Exhibit 10(yy)
AMENDMENT TO EMPLOYMENT AGREEMENT
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THIS AMENDMENT is made and entered into this 3rd day of APRIL 2003, by and
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between K-V PHARMACEUTICAL COMPANY, a Delaware Corporation (the "Company")
and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ (the "Employee").
WITNESSETH THAT:
WHEREAS, the Company and Employee entered into an Employment Agreement,
dated February 20, 1974 (the "Employment Agreement"), pursuant to which the
Company agreed to pay monthly salary continuation payments upon retirement
for a term of twelve (12) years from the date of his retirement; which was
amended on August 12, 1986, to Employee's lifetime in an amount equal to
forty percent (40%) of Employee's base compensation at retirement, increased
annually by the percentage increase in the cost of living and also provided
that in the event of Employee's death, salary continuation of compensation
would be paid to Employee's widow equal to one-half of the amount otherwise
payable to Employee until October 30, 1990.
WHEREAS, in consideration of continuing valuable services performed by
Employee for the Company after his retirement, as Chairman of the Board, a
Consultant to the Company and his ongoing role as confidante to the Company
and contributions that could not be contemplated, as well as his continuous
service as Chairman of the Board, the
Company hereby agrees to give consideration to his surviving spouse through
reinstating the surviving spouse provision which provides for one-half (1/2)
of the retirement benefit, which is currently $61,148.10 annually and would
be payable as a surviving spouse benefit on the terms set forth in this
Amendment;
NOW, THEREFORE, in consideration of the premises herein contained, it is
agreed by and between the parties hereto as follows:
1. Section 4(b) of the Agreement, as amended, is hereby deleted in its
entirety and the following is inserted in lieu thereof:
4. Salary continuation Benefits.
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(b) In the event of Employee's death, Company agrees to thereafter pay
to Employee's widow, during the period commencing on the date of Employee's
death and ending on March 31, 2020, salary continuation compensation equal
to one-half (1/2) of the amount otherwise payable to Employee under the
provisions of Section 4(a) of the Agreement, as amended.
2. Except as expressly provided herein, this Amendment is not intended
to amend or modify any other provisions of the Employment
Agreement, as amended, all of which except as provided herein will
remain in full force and effect.
3. This Amendment shall be construed in accordance with and governed
by the laws of the State of Missouri.
4. This Amendment shall be binding upon and inure to the benefit of
the Company and its successors and assigns and Employee and his
heirs, executors, administrators, and personal or legal
representatives.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the day and year first above.
K-V PHARMACEUTICAL COMPANY
BY: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Vice President, Treasurer & CFO
"Company"
/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
"Employee"