EXHIBIT 10.86
AMENDMENT NO. 1
TO AMENDED AND RESTATED KEY EMPLOYEE
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
This Amendment No. 1 is made as of this 19th day of November 1988, by and
between Integrated Health Services, Inc., a Delaware corporation (the
"Company"), and Xxxxxx X. Xxxxxx (the "Executive").
WITNESSETH:
WHEREAS, the Company established the Integrated Health Services, Inc. Key
Employee Supplemental Executive Retirement Plan effective as of March 1, 1996,
and amended and restated the plan (as amended and restated, the "Plan")
effective November 18, 1997; and
WHEREAS, the Company and the Executive desire to amend the Plan to permit
the Plan to be funded with securities of the Company.
NOW, THEREFORE, in consideration of the foregoing premises and the mutual
agreements contained herein, the parties, intending to be legally bound, hereby
agree to amend the Plan as follows:
1. Under Section 2.1 of the Plan, the last sentence of the definition
of "Funding" is amended to read as follows:
"Funding shall be in the form of cash and/or Employer securities."
2. Section 5.3 of the Plan is amended to delete the last sentence
thereof, "In no event may any employee deferral contribution or any
income or gains thereon be invested in capital stock of the
Company."
3. All of the remaining terms and provisions of the Plan shall remain
in full force and effect without amendment or modification.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as of
the day and year first above written.
COMPANY EXECUTIVE
INTEGRATED HEALTH SERVICES, INC.
By: _________________________________ ____________________________________
Xxxxxx X. Xxxxxx
Name: ______________________________
Title: _____________________________
____________________________________ ____________________________________
Witness as to the Company Witness as to the Executive
____________________________________ ____________________________________
Print Name/Title Print Name
