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Exhibit 10.15
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (the "Amendment") is effective
as of the day of __________, by and between PHARMERICA, INC., a Delaware
corporation (the "Company"), and _________ (the "Executive").
WITNESSETH:
WHEREAS, Company and Executive have previously entered into an
Employment Agreement dated ___________ (the "Agreement"); and
WHEREAS, Company and Executive wish to amend the Agreement as set forth
below;
NOW, THEREFORE, in consideration of the mutual premises and agreements
made herein, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Extension of Period of Employment. Effective as of the date
hereof, Section II of the Agreement is amended and restated to
read as follows:
Term. The period of Executive's employment ("Period
of Employment") under this Agreement will commence as
of December 3, 1997 and shall continue through
December 3, 2000, subject to extension or termination
as provided in this Agreement.
2. Compensation. Effective as of the date hereof, Section IV.A of
the Agreement is amended and restated to read as follows:
A. Compensation. Effective as of November 1, 1998,
for all services rendered by the Executive in any
capacity during the Period of Employment, the Company
shall pay the Executive an annual base salary ("Base
Salary") of ______________ Dollars ($________)
through December 31, 1999. Such Base Salary shall be
payable according to the customary payroll practices
of the Company but in no event less frequently than
once each month.
3. Change in Control. Effective as of the date hereof, Section
XI.A of the Agreement is amended and restated to read as
follows:
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A. Effect of Change in Control. In the event there is
a Change in Control and within the twenty-four (24)
month period following such event Executive is
terminated or resigns for Good Reason (as defined in
that certain Change in Control Severance Agreement
between Company and Executive dated September 22,
1998), the Company shall pay to the Executive in a
lump sum upon such termination an amount equal to
___% of his Base Salary in effect at the time of such
termination and the greater of the most recent Annual
Incentive Award paid or earned by Executive or the
Current Annual Incentive Award target. In addition,
any stock options granted to the Executive prior to
termination pursuant to the Plan, but subject to
vesting restrictions, will be fully vested upon a
Change in Control whether or not the Executive is
terminated or resigns and shall remain exercisable
for one year following vesting. The benefits and
perquisites described in this Agreement as in effect
at the date of termination of employment will also be
continued for twelve (12) months from the effective
date of termination pursuant to a Change in Control.
4. Other Provisions Effective. The parties expressly agree and
acknowledge that all provisions of the Agreement except those
amended by this Amendment shall remain unchanged and in full
force and effect.
5. Governing Law. This Amendment will be interpreted, construed
and governed according to the laws of the State of Delaware.
PHARMERICA, INC.
By:
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Title:
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