EXHIBIT 10.3
RAMSAY YOUTH SERVICES, INC.
Columbus Center
Xxx Xxxxxxxx Xxxxx
Xxxxx 000
Xxxxx Xxxxxx, Xxxxxxx 00000
July 30, 2002
Xx. Xxxxxx X. Xxxxxxx
0000 X.X. 000 Xxxxxxx
Xxxxx, Xxxxxxx 00000
Dear Marcio:
Reference is made to the letter agreement between you and
Ramsay Youth Services, Inc. (then known as Ramsay Health Care, Inc) dated June
1, 1998 relating to your employment with the Company (the "Employment
Agreement").
This will confirm that, effective as of the close of business
on June 30, 2002, your annual base salary shall be increased to $250,000. Your
position continues to be Executive Vice President and Chief Financial Officer of
the Company, reporting to the President and Chief Executive Officer of the
Company. All other terms of the Employment Agreement continue in full force and
effect.
Please acknowledge your acceptance of and agreement with the
foregoing by signing the enclosed counterpart of this letter, whereupon this
shall constitute an amendment to the Employment Agreement.
Sincerely yours,
/s/ XXXX X. XXXXXX
-------------------------------------
Xxxx X. Xxxxxx
President and Chief Executive Officer
Accepted and Agreed:
/s/ XXXXXX X. XXXXXXX
------------------------------
Xxxxxx X. Xxxxxxx
