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EXHIBIT 10.14
AMENDMENT NO. 7
TO EMPLOYMENT AGREEMENT
AGREEMENT dated as of May 15, 1995 between
________________("Employee") and Chemed Corporation (the
"Company").
WHEREAS, Employee and the Company have entered
into an Employment Agreement dated as of May 2, 1988 and amended May 15, 1989,
May 21, 1990, May 20, 1991, May 18, 1992, May 17, 1993 and May 16, 1994
("Employment Agreement"); and
WHEREAS, Employee and the Company desire to further 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 15, 1995, as
follows:
A. The date, amended as of May 16, 1994, set forth in Section 1.2
of the Employment Agreement, is hereby deleted and the date of
May 3, 2000 is hereby substituted therefor.
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 $________ per annum is hereby
substituted.
C. The amount of unrestricted stock award recognized in lieu of
incentive compensation in 1994 is $____________.
D. Section 3.1(b) is hereby deleted and Section 3.1(c) is
renumbered as Section 3.1(b) reading as follows:
Section 3.1(b) The termination by the Company of the
Employee's employment for Cause pursuant to Section 3.3. The
termination by the Company of Employee's employment hereunder
for any reason other than those specified in paragraphs (a)
and (b) above shall hereinafter be referred to as a
termination "Without Cause". Any disability of an Employee
shall not be grounds for termination.
E. Section 3.2 is hereby deleted.
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.
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IN WITNESS WHEREOF, the parties have duly executed this
amendatory agreement as of the date first above written.
EMPLOYEE
_____________________
CHEMED CORPORATION
_____________________
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SCHEDULE TO EXHIBIT 10.14
Current
Current Current (a) Expiration
Salary and Stock Award Date of
Name and Position Age Bonus Compensation Agreement
----------------- --- ---------- ------------ ----------
X. X. XxXxxxxx 42 $246,000 $18,025 5/3/2000
President 35,750
P. C. Voet 49 264,500 88,219 5/3/2000
Executive Vice President 85,000
X. X. Xxxxxx 45 147,700 11,069 5/3/2000
Vice President 15,200
X. X. X'Xxxxx 40 150,000 33,217 5/3/2000
Executive Vice President 22,300
and Treasurer
X. X. Xxxxx 54 112,500 -- 5/3/2000
Vice President 17,200
X. X. Xxxxx 52 148,000 20,025 5/3/2000
Senior Vice President 32,500
and Chief Administrative
Officer
X. X. Xxxxxx 46 98,500 4,112 5/3/2000
Vice President and 16,000
Controller
____________________________
(a) Amount of unrestricted stock award recognized in lieu of incentive
compensation in 1994.
