Exhibit 10.26
AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT is entered
into the 16th day of April, 2009, between Conseco Services, LLC (the "Company")
and Xxxxxxx X. Xxxxxxx ("Executive").
Recitals
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A. The Company and Executive entered into an Amended and Restated
Employment Agreement dated as of February 27, 2008 (the "Agreement").
B. The Company and Executive desire to further amend the Agreement to
extend its Term (as defined in the Agreement) and to make the other changes set
forth herein.
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants contained herein, the receipt and sufficiency of which are hereby
acknowledged:
1. Section 2 of the Agreement is hereby amended solely to change the
ending date of the Term from March 7, 2009 to March 7, 2011. All
other provisions of Section 2 of the Agreement shall remain
unchanged.
2. Section 5(b) of the Agreement is hereby amended solely to change
"2009 bonus" in the penultimate sentence to "2011 bonus." All
other provisions of Section 5(b) of the Agreement shall remain
unchanged.
3. A new Section 22 is hereby added to the Agreement to read as
follows:
21. Section 409A. Notwithstanding anything to the contrary in
the Agreement, if Executive is a "specified employee" within
the meaning of Section 409A of the Internal Revenue Code, as
amended (the "Code"), at the time of Executive's separation
from service, and if any payment or benefit otherwise payable
to Executive by the terms of this Agreement is considered to
be non-qualified deferred compensation under the Code, then
the Company shall delay any such payment or benefit to
Executive until the earliest date permitted under Section 409A
of the Code without causing Executive to incur excise tax.
4. All provisions of the Agreement not amended hereby shall remain
in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment to
Employment Agreement as of the date first above written.
CONSECO SERVICES, LLC
By: /s/ Xxxxxx X. Xxxxxx
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Printed: Xxxxxx X. Xxxxxx
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Title: President
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/s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx
