EXHIBIT 10.2.3
THIRD AMENDMENT TO
EMPLOYMENT AGREEMENT
OF
XXXXXXX X. XXXXXXX
THIS AGREEMENT, effective as of the 15th day of September, 2000,
is made by and between American Psych Systems Holdings, Inc., a Delaware
corporation ("APS"), and Xxxxxxx X. Xxxxxxx, M.D. (the "Employee").
WITNESSETH:
WHEREAS, the Employee and APS are parties to an Employment Agreement
dated April 3, 1995 (the "Agreement");
WHEREAS, Psych Systems Holdings, Inc. ("PSH"), a wholly-owned
subsidiary of APS, desires to enter into a loan transaction (the "Loan") with
Canpartners Investments IV, LLC ("Canpartners") whereby Canpartners will make a
credit facility available to PSH in the aggregate principal amount of up to
$7,500,000;
WHEREAS, Canpartners, as a condition of advancing the Loan, is
requiring that Employee extend the term of the Agreement to the earlier of (i)
June 30, 2004 or (ii) the date upon which the Loan is repaid in full; and
WHEREAS, the parties hereto desire to set forth their agreement
concerning the extension of the termination date of the Agreement.
NOW, THEREFORE, in consideration of the foregoing, for the mutual
promises and covenants hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties, intending to be legally bound, mutually agree and covenant as follows:
1. AMENDMENT TO TERM OF EMPLOYMENT AGREEMENT
Section 1.02 of the Agreement shall be deleted in its entirety and the
following shall be inserted in lieu thereof:
1.02 TERM. The term of Employment hereunder shall commence as of
April 3, 1995, and shall continue through the earlier of (i) June 30, 2004 or
(ii) such time as the loan described in that certain Note and Stock Purchase
Agreement, dated September 15, 2000, among Psych Systems Holdings, Inc., The
Guarantors From Time to Time Party Thereto, Canpartners and The Other Purchasers
From Time to Time Party Thereto is paid in full.
2. EFFECT OF AMENDMENT
Except for the amendment to the Agreement set forth in paragraph 1 above,
all of the terms and conditions of the Agreement remain unmodified and in full
force and effect.
IN WITNESS WHEREOF, APS has caused its duly authorized officer to execute
and acknowledge this Agreement and Employee has set his hand and seal, all on
the day and year first above written.
AMERICAN PSYCH SYSTEMS HOLDINGS, INC.
By: /s/ Xxxxxx XxXx
---------------------------------
Name: Xxxxxx XxXx
Title: Senior Vice President
EMPLOYEE
/s/ Xxxxxxx Xxxxxxx
---------------------------------
Xxxxxxx X. Xxxxxxx, M.D.
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