to Section 13.2 of the Agreement.
As you know, in Section 3.4 of the Agreement, the Company agreed to
maintain or reimburse you for the cost of maintaining life insurance in the
amount of $571,000 for a period of eighteen (18) months commencing after the
Retirement Date or until you become employed and are offered comparable life
insurance coverage by a new employer, whichever occurs first. As we have
discussed, the Company is unable to purchase a new life insurance policy to
provide you with the required coverage due to your prior medical history.
Moreover, it has been determined that the cost to convert your current
Company-sponsored life insurance policy in the amount of $571,000 would be
exorbitant. As a consequence, as an alternative, the Company has offered to pay
or reimburse you for the premium cost of your current life insurance policy with
Allmerica Financial Corporation in the amount of $400,000 and to do so for a
total of twenty-four months following your Retirement Date, and you have
accepted that offer.
As such, Section 3.4 of the Agreement is hereby deleted in its entirety
and replaced with the following in lieu thereof:
3.4 LIFE INSURANCE. For a period of 24 months after the Retirement Date
or until Executive becomes employed and is offered comparable life
insurance coverage by a new employer, whichever occurs first, the
Company shall pay directly or reimburse Executive for the premium
cost of maintaining the Executive's current life insurance policy
issued by Allmerica Financial Corporation on the life of Executive
in the amount of $400,000. Executive shall be obligated to give the
Company prompt notice of any full-time subsequent employment
offering comparable life insurance coverage, and at that time the
Company's obligations under this Section 3.4, if any, shall cease to
the extent of such comparable coverage.
CORPORATE OFFICE:
PolyMedica Corporation
00 Xxxxx Xxxxxx Tel. 000-000-0000
Xxxxxx, Xxxxxxxxxxxxx 00000 Fax. 000-000-0000
If the foregoing is acceptable to you, please indicate your agreement
by signing a copy of this letter and returning it to the undersigned.
Very truly yours,
/s/ Xxxx X. Xxxxxxxxx, III
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Xxxx X. Xxxxxxxxx, III
Chief Financial Officer
ACCEPTED AND AGREED TO:
/s/ Xxxx X.X. Xxxxx, III
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Xxxx X.X. Xxxxx, III
December 6, 2004
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Date
