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                                  EXHIBIT 10.26
                              SECOND AMENDMENT TO
                             SPLIT-DOLLAR AGREEMENT

         This amendment made on August 4, 1999 by and between Chemed Corporation
(the "Corporation"), a Delaware corporation, and _________________ ("Employee"),
who hereby agree as follows:

         1.       Recitals

                  (a)      The Corporation and the Employee are parties to a
                           Split Dollar Agreement dated as of ____________ and
                           amended ____________ (the "Agreement")

         2.       (a)      Paragraph 4.3 of the Agreement is hereby amended to
                           read in its entirety as follows:

                                    "4.3 The premium advances by the Corporation
                           pursuant to paragraph 4.1 and the bonus payments to
                           the Employee pursuant to paragraph 4.2 shall continue
                           with respect to annual premiums due under the Policy
                           until the later of (i) the date on which the Employee
                           reaches age 65, (ii) the date on which the Employee's
                           employment with the Corporation is terminated, or
                           (iii) if a Change of Control (as defined in Exhibit A
                           to this Agreement) occurs while the Employee remains
                           employed by the Corporation, the expiration date
                           specified in the employment agreement between
                           Employee and the Company (without regard to any early
                           termination of such agreement).

                  (b)      "Immediately upon a Change in Control, the
                           Corporation shall cause a lump-sum payment to be made
                           to a "rabbi" trust (or other funding vehicle
                           acceptable to the Employee) that represents the
                           present value of all payments that would be required
                           to be made by the Corporation under paragraphs 4.1
                           and 4.2 until the date the Employee reaches age 65,
                           with such present value to be determined based on the
                           applicable federal rate (compounded annually) under
                           Section 1274(d) of the Internal Revenue Code on the
                           date of the Change in Control. All such funds shall
                           be administered and

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                           disbursed in accordance with the terms of this
                           Agreement. The Corporation shall promptly pay upon
                           demand any reasonable legal fees incurred by the
                           Employee in connection with any enforcement of
                           his/her rights under this Agreement upon a Change in
                           Control."

                  (c)      Exhibit A of the Agreement hereby reads in its
                           entirety as follows:

                                    " 'Change of Control' shall mean the
                           occurrence of one of the following events: (i) any
                           Person becomes a beneficial owner, directly or
                           indirectly, of securities of Chemed Corporation (the
                           "Company") representing 30 percent or more of the
                           combined voting power of the Company's then
                           outstanding voting securities; (ii) the expiration of
                           a tender offer or exchange offer, other than an offer
                           by the Corporation, pursuant to which 20 percent or
                           more of the shares of the Corporation's Capital Stock
                           have been purchased; (iii) the stockholders of the
                           Corporation have approved (a) an agreement to merge
                           or consolidate with or into another corporation and
                           the Corporation is not the surviving corporation or
                           (b) an agreement to sell or otherwise dispose of all
                           or substantially all of the assets of the Corporation
                           (including a plan of liquidation); or (iv) during any
                           period of two consecutive years, individuals who at
                           the beginning of such period constitute the Board of
                           Directors cease for any reason to constitute at least
                           a majority thereof, unless the nomination for the
                           election by the Corporation's stockholders of each
                           new director was approved by a vote of at least
                           one-half of the persons who were directors at the
                           beginning of the two-year period."

         3.       General

                  Except as specifically amended herein, the Agreement will
remain in full force and effect in accordance with its original terms,
conditions, and provisions.

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         IN WITNESS WHEREOF, the parties have duly executed this amendatory
agreement as of _______________, 1999.

                                      CHEMED CORPORATION

_______________________               By:  ____________________________
Witness

_______________________               By:  ____________________________
Witness                                    Employee

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                            SCHEDULE TO EXHIBIT 10.26

                  Insured                          Date of Amendment
                  -------                          -----------------

         KEVIN J. MCNAMARA                              8/4/99
         PRESIDENT

         TIMOTHY S. O'TOOLE                             8/4/99
         EXECUTIVE VICE PRESIDENT
         AND TREASURER

         PAUL C. VOET                                   8/4/99
         EXECUTIVE VICE PRESIDENT

         THOMAS C. HUTTON                               8/4/99
         VICE PRESIDENT

         ARTHUR V. TUCKER                               8/4/99
         VICE PRESIDENT AND
         CONTROLLER<PAGE>   1
                                  EXHIBIT 10.32

                             SPLIT DOLLAR AGREEMENT

         This Agreement, made on August 4, 1999, by and between Chemed
Corporation ("the Corporation"), a Delaware corporation with offices at 2600
Chemed Center, 255 E. Fifth Street, Cincinnati, Ohio 45202 and Albert E. Heekin,
III ("the Trustee"), as Trustee of an Irrevocable Trust Agreement with John M.
Mount and Rosemary L. Mount dated June 22, 1998 ("the Trust").

         1.   PREMISES

                  1.1 John M. Mount is an employee of the Corporation and has
                  created the Trust. The Trustee wishes to insure the lives of
                  Mr. Mount and his wife, Rosemary L. Mount, for the benefit and
                  protection of their family. The Corporation will help the
                  Trustee provide this insurance coverage by payment of part of
                  the premiums under a split dollar arrangement, whereby the
                  Trustee will be the owner of a life insurance policy which
                  will be collaterally assigned to the Corporation as security
                  for amounts the Corporation will contribute for the premium
                  payments.

         2.   APPLICATION FOR INSURANCE

                  2.1 The Trustee has applied to Phoenix Home Life Mutual
                  Insurance Company for a Survivor

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                  Legacy Policy on the lives of John M. Mount and Rosemary L.
                  Mount for $ $2,000,000 ("Policy").

         3.   POLICY OWNERSHIP

                  3.1 The Trustee shall own the Policy and may exercise all
                  rights of ownership with respect to it, subject only to the
                  security interest of the Corporation as expressed in this
                  Agreement and the collateral assignment of the Policy to the
                  Corporation.

         4.   PAYMENT OF PREMIUMS

                  4.1 On or before the due date of each annual premium on the
                  Policy, the Corporation will pay to Phoenix Home Life Mutual
                  Insurance Company an amount equal to the greater of 80 percent
                  of the annual premium or the annual premium less the economic
                  benefit cost (as measured by the Phoenix Home Life term
                  insurance rates) of the portion of the insurance which the
                  beneficiary or beneficiaries named by the Trustee would be
                  entitled to receive if Mr. Mount and Mrs. Mount died during
                  the policy year for which the annual premium is paid.

                  4.2 On or before the due date of each annual premium on the
                  Policy, the Corporation will pay

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                  to Phoenix Home Life Mutual Insurance Company, on behalf of
                  the Trustee, the remainder of the annual premium. This payment
                  will constitute compensation to Mr. Mount in the form of a
                  bonus during his lifetime and in the form of deferred
                  compensation if he dies before Mrs. Mount and will be
                  considered paid by the Trustee for purposes of the Assignment
                  (as defined in Article 5).

                  4.3 These premium advances by the Corporation shall apply
                  specifically to annual premiums due under the Policy up to Mr.
                  Mount's age of 65. However, additional premium advances may be
                  made by mutual agreement of the parties.

         5.   ASSIGNMENT OF POLICY

                  5.1 The Trustee shall collaterally assign the Policy to the
                  Corporation so as to reflect the respective interests of the
                  parties under this Agreement, said collateral assignment
                  ("Assignment") having been executed by the parties on the date
                  of this Split Dollar Agreement, and thus made a part of such
                  Policy and this Agreement.

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         6.   USE OF DIVIDENDS

                  6.1 The dividends declared by Phoenix Home Life Mutual
                  Insurance Company on the Policy will be used to purchase
                  paid-up insurance.

                  6.2 The dividend option which is specified in paragraph 6.1 of
                  this Article will not be terminated or changed without a
                  conforming amendment to this Agreement and unless such change
                  is done in accordance with the provisions of Part D "Joint
                  Rights" section of the Assignment.

         7.   SURRENDER OF POLICY

                  7.1 The Trustee shall have the sole and exclusive right to
                  surrender the Policy.

                  7.2 If the Policy is surrendered, the Trustee shall direct the
                  insurance company in writing to draw a check payable to the
                  Corporation in an amount equal to the "Assignee's Cash Value
                  Rights", as defined within the provisions of Part A
                  "Definitions" section of the Assignment.

                  7.3 If there is a delay in the surrender of the Policy by
                  either party to this Agreement, and if such delay results in
                  diminished policy values being available to either party,
                  neither party

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                  to this Agreement shall hold the insurance company liable for
                  such diminution in Policy values.

         8.   DEATH CLAIMS

                  8.1 Upon the death of the last to die of Mr. and Mrs. Mount,
                  the Corporation shall have an interest in the proceeds of the
                  Policy equal to the "Assignee's Death Benefit Share", as
                  defined within the provisions of Part A "Definitions" section
                  of the Assignment. The balance of proceeds remaining shall be
                  paid directly by the insurance company to the beneficiary or
                  beneficiaries designated in the Policy.

         9.   TERMINATION OF AGREEMENT

                  9.1 This Agreement shall terminate upon surrender of the
                  Policy by the Trustee or upon thirty (30) days' written notice
                  of termination given by either party to the other by
                  registered mail at the party's last known address.

                  9.2 Prior to termination of this Agreement, the Trustee shall
                  direct the insurance company in writing to draw a check
                  payable to the Corporation for an amount equal to the
                  "Assignee's Cash Value Interest", as defined

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                  within the provisions of Part A "Definitions" section of the
                  Assignment. Upon receipt of this amount, the Corporation shall
                  release the security interest of the Corporation expressed in
                  this Agreement and the Assignment.

         10.  SPECIAL PROVISIONS

                  The following provisions are part of this Plan and are
                  intended to meet the requirements of the Employee Retirement
                  Income Security Act of 1974:

                  10.01 -  The named fiduciary: The Secretary of the Company

                  10.02 -  The funding policy under this Plan is that all
                           premiums on the Policy be remitted to the Insurer
                           when due.

                  10.03 -  Direct payment by the Insurer is the basis of payment
                           of benefits under this Plan, with those benefits in
                           turn being based on the payment of premiums as
                           provided in the Plan.

                  10.04 -  For claims procedure purposes, the "Claims Manager"
                           shall be the Secretary of the Company.

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                           (a)      If for any reason a claim for benefits under
                                    this Plan is denied by the Company, the
                                    Claims Manager shall deliver to the claimant
                                    a written explanation setting forth the
                                    specific reasons for the denial, pertinent
                                    references to the Plan section on which the
                                    denial is based, such other data as may be
                                    pertinent and information on the procedures
                                    to be followed by the claimant in obtaining
                                    a review of his claim, all written in a
                                    manner calculated to be understood by the
                                    claimant. For this purpose:

                                    (1)      The claimant's claim shall be
                                             deemed filed when presented orally
                                             or in writing to the Claims
                                             Manager.

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                                    (2)      The Claims Manager's explanation
                                             shall be in writing delivered to
                                             the claimant within 90 days of the
                                             date the claim is filed.

                           (b)      The claimant shall have 60 days following
                                    his/her receipt of the denial of the claim
                                    to file with the Claims Manager a written
                                    request for review of the denial. For such
                                    review, the claimant or his/her
                                    representative may submit pertinent
                                    documents and written issues and comments.

                           (c)      The Claims Manager shall decide the issue on
                                    review and furnish the claimant with a copy
                                    within 60 days of receipt of the claimant's
                                    request for review of his/her claim. The
                                    decision on review shall be in writing and
                                    shall include

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                                    specific reasons for the decision written in
                                    a manner calculated to be understood by the
                                    claimant, as well as specific references to
                                    the pertinent Plan provisions on which the
                                    decision is based. If a copy of the decision
                                    is not so furnished to the claimant within
                                    such 60 days, the claims shall be deemed
                                    denied on review.

         11.  AMENDMENT AND BINDING EFFECT

                  11.1 This embodies all agreements by the parties made with
                  respect to the Policy. The Agreement shall not be modified or
                  amended except by a writing signed by the parties. The
                  Agreement shall be binding upon the parties, their heirs,
                  legal representatives, successors and assigns.

         12.  GOVERNING LAW

                  12.1 This Agreement shall be subject to and shall be construed
                  under the laws of the State of Ohio.

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         Executed by the parties at Cincinnati, Ohio, as of August 4, 1999.

                                      CHEMED CORPORATION

------------------------              By:  /s/ David G. Sparks, Vice President
                                           ------------------------------------
Witness                                    Signature, Corporate Title

------------------------              By:  /s/ Alfred E. Heekin, III
                                           ------------------------------------
Witness                                    Trustee

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