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                                  EXHIBIT 10.18

                               CHEMED CORPORATION
                     2002 EXECUTIVE LONG-TERM INCENTIVE PLAN

SECTION 1.        PURPOSES: The purposes of the Chemed Corporation 2002
Executive Long-Term Incentive Plan are to provide a means to attract and retain
officers and other key employees of the Company and its Subsidiaries and to
motivate such individuals to improve the long-term performance of the Company.

SECTION 2.        DEFINITIONS: As used in this Plan, unless the context
otherwise requires, each of the following terms shall have the meaning set forth
below.

      (a)         "Award" shall mean, for any Plan Period, a payment made to a
                  Participant under the terms of this Plan.

      (b)         "Board of Directors" or "Board" shall mean the Board of
                  Directors of the Company.

      (c)         "CEO" shall mean the Chief Executive Officer of the Company.

      (d)         "Code" shall mean the Internal Revenue Code of 1986, as
                  amended from time to time, and any references to a particular
                  section of the Code shall be deemed to include any successor
                  provision thereto.

      (e)         "Committee" shall mean a committee of the Board of Directors,
                  which shall consist solely of two or more "outside directors"
                  within the meaning of Section 162(m) of the Code.

      (f)         "Capital Stock" shall mean the capital stock of the Company,
                  par value $1.00 per share.

      (g)         "Company" shall mean Chemed Corporation, a Delaware
                  corporation.

      (h)         "Covered Employee" shall mean the CEO and each other executive
                  of the Company or a Subsidiary who the Committee determines,
                  in its discretion, is or may be a "covered employee" within
                  the meaning of Section 162(m) of the Code for the Plan Period
                  to which an Award hereunder is related.

      (i)         "Eligible Employee" shall mean all officers and other key
                  employees of the Company and any of its Subsidiaries, as
                  determined by the Committee in its sole discretion.

      (j)         "Maximum Amount" shall mean the product of:

                  (i)      $2,000,000; and

                  (ii)     The number of full or partial fiscal years in the
                           Plan Period.

      (k)         "Participant" shall mean an Eligible Employee selected by the
                  Committee to participate in the Plan pursuant to Section 4.

      (l)         "Performance Goal(s)" shall mean the goal or goals established
                  for a Participant for a Plan Period by the Committee pursuant
                  to Section 5.

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      (m)         "Performance Measures" shall mean any of the following
                  performance criteria, either alone or in any combination, and
                  may be expressed with respect to the Company or one or more
                  operating units or groups or Subsidiaries, as the Committee
                  may determine: cash flow; cash flow from operations; total
                  earnings; earnings per share, diluted or basic; earnings per
                  share from continuing operations, diluted or basic; earnings
                  before interest and taxes; earnings before interest, taxes,
                  depreciation, and amortization; earnings from continuing
                  operations; net asset turnover; inventory turnover; net
                  earnings or net income; operating earnings; operating margin;
                  return on equity; return on net assets; return on total
                  assets; return on capital; return on investment; return on
                  sales; sales; revenues; market share; economic value added;
                  expense reduction levels; stock price; and total shareholder
                  return. For any Plan Period, Performance Measures may be
                  determined on an absolute basis or relative to internal goals
                  or relative to levels attained in a year or years prior to
                  such Plan Period or related to other companies or indices or
                  as ratios expressing relationships between two or more
                  Performance Measures. For any Plan Period, the Committee shall
                  provide how any Performance Measure shall be adjusted to the
                  extent necessary to prevent dilution or enlargement of any
                  Award as a result of extraordinary events or circumstances, as
                  determined by the Committee, or to exclude the effects of
                  extraordinary, unusual, or non-recurring items; changes in
                  applicable laws, regulations, or accounting principles;
                  currency fluctuations; discontinued operations; non-cash
                  items, such as amortization, depreciation, or reserves; or any
                  recapitalization, restructuring, reorganization, merger,
                  acquisition, divestiture, consolidation, spin-off, split-up,
                  combination, liquidation, dissolution, sale of assets, or
                  other similar corporate transaction, or stock dividend, or
                  stock split or combination; provided, however, in the case of
                  a Covered Employee, no such adjustment will be made if the
                  effect of such adjustment would cause the Award to a Covered
                  Employee to fail to qualify as "qualified performance-based
                  compensation" within the meaning of Section 162(m) of the
                  Code.

      (n)         "Plan" shall mean the Chemed Corporation 2002 Executive
                  Long-Term Incentive Plan, as amended and restated from time to
                  time.

      (o)         "Plan Period" shall mean a period longer than one fiscal year,
                  as determined by the Committee in its sole discretion.

      (p)         "Subsidiary" shall mean any corporation, the majority of the
                  outstanding voting stock of which is owned, directly or
                  indirectly, by the Company, and that is not itself a publicly
                  held corporation within the meaning of Section 162(m) of the
                  Code.

SECTION 3.        ADMINISTRATION: Subject to the express provisions of this
Plan, the Committee shall have authority to interpret the Plan, to prescribe,
amend, and rescind rules and regulations relating to it, and to make all other
determinations deemed necessary or advisable for the administration of the Plan.
In exercising its discretion, the Committee may use such objective or subjective
factors as it determines to be appropriate in its sole discretion. The
determinations of the Committee pursuant to its authority under the Plan shall
be conclusive and binding.

SECTION 4.        ELIGIBILITY: The Committee shall designate which Eligible
Employees will be Participants in the Plan for a particular Plan Period.
Designation of an Eligible Employee as a Participant for any Plan Period shall
not require designation of such Eligible Employee for any other Plan Period.

SECTION 5.        AWARDS:

      (a)         The Committee may make Awards to Participants with respect to
                  each Plan Period, subject to the terms and conditions set
                  forth in the Plan.

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      (b)         Within 90 days after the commencement of each Plan Period (or
                  such other date as required by Section 162(m) of the Code and
                  the regulations promulgated thereunder), the Committee shall,
                  in writing, select the length of such Plan Period, select
                  which Eligible Employees will be Participants for such Plan
                  Period, and determine for each such Plan Period the following:

                  (i)      The Performance Goal or Performance Goals applicable
                           to each Participant for the Plan Period based on one
                           or more Performance Measures; and

                  (ii)     The payment schedule detailing the total amount which
                           may be available for payment to each Participant as
                           an Award based upon the relative level of attainment
                           of the Performance Goal or Performance Goals.

      (c)         Upon completion of a Plan Period, the Committee shall:

                  (i)      Certify, in writing, prior to payment of any Award,
                           whether and to what extent the Performance Goal or
                           Performance Goals for the Plan Period were satisfied;

                  (ii)     Determine the amount available for each Participant's
                           Award pursuant to the payment schedule established in
                           Section 5(b)(ii);

                  (iii)    Determine any increase or reduction in the amount of
                           a Participant's available Award, as determined
                           pursuant to Section 5(c)(ii), (including a reduction
                           to zero) based on any subjective or objective factors
                           that it determines to be appropriate in its sole
                           discretion; provided, however, in the case of a
                           Covered Employee, the Committee may reduce (including
                           a reduction to zero) but may not increase the amount
                           of an Award; and provided further that the exercise
                           of such discretion to reduce an Award with respect to
                           any Participant shall not have the effect of
                           increasing an Award that is payable to a Covered
                           Employee; and

                  (iv)     Authorize payment subject to Section 6 of such
                           amounts determined under Section 5(c)(iii).

      (d)         Notwithstanding any other provision of this Plan, in no event
                  shall the Award earned by any Participant for a Plan Period
                  exceed the Maximum Amount.

         (e)      Notwithstanding any other provision of this Plan, a Plan
                  Period shall not commence until any preceding Plan Period has
                  been completed.

SECTION 6.        PAYMENT OF AWARDS: Awards under this Plan shall be made in a
lump sum payment in cash and/or Capital Stock to the Participant or the
Participant's beneficiary, as designated under procedures established by the
Committee, as soon as practicable following the Plan Period or to such deferred
plan as the Company may have established for such purposes. If all or a portion
of the Award is to be paid in Capital Stock, the Committee shall determine the
basis on which the Award will be converted into Capital Stock. The Company may
deduct from any payment such amounts as may be required to be withheld under any
federal, state, or local tax laws.

SECTION 7.        NO CONTINUED EMPLOYMENT: Nothing in this Plan shall give any
person any right to continue in the employ of the Company or its Subsidiaries or
constitute a contract or agreement of employment or interfere in any way with
the right of the Company or its Subsidiaries to terminate or change the
conditions of employment.

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SECTION 8.        NONASSIGNABILITY: Except as otherwise required by applicable
law, any rights of a Participant or Participant's beneficiary under this Plan
shall not be anticipated, sold, assigned, transferred, encumbered, hypothecated,
or pledged nor be subject to any levy or charge and shall not be subject in any
manner to the claims of any creditor of a Participant or a Participant's
beneficiary; and any attempt to take such action shall be null and void.

SECTION 9.        TERMINATION AND AMENDMENT: The Board may at any time and from
time to time alter, amend, suspend, or terminate the Plan in whole or in part;
provided, however, that no amendment which requires stockholder approval in
order for the Plan to continue to comply with Section 162(m) of the Code shall
be effective unless such amendment is approved by the stockholders of the
Company. Notwithstanding the foregoing, no termination or amendment of the Plan
may, without the consent of the Participant to whom an Award has been determined
for a completed Plan Period but not yet paid, adversely affect the rights of
such Participant in such Award.

SECTION 10.       INTERPRETATION: Except with respect to terminations of
employment or in connection with a change in control of the Company, as
determined by the Committee in its sole discretion, it is the intent of the
Company that Awards made to Covered Employees shall constitute "qualified
performance-based compensation" satisfying the requirements of Section 162(m) of
the Code. Accordingly, the provisions of the Plan shall be interpreted in a
manner consistent with Section 162(m) of the Code. If any other provision of the
Plan or an Award is intended to but does not comply or is inconsistent with the
requirements of Section 162(m) of the Code, such provision shall be construed or
deemed amended to the extent necessary to conform to and comply with such
requirements.

SECTION 11.       UNFUNDED STATUS: Awards shall be made from the general funds
of the Company, and no special or separate fund shall be established or other
segregation of assets made to assure payment. No Participant or other person
shall have under any circumstances any interest in any particular property or
assets of the Company.

SECTION 12.       APPLICABLE LAW: This Plan shall be governed by and construed
in accordance with the laws of the State of Delaware, without regard to its
principles of conflict of laws.

SECTION 13.       EFFECTIVE DATE: This Plan will become effective as of March 6,
2002; provided, however, that no Award will be made under the Plan unless prior
to such payment, the holders of a majority of the shares of the Company's
Capital Stock actually voting on the matter approve and adopt this Plan at a
meeting of the stockholders of the Company.<PAGE>
                                                                   EXHIBIT 10.20

                                AMENDMENT NO. 15
                             TO EMPLOYMENT AGREEMENT

         AGREEMENT dated as of August 7, 2002 between a ____________
("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, May 16, 1994, May 15, 1995, May 20, 1996,
May 19, 1997, May 18, 1998, May 17, 1999, May 15, 2000, May 21, 2001 and January
2, 2002 ("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 August 7, 2002, as
follows:

         A.    The date, amended as of May 15, 2000, set forth in Section 1.2 of
               the Employment Agreement, is hereby deleted and the date of
               ____________ is hereby substituted therefore.

         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.

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         C.    The amount of unrestricted stock award recognized in lieu of
               incentive compensation in 2001 is $__________________.

         Except as specifically amended in this Amendment No. 15 to Employment
Agreement, the Employment Agreement, as amended, shall continue in full force
and effect in accordance with its terms, conditions and provisions.

         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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<TABLE>
<CAPTION>

                                             SCHEDULE TO EXHIBIT 10.20

                                       CURRENT                    CURRENT (b)
                                     SALARY AND                   STOCK AWARD                  CURRENT EXPIRATION
NAME AND POSITION                     BONUS (a)                  COMPENSATION                   DATE OF AGREEMENT
-----------------                    -----------                 ------------                   -----------------
<S>                                    <C>                          <C>                           <C>

K. J. McNamara                           $404,850                    $266,655                       5/3/2007
President and Chief                       255,944
Executive Officer

S. E. Laney                               235,400                     160,992                       5/3/2007
Executive Vice                            191,789
President and Chief
Administrative Officer

T. C. Hutton                              215,700                      84,106                       5/3/2007
Vice President                             40,441

</TABLE>

(a)      Bonus paid in 2002 for 2001 services.
(b)      Represents stock awards that would have vested in 2002 (for 2001
         service) under their original vesting schedules. Also includes shares
         granted in February 2002 with immediate vesting.

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