NORTH CAROLINA SECOND AMENDMENT
TO
DURHAM COUNTY EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment") is made
and entered into effective the 1st day of September, 1999 by and between
PHYAMERICA PHYSICIAN GROUP, INC., f/k/a COASTAL HEALTHCARE GROUP, INC., a
Delaware corporation ("Corporation"), and XXXXXX X. XXXXX, M.D. ("Employee").
W I T N E S S E T H
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WHEREAS, Corporation and Employee have previously entered into an
employment agreement dated April 1, 1991, and an amendment thereto dated April
1, 1994 (collectively, the "Employment Agreement") under which Employee is
currently employed by Corporation; and
WHEREAS, Corporation and Employee desire to modify the existing terms of
employment of Employee to increase his annual salary;
NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements hereinafter set forth, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as follows:
1. Paragraph 3(a) of the Employment Agreement shall be amended effective as
of September 1, 1999, to read as follows:
(a) An annual salary of Five Hundred Thousand Dollars ($500,000)
payable in twelve equal monthly installments in accordance with the
Corporation's payroll policies. The annual salary shall be reviewed
annually, and may be increased in the discretion of the Compensation
Committee of the Corporation's Board of Directors.
2. Except as specifically modified as set forth above, all of the
remaining terms, conditions and covenants of the Employment Agreement
between Corporation and Employee are hereby ratified and confirmed in all
respects.
IN WITNESS WHEREOF, Corporation has caused this Amendment to be executed under
its seal and by its duly authorized officers, upon the approval by the
Compensation Committee of the Board of Directors, and Employee has hereunto set
his hand and seal as of the day and year first above written.
PHYAMERICA PHYSICIAN GROUP, INC.
By:________________________________
ATTEST:
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Secretary
[Corporate Seal]
EMPLOYEE:
_______________________________(SEAL)
Xxxxxx X. Xxxxx, M.D.
NORTH CAROLINA
DURHAM COUNTY
I, __________________________________, a Notary Public of the aforesaid
County and State, do hereby certify that _______________________ personally
appeared before me this day and acknowledged that (s)he is the ______________ of
PhyAmerica Physician Group, Inc., a Delaware corporation, and that by authority
duly given and as an act of the corporation, the foregoing instrument was signed
in its name by its ___________, and attested by herself/himself as
____________________, and sealed with its common corporate seal.
Witness my hand and notarial seal this ____ day of _____________, 1999.
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Notary Public
My Commission Expires:
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NORTH CAROLINA
DURHAM COUNTY
I, _______________________________, a Notary Public of the aforesaid County
and State, do hereby certify that Xxxxxx X. Xxxxx, M.D. personally appeared
before me this day and acknowledged the execution of the foregoing instrument.
Witness my hand and notarial seal this ____ day of _________, 1999.
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Notary Public
My Commission Expires:
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