WASHINGTON NATIONAL CORPORATION
EXHIBIT 10.1 - FORM OF AMENDMENT TO EMPLOYMENT AGREEMENTS
Date:_____________________
Name
Address
Dear ______________:
This letter is intended to clarify the interpretation of the
Employment Agreement made as of the _______________________, by and
among Washington National Insurance Company, Washington National
Corporation and you to provide you with a two year severance period
(or, if less than two years, until you reach age 65). The intent of
the Agreement is that if your employment is terminated for any
reason other than Good Cause (as defined in the Agreement), or if
you terminate your employment for Good Reason (as defined in the
Agreement) you will receive, within 10 days after the Date of
Termination (as defined in the Agreement), a lump sum payment in an
amount equal to your salary (at your then current fixed annual
salary level) and your bonus under the Incentive Compensation Plan
for a severance period equal to the balance of the term of your
employment under the Agreement as it exists at the time of your
termination of employment. That severance period will commence on
the date of your termination of employment and end on the first to
occur of the second anniversary thereof and the last day of the
calendar year in which you attain age 65.
In order to ensure that the language of the Agreement is consistent
with the intent of the parties, as described above, the definition
of Severance Period in Section 5 (a)(iv) of the Agreement is amended
to "mean the balance of the term of employment as it exists
immediately prior to the Date of Termination."
Please sign both copies of this letter to indicate your approval of
the matters set forth herein. Return one copy to X.X. Xxxxxxx and
keep the other for your records.
Very truly yours,
WASHINGTON NATIONAL INSURANCE COMPANY
By:___________________________________________
Xxxxxx Xxxxxxxxxx, Chairman of the Board,
President, and Chief Executive Officer
WASHINGTON NATIONAL CORPORATION
By:___________________________________________
Xxxxxx X. Xxxxx, Executive Vice President
and Chief Financial Officer
The matters set forth in the above letter are hereby approved on
this 24th day of September 1996.
___________________________________________
Name
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